Unified Communications is at the forefront of change for financial services. Accelerating traditional in-house financial communication procedures to modern, mobile and agile operations that drive the changing customer needs and compliance necessities.
Financial institutions, banks, insurance firms, and fund organisations face a unique set of challenges, following a steady decline in branch visits over the last few years. Additionally, customers require a seamless journey, where issues are resolved immediately and effectively, all through a personalised and secure communication service.
63% say they would consider switching banking providers if communications don’t meet their expectations. – The Financial Brand.
Offering a great customer experience, operational ease and having the ability to collaborate and connect from remote locations is vital. Financial professionals depend upon real-time data and informed reporting for a personalised service with secure systems serving as the industry’s backbone.
Changing Customer and Circumstantial Demands
The Deloitte 2019 Global Banking Outlook has shown how stark the reality of declining branch visits is, the proportion of customers visiting a branch more than once a month has now fallen to just 25% – Vizolution
The novel coronavirus has further heightened the decline of in-store visits and, indeed, on-site staff. In order to remain operational and safe, a high level of communications had to be rolled out for both internal and customer-facing procedures.
Furthermore, the competitive nature of this industry is more rife than ever before, with so many options available for the customer. That isn’t even touching on the emerging threat of challenger sectors like crypto.
55% of adults now hold financial products with 2 – 5 companies. – Mintel.
A high level of customer satisfaction stems from a personalised, reliable and fast service, with VoIP communications addressing these demands through unprecedented times.
Personalised Mobility
37% want instant access to face-to-face advice via mobile. – Accenture.
An active generation no longer sees the advantage of in-branch visits. However, in a landscape dominated by regulatory red tape, how can this industry offer a personalised, secure service to customers without in-branch visits?
Whether you’re taking out a small loan or meeting investors in secret to establish an ill-conceived Super League, Video Conferencing improves internal and external business collaboration. Likewise, video software builds trust and relationships in much-needed circumstances and helps develop products and services that are well received.
55% of European consumers will change where they bank, if they are not satisfied with the overall digital experience. – IDC’s European Consumer Survey.
Blueface Video Conferencing ensures the highest privacy and security standards through a fully encrypted solution, backed by our secure data centre with the added enhancement of password protection options.
Regulation and Resilience
Ever present cyber security risks, a more mobile workforce and stricter regulations punctuate the critical need for ultra-secure communications.
In 2019, financial services dedicated 6% to 14% on their annual IT budgets to cybersecurity, with most companies falling short. Due to Covid-19, these institutions plan to increase it to 10.9% in 2020. – Deloitte.
No industry is insulated from threat, and at times the financial services can see a higher influx of data breaches due to the level of sensitive material handled.
Blueface has cultivated international regulator relationships that deliver global data emergency and compliance. We have invested in security and privacy to combat and preempt internal and external breaches using:
End to End Encryption
Advanced Call Reporting and Heartbeat Monitoring
Refined UC Permissions
Locally Stored Data
Always On Resolutions
There is no simpler way to good financial communications than through responsiveness and speedy resolutions. That always-on expectation can mean full 24-hour support services are available to your customer base, even from remote environments.
Enable your staff to work remotely with no location limits through the Blueface Softphone. Global on-net calls allow customers to reach your team when and how they need to. In addition to reliability, contacting the branch or customer care service you want in a timely fashion is high on a customer’s priority list.
Customers will no longer base their experience perceptions solely on price, product or convenience. Instead, expectations will be based on digital speed, simplicity and contextuality. – The Financial Brand.
Intelligent features like Time of Day Routing, Call Strategies, and IVR allow calls to reach the right person, depending on their query while resolving with speed and accuracy.
Data-Driven Compliance
If you work in the financial services industry, you are likely obliged to record calls for compliance purposes. Blueface delivers an uninterrupted call capturing solution to ensure full compliance. In addition, Call Recording will provide a powerful training tool, increased security and prevent costly lawsuits.
78% happy to share personal data with their bank but 66% demand faster, easier services in return. – Accenture.
An accompanying feature to boost financial reporting is Call Reporting. Furthermore, phone system data delivers operational effectiveness and aids the customers’ expectation for real-time, personalised data.
Financial institutions handle large amounts of private documentation daily. As a result, Fax is often the chosen method to transfer this highly-sensitive material from one branch to another due to it’s accountability and secure nature.
Blueface’s eFax enables machine free, security-enhanced communication. In addition, remote workers across multiple locations can access and receive documentation in the most reliable and paper-free manner.
Conclusion
As financial institutions move away from dated communications strategies, modern-day solutions for the customer journey and multi-location collaboration efficiency is key.
Blueface, A Comcast Business Company UC solutions can provide a truly transformative approach to corporate communications. Our hosted phone system enables a secure, compliant and highly reliable solution for financial service professionals and their customer base. Contact our team of experts today.
