What is unified communications for financial services?
Unified communications (UC) in the financial services industry refers to the integration of various communication channels and tools into a cohesive system. It enables financial institutions to streamline communication between employees, customers, and partners. Key benefits include improved efficiency, productivity, and customer experience. UC technology provides a unified view of customer interactions across channels like email, phone, chat, and social media, allowing personalised services and better experiences.
Benefits of unified communications for financial sector
In today’s dynamic business landscape, financial institutions face increasing demands for seamless communication. Unified communications (UC) offers remarkable advantages to the banking and financial services sector.
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Personalising client experience
Customer-centricity: Deloitte identifies customer-centricity as a top trend in finance. UC enables personalised interactions, enhancing client satisfaction and loyalty.
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Increasing availability
24/7 accessibility: customers expect round-the-clock availability. UC ensures financial advisors and institutions can respond promptly, regardless of time zones or locations.
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Documenting communications for compliance
Regulatory compliance: UC captures communication data across channels (email, chat, phone, social media). This documentation is crucial for compliance with privacy laws and industry regulations.
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Accessing more tools for in-house communication
Streamlined collaboration: UC integrates voice, video, and messaging tools. Employees collaborate seamlessly, whether in the office or working remotely.
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Faster decision making
Real-time insights: UC provides a unified view of customer interactions. Financial institutions gain valuable insights into behavior, preferences, and needs. Informed decisions lead to better outcomes.
What key challenges does the financial industry face?
Watch Melina Musumeci, Enterprise Account Manager – Team Lead at RingCentral, talking about key challenges for the financial services sector:
The Australian financial services industry operates in a dynamic landscape, shaped by global trends, regulatory shifts, and evolving customer expectations. As we delve into the key challenges faced by this sector, let’s explore strategies to overcome them and drive sustainable growth.
Tough market environments
The financial services industry grapples with economic uncertainty, geopolitical tensions, and fluctuating interest rates. Navigating these challenges requires agility and risk management.
Reduction in workforce and budgets
Financial institutions face pressure to reduce costs without compromising service quality. Automation, process streamlining, and efficient resource allocation are critical. Retaining skilled professionals is essential.
Hybrid working
The shift to hybrid work—part remote, part office-based—requires seamless technology, clear policies, and effective communication. Leaders must foster collaboration while respecting individual preferences. Investing in secure, scalable technology ensures smooth remote operations. Cybersecurity, data privacy, and digital tools play a pivotal role.
Lower costs and customer retention
Financial institutions can optimise costs by automating routine tasks, improving processes, and leveraging data analytics. Efficiency directly impacts profitability. Retaining customers involves personalised experiences, transparent communication, and tailored solutions. Building trust through exceptional service is paramount.
Clear and secure communication is the cornerstone of trust in the financial services industry. But juggling fragmented systems like email, phone calls, and fax can lead to miscommunication and hinder client relationships. RingCentral’s offers a solution by going beyond a traditional phone system. It’s a unified platform that integrates voice calls, video conferencing, team messaging, and faxing into a single, user-friendly interface. This simplifies communication for finance service professionals, allowing them to connect with clients seamlessly on their preferred channel, regardless of location.
Financial institutions require a secure and reliable communication solution. RingCentral addresses these needs with features like:
- Enhanced security: robust encryption and access controls ensure client information remains protected.
- AI-powered support: utilise intelligent call routing and transcriptions to improve client service and productivity.
- CRM integration: streamline your workflow by seamlessly integrating RingCentral with your existing CRM platform.
RingCentral’s platform is designed to be both scalable and cost-effective, making it a suitable solution for financial institutions of all sizes.
Originally published 31 Jul, 2024
