Unified communications (UCaaS) and contact center (CCaaS) platforms are increasingly being adopted in the financial services industry due to the efficiency and flexibility of these solutions. Unified communications in finance use cloud technology to provide these benefits, but is there a downside to these versatile tools? We’re taking a look at what CCaaS and UCaaS providers bring to the table for the financial services industry and the current trends for these technologies.
What Is Unified Communications as a Service?
Unified Communications as a Service (UCaaS) is a cloud-based platform where all communications channels are consolidated, making it easy for companies to streamline and improve their communication. Rather than having multiple platforms, each with its own communication touchpoint (like a VoIP system, Slack, Zoom, and Gmail), UCaaS brings all of these types of communications into one unified place. This improves efficiency, quality, and collaborations across the board.
What Is Contact Center as a Service?
Contact Center as a Service (CCaaS) is a similar idea to UCaaS, but focused on the customer communication journey rather than internal communication needs. These platforms give customer service representatives a single interface for interacting with multiple customer communication channels like phone calls, emails, text messages, and internet chats.
How Are Financial Services Companies Leveraging UCaaS and CCaaS Platforms?
Like every industry, the financial services sector has increasingly adopted UCaaS and CCaaS platforms as the work from home trend continues. Even prior to the COVID-19 pandemic, the UCaaS market was projected to grow by 29% year over year—the pandemic just accelerated this. One of the most useful unified communications benefits is the ability to easily and efficiently pivot your workforce to remote work.
What Are Examples of Financial Services That Use UCaaS and CCaaS Platforms?
Contact center and unified communications solutions are used by various financial services providers, like banks, wealth management companies, lending institutions, investment houses, finance companies, real estate brokers, and insurance companies. There are also commercial finance services, like credit card companies, that might use these cloud-based solutions as well.
What Is the Best Unified Communications Platform for Financial Services?
In short, the best UCaaS and CCaaS solution for financial services companies is the one that fits the unique needs of that business. With an experienced managed services partner like InterVision, we bring a provider-agnostic approach that gives you the solutions you need.
What Are Financial Services Companies Most Concerned About When Adopting UCaaS and CCaaS Solutions?
The most pressing concern for financial services companies when implementing cloud-based solutions is security. In fact, research performed by IDG shows that 70% of companies identify data security as a challenge and 93% agree that security is paramount when using UCaaS and CCaaS. When dealing with sensitive financial information, this concern is heightened.
Financial Services Trends: Integrating Security with UCaaS and CCaaS
The most significant trend for financial services directly relates to these concerns about security. Financial services companies are integrating security measures with UCaaS and CCaaS solutions to stay in compliance with regulations, as well as adding additional layers of security to ensure the protection of financial data. Due to the nature of finance, the risk of cybercriminal activity is high, so many companies go above and beyond regulatory security requirements to protect their customers.
But how do you choose the right platform, implement the solution, integrate it with security measures, and maintain high-security standards without going over budget or past your deadline? By partnering with an experienced strategic service provider like InterVision. We can help you with risk management and compliance frameworks, such as GDPR, PCI, SOC 2, CCPA, WPA, NY Shield, FINRA, NIST, SOX, GLBA, FFIEC, and many more.
One of our recent clients is an organization that manages retirement funds for public employees across their state. When the pandemic hit, they had to transition to a remote working environment, using a cloud-based UCaaS platform that they had security concerns with. We were able to create VPN accounts quickly, so normal business operations were not interrupted, as well as adding several layers of security with AD authentication and MFA for their SSL VPN.
Secure Your Future with InterVision
Whether you need to improve remote workforce collaboration, facilitate better customer communication, secure sensitive data, or upgrade your IT infrastructure in general, InterVision can help. As a strategic services provider, we are committed to delivering long-term and short-term strategies and solutions that will secure your business’ future and enable you to run, grow, and transform. If you’re ready to take the next step to elevating your IT stack, contact us today. We’re looking forward to partnering with you.