Top 5 Use Cases for UC in Financial Services in 2023

We look at the benefits of UC in financial services

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Top 5 Use cases for UC in Financial Services in 2022
Unified Communications

Published: February 15, 2023

Ryan Smith

Technology Journalist

As the worldwide economic situation remains uncertain, financial services companies are facing many challenges in 2023.  

Companies are experiencing higher demand from customers while trying to adapt to hybrid work and new forms of investment.  

To survive, companies in the financial services space need to ensure they have a suitable communication platform. 

With unified communications, financial services organisations can empower agile teams to work more efficiently to counteract common challenges.  

We have taken a look at some of the use cases for bringing unified communications into financial services.  

1. Enhancing and Personalising Client Experience 

Providing an excellent customer experience is a top priority for organisations in every industry. However, clients of financial services brands are very likely to expect the best. 

When it comes to their money, people don’t have any room for mistakes. Clients want exceptional quality service delivered through various channels and personalised to suit their needs.  

Clients want an easy way to communicate with financial organisations, and a unified communications platform can provide this. 

Communication and collaboration platforms provide teams with means to understand customers better, keep track of context, and learn more about the client. 

Teams can gain insight into customers by accessing APIs and integrations that connect to UCaaS systems, such as CRM software.

Many vendors are looking at how UCaaS and CCaaS can be perfectly combined in 2023. This could potentially give businesses the opportunity to create the ultimate cloud-based environment.

2. Financial Services Compliance and Security 

It is no secret that the financial services industry is heavily regulated due to the ever-increasing risk and threats to financial assets. 

Financial service providers are under huge scrutiny, so they must handle customer information as safely as possible. 

Unified communications platforms reduce the number of technology ecosystems that IT teams and security professionals need to keep track of. 

Having a ‘one-stop-shop’ for communications and collaboration lowers the number of potential critical failure points due to making it easier to implement policies and track compliance. 

Many UC solutions have built-in security features specifically designed with heavily regulated industries, such as financial services, in mind. 

For example, business leaders can control where data is stored for data sovereignty purposes and leverage innovative new concepts like AI biometric voice recognition for identity management. 

Unified communications can ensure financial teams can document the correct information required to comply with auditing requests.  

3. Hybrid Work for Financial Services

Many industries have seen a switch to hybrid work, and the financial services sector has been no different. 

The industry has had to deal with the change in demand and customer expectations, but many companies are also adapting to the changing needs of the workforce. 

The rise of hybrid work allows financial services companies to embrace a more versatile team of professionals worldwide.  

However, to leverage the benefits of this new flexible workforce, companies first need the right UC solution.  

Unified communications innovations in financial services will ensure businesses can keep their financial professionals connected and empowered wherever they are.  

Through UCaaS tools, financial services brands can create an all-in-one work hub for their teams, complete with productivity and collaborative tools.  

At the same time, solutions like SBCs and enhanced remote management ensure business leaders can keep track of their team’s compliance.  

4. Benefits of Data Insights 

The UC environment makes it easier for companies in the financial services space to align several communication tools and teams in one synchronised environment.  

While this helps to support better security and productivity, it can also provide more robust data insights.  

Financial services companies can use information from call volume to client sentiment to power future decisions about how to grow the business.  

With access to more intelligent analytics tools in the UC space, and the ability to collect more data at speed, business leaders can stay ahead of the curve and the competition. 

UC solutions and analytics tools offer better insights about customers and their needs and employee performance and engagement.  

The right tools can allow financial services companies to invest in employee well-being and satisfaction trends.  

Happier employees pave the way to more satisfied customers and better brand reputations.  

5. Pave the Way for Innovation 

The UCaaS environment is rapidly transforming into the central work hub as we move into a hybrid future.

For financial services teams, embracing an innovative and scalable UC environment means it’s easier to create an agile workplace. This ensures they are ready to adapt to the latest trends and innovations as they happen. 

Many financial services companies will pay close attention to conversations about Web 3.0 and the metaverse, mainly as they introduce opportunities for new economies. 

Already, many brands have invested in the cryptocurrency landscape and branched into discussions about NFTs and other metaverse concepts.  

Even if you’re not ready to explore the future of the embodied internet yet, the UC environment makes it easy to implement new tools and technologies at the click of a button.  

Through the cloud-based UCaaS environment, financial services companies can immediately provide everything from artificial intelligence assistants to real-time 5G mobile apps to their employees worldwide. 

 

 

Financial ServicesHybrid WorkSecurity and Compliance
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