Cloud Telephony Benefits for the Banking & Finance Sector
Outdated legacy systems, worries over data security and the ability to provide the standard of customer service expected are constant challenges for the UK’s banking and financial sector. Cloud technology is widely seen as the answer to these problems, but countless businesses continue relying on traditional telecommunications, having yet to benefit from the modern functionality.
In recent years, there have been around 8.7 billion minutes dedicated to business communications, but how many of yours were done over the cloud? If the answer isn’t “all of them”, you’re missing out on huge cost and efficiency gains.
So, why is now the time for the UK’s finance sector to upgrade to cloud telephony?
What is cloud telephony for the finance industry?
Cloud telephony is a unified communications system that brings everything from phone communication to instant messaging and files together into one place over the internet. Rather than relying on copper landlines to transmit your call, everything happens across the cloud.
You don’t require any hardware and can rely on the devices you already have to make and receive calls. Moreover, the only thing you need is a reliable internet connection. With far more features and integrations than any other type of telecommunications, cloud-based office phone systems are designed for businesses of all sizes with high compliance and customer service standards.
Whether you’re looking for cost savings, better security, or an improved customer experience, cloud telephony services all these needs and more.
The role of cloud phone systems in financial services
Excellent customer experience is critical to any industry, and financial services is no exception. You’re dealing with people who are managing their money, meaning you must service their needs while providing the confidence that you’re operating in a secure environment.
Moreover, whether you’re in banking or fintech, achieving seamless collaboration is the cornerstone of any successful company. Increasingly, more businesses in the sector operate remotely, meaning firms must think of ways to bring people together. Cloud phone services are designed to do that, whether you’re visiting a client or working from home.
Cloud telephony overcomes the challenges associated with traditional systems, including:
· Limited availability
· Limited mobility
· Limited features
· Soaring maintenance costs
· Considerable security risks
In an environment where customers expect personalised interactions at every turn and companies are forced to confront the realities of remote working and 24-hour availability, cloud phone systems are the only way forward.
The benefits of cloud telephony for the finance sector
Cloud telephony is already changing the financial industry, but it’s important to unlock its true value when embracing the migration. That’s why this is one of the few investments that offers advantages on multiple fronts.
If you’re unsure whether it’s time to integrate cloud telephony into your business, here’s what it can do for you.
Deliver cost efficiencies
Traditional phone systems have always fallen victim to outsized costs. You must cover the costs of installing hardware, maintenance and periodic upgrades. In contrast, cloud-based phone systems rely on a subscription model, meaning you can scale up and down as required. In other words, you only pay for what you actually need and use.
Enhance your compliance
All UK companies in the finance sector are obligated to follow a strict set of rules to protect sensitive information and defend the privacy of consumers. Working with a cloud phone provider that understands this gives you the strategies to guarantee compliance.
Some of these measures include:
· Encryption protocols
· Regular security audits
· Secure data centres
It’s also worth mentioning that many providers even ensure that their services comply with international regulations, including the European Union’s (EU) General Data Protection Regulation (GDPR).
Scale and adapt
The financial services industry is rapidly evolving, and a dynamic market like this warrants a communication system that scales and adapts. No system is capable of scaling like cloud telephony because you can adjust to your required capacity on demand.
Whether you’re worried about whether your call centre operations can cope during busy periods or you’re transitioning to remote or hybrid working, cloud-based phone systems are designed to adapt to your business’s needs.
Enhanced customer experience
Customer satisfaction is often the differentiator between you and your competitors. Your clients are more demanding than ever.
Cloud telephony includes various advanced features to make it easier for your service teams to deal with your clients. Some examples of customer-oriented features include automated call routing, call recording and Interactive Voice Response (IVR).
In addition, cloud telephony can be integrated with the tools your organisation relies on daily. For example, your cloud-based phone system can be integrated with your CRM system to provide instant information to your agents and deliver personalised experiences.
Business continuity
Your business is at risk from malicious actors. The fact is that the financial services sector is under constant threat because of the nature of the information it handles. Cloud telephony solutions enhance your business continuity and your disaster recovery capabilities by leveraging the power of the cloud.
For example, if you suffer downtime, your cloud phone system can re-route calls automatically to another location to maintain your ability to operate.
It ensures that your business is more resilient and isn’t at risk of losing touch with the people it serves should you sustain any downtime.
Making use of a cloud phone system within the financial sector
How you realise the value of a cloud system in the finance sector depends on how you use it. Creating a plan for how it will be integrated and how you’ll reap the rewards is vital for every business in the sector, regardless of size.
Some examples of how businesses are using cloud phone systems already include:
- Supporting basic telebanking operations through AI and IVR.
- Helping to serve customers in their local language across borders.
- Auto diallers to eliminate manual call handling and save your agents time.
- Sending automated reminders to customers about upcoming deadlines.
- Encryption and number masking features to protect customer confidentiality.
UK banking and finance businesses have much to gain from adopting a cloud-based phone system. Still, it’s also understandable that many decision-makers are hesitant about the costs and disruption of cloud migration. At Matrix247, our team supports yours with bespoke migration plans, enabling you to minimise disruption and achieve a seamless migration. To learn more, contact us today.
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