How unified communications is helping the financial services industry

Financial services is changing. Traditionally seen as slow to adopt new technology, banking institutions across the world are now becoming key investors in blockchain and other fintechs. It's no different in the US, where communications in particular are being revolutionized. This is thanks, in part, to the proliferation of unified communications (UC).


How is UC helping to support the financial services industry?


Customer-centricity and UC


There has been particular focus on moving the customer to the heart of financial services' operations. In its latest 2018 Banking Industry Outlook report, Deloitte highlights customer centricity as a key theme. It argues that:
"Long-term sustainable growth in the banking industry seems only possible with a radical departure from a sales-and product-obsessed mindset to one of genuine customer centricity, and further rationalization of strategies to target the right markets, customer segments, and solutions."
UC has long been seen as a key way to improve customer service in a number of industries. It has the ability to record all calls, enabling users to identify new areas for training. It also allows users to pull data, allowing for insight on network traffic patterns and behaviours.


Compliance


After 2008's GFC, the US Government introduced the Dodd-Frank Wall Street Reform and Consumer Protection Act. This made it mandatory for all Securities and Exchanges Commission-registered financial institutions to record all their customer communications, across all transactions and media.
Mobile phones form part of this requirement, however mobile conversations can be much more difficult to record than emails and written media. Unified communications changes all this. It allows you to retrieve, reconstruct and report on the conversations your employees have over the phone and all other mediums, meaning you can comply easily with the Dodd-Frank regulations.


Security


Cyberattacks against financial services are getting both more frequent and more elaborate. A PwC report lists cybersecurity as a key issue for banks in 2018, and has found that fraud incidents - both online and offline - against financial services institutions in the US, increased by more than 130 per cent during the past year.
NetFortris offers a range of UC security options, from specialised firewalls to threat analysis engines that can monitor all data from the firewall, antivirus, VPN, content filtering and traffic patterns in order to detect attempted attacks. UC means data is available to anyone you wish, without having to share it across the public internet. VPNs extends this security to mobile users as well.
To find out more about our UC solutions and how we're helping financial institutions across the US become more sustainable, contact a NetFortris representative today.

 

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