Unified Communications for Finance Companies

How Can Unified Communications Solutions Help Finance Companies Maintain Positive Internal Communications While Also Serving Customers Effectively?

Given the importance of matters handled by financial services companies, including the passing of large sums of money, as well as sensitive financial and personal customer data, such companies need an effective communications system with ironclad security. This system needs to promote productivity and sustain ease of communication, for both colleagues and customers.

Without effective communications infrastructure, financial institutions can suffer from stagnated messaging as well as plummeting productivity levels, creating a domino effect that leads to an all-around poor service and unsuitable work practices that could put reputations at risk. Plus, with almost 50% of workers citing poor communication as the cause of most workplace failures according to data in Forbes, the need for consistent and reliable business communications has never been more pressing.

But unified communications systems stand as a solution to this issue. Eliminating the need for numerous separate communication platforms, unified communications can help streamline communications and offer all the communications tools a finance company needs to remain both compliant and productive, as well as improve customer service, all in one easy-to-use app. 

This is barely scratching the surface of the benefits unified communications can offer businesses across all industries – but what precise benefits can companies in the financial services industry expect after onboarding the technology? Read on to find out more.

How Can Unified Communications Systems Assist Finance Companies in their Day-To-Day Operations?

Benefit 1: Business Agility in the Face of Changing Demands

According to data from The Money Charity, personal debt in the UK equalled approximately £1.8 billion at the end of April 2024. This figure is up by £18.2 million compared to figures from the previous year, which suggests the rate at which people are borrowing cash is steadily on the rise.

As more and more people seek to borrow cash, the pressure on finance companies will continue to grow and, if the above figures are anything to go by, these companies could be set for significantly higher pressures in the coming years. If finance companies in this situation are unable to deal with the added pressures of more customers utilising their services and cannot meet customer expectations with the required level of dedication and professionalism, many of these customers may become frustrated and go elsewhere.

As customer numbers grow and the demand for services increases, businesses need to be able to scale in accordance with the new figures, if they wish to offer the same level of service. According to a study by McKinsey & Company, businesses that can scale up successfully achieve an average increase in revenue of between 40% and 60%, whereas businesses that are unable to scale successfully may eventually cease trading altogether.

One way companies can scale up successfully and better manage increasing customer numbers is to undergo a digital transformation and scale up their communications to meet the new demand. This used to be a costly and time-consuming process, with the need to hire new members of staff and install new hardline phones in a traditional business phone system. However, with a unified communications solution, all a business needs are new hires, a relevant digital device with the unified communications application (such as a laptop, smartphone, or tablet) and a stable internet connection – all of which are often to hand anyway.

This means that new starters who are hired to help lighten the load of increased customer numbers needn’t wait for elongated installation processes by engineers; they can sit at a desk and begin work almost immediately, saving time, boosting productivity, alleviating pressure, and helping to maintain a positive customer experience. Better still, because unified communications are often cloud-based, the same is true for remote or hybrid workers, who can contribute to the success of financial services organisations from wherever they happen to be.

Benefit 2: Regulatory Compliance

By law, businesses that acquire and handle financial information are required to operate ethically, and responsibly, and ensure information is treated in such a way that it does not fall into the wrong hands, or is used immorally. These rules and regulations are widespread and varying in nature, which is why it can be difficult for some companies to keep track of which regulations they’re following correctly, and where they need to improve. In the United Kingdom, the Financial Conduct Authority (FCA) is responsible for ensuring finance companies of all kinds uphold these rules and regulations, as well as issuing notices for improper practices.

Businesses that do not follow all relevant regulatory compliance can find themselves in a world of legal troubles, especially in the event of a breach due to poor security practices (more on those in a moment). Hefty fines, reputational damage, and even criminal charges can all be drawn against those responsible, all of which can have a deeply damaging effect across the business and could even result in the business’s closure.

Poor standards in internal and external communications are often the cause of sensitive financial information being mishandled, leading to punishments such as those listed above. However, with unified communications, finance companies can keep instances like these to a minimum. Along with a plethora of tools to facilitate communications between colleagues and customers – including voice, instant messaging, email, video conferencing, and more – unified communications systems also include tools that assist businesses to remain within the boundaries of relevant regulations.

By onboarding unified communications systems, finance companies can increase the likelihood of avoiding accidental mishandling of sensitive data, as well as the countless consequences that come along with it. In turn, employees can continue to thrive and offer a stellar service, on behalf of both the customers and the wider business. 

Benefit 3: Reduced Cyber Security Threats

With 58% of large businesses in the UK suffering cyber security threats over the past twelve months according to the government’s Cyber Security Breaches Survey, the need for effective and robust security protocols is clear for all to see. For businesses like finance companies, who handle such sensitive financial information, this need is arguably magnified. Hackers gaining access to specific customer information and financial details could spell disaster for the customer on a deeply personal level and could lead to instances of theft and even identity fraud, which is becoming more common.

On top of this, the reputational damage suffered by finance companies that are breached could be irreparable and may even result in the closure of the business or, at the very least, considerable downtime while the breach is closed and order restored. According to a 2022 research paper by ITIC, downtime can cost businesses up to a staggering $300,000 per hour. This will differ from business to business but, in the event of a particularly serious breach, there’s no doubt a business would incur significant downtime, leading to large financial losses, whatever the business’s area of expertise.

This is why many are turning to unified communications to “lock down” the security of their communications. As unified communications systems are designed to handle all the communications needs of a business, it is understandable that companies have prioritised rugged security tools and protocols to protect the data they house.

End-to-end encryption is a prime example. Encryption is the process of scrambling data, which would make it completely unreadable to anyone other than those with the correct access key. Meaning even if a hacker were able to breach a network and access data, they would not be able to make sense of it or use it against the business or the customer. Specifically, end-to-end encryption refers to the encryption of data between two points while in transit.

When taken as Unified Communications as a Service (UCaaS) in which the system is managed by a third-party provider, businesses can benefit from the proactive monitoring of unified communications systems and networks. While traditional network security alerts administrators in the event of an attack, proactive monitoring is the process in which systems and networks are autonomously monitored by intelligent security tools that can detect and eliminate threats before they have the chance to even begin causing damage. 

Benefit 4: Effective Cross-Department Collaboration

Depending on the nature of the finance company in question, consistent collaboration and communication across different departments may be essential in delivering the most desirable financial results for both the company and the customers. However, countless businesses the world over struggle to maintain effective communications when teams are expected to work alongside other teams in separate offices, buildings, cities, or even countries.

According to Elite Group research, 37% of workers in large organisations say their companies are “not very collaborative” suggesting that serious changes are needed to make teams work better together. One of the biggest barriers to collaborative working between departments, however, is the lack of digital collaboration tools. But with unified communications systems, finance companies can offer their teams access to in-depth digital collaborative platforms that can be accessed by anyone on the team – as long as they have the correct authorisations.

In these collaborative platforms, teams from different departments can chat, share ideas, and create documents or files in real-time, allowing everyone to have a full view of any updates, new developments, or changes to a project or discussion. By optimising these tools, teams in finance companies no longer need to rely on simple email updates to keep everyone in various departments informed. Instead, all colleagues, whatever department they happen to be in, can have a crystal-clear view of everything they need to know to perform their role in a project effectively while also sticking to predetermined deadlines, boosting overall productivity, and relieving stagnation.

Benefit 5: Cost savings

Despite being involved in the financial sector, sometimes, even finance companies need to take a step back and examine their incomings and outgoings to determine where costs could be cut and savings made. One area where many businesses are still needlessly spending excessive amounts of cash is in their communications spending – even if these businesses have already onboarded a cloud communications system to replace outdated or unnecessary communications.

According to our research, only 3% of IT workers at large organisations say their company has invested in a communications platform like unified communications, while 7% of businesses are still reliant on 6 or more major separate communication channels. This suggests that while a unified communications system may be in place, many of the businesses that have onboarded it are still using (and paying for) multiple communication channels, unnecessarily. This could be out of fear of fully adapting to a new way of working and communicating or a simple financial oversight. 

Nevertheless, by eliminating excessive forms of communication, financial companies can streamline communications within the business, leading to clearer messaging between departments and colleagues. All while reducing spending and leaving finance managers with a simple, easy-to-understand monthly communications bill, rather than multiple subscription costs leaving the business account every month. Not only that, but by improving communication processes, customer satisfaction levels are likely to rise, given customers can be answered and have their queries resolved quicker than otherwise thanks to more streamlined call connecting.

Explore Unified Communications Solutions with Elite Group

If all of the above sounds like it would be a step in the right direction for your finance company, speak to the experts at Elite Group about onboarding unified communications solutions today. At Elite, we have decades of combined experience serving businesses from a range of sectors – including the financial services sector – helping them make the most of new and emerging technologies, so they can collaborate and communicate more effectively while also serving customers to the highest possible standards.

At Elite Group, you’ll be assigned a dedicated account manager who’ll act as your first port of call and guide you through the onboarding process and beyond, helping you navigate any roadblocks, so that your finance company can fully embrace unified communications and reap the rewards sooner rather than later. Plus, with round-the-clock technical support available, you’ll always have someone to rely on if you begin to struggle.

For more information about unified communications for your finance company, reach out to an Elite Group expert today.