Six Problems Cloud Communications Solves for Financial Services

Business communication in the financial services industry comes with unique challenges. Between juggling customer expectations, internal workflow, technology maintenance, and security, it's no wonder many in the field are flocking to cloud communications to make things more manageable. 

While it is a process to make the change, it doesn't have to be painful. A trusted communications partner like us can do the heavy lifting from a full evaluation and needs assessment, custom demonstrations, implementation, and post-adoption support.  

Why should you move to the cloud? Here are six problems cloud communications solves for financial services: 

Problem #1: Inaccessibility 

Cloud communication solutions offer portable options. Accessible through one application from any device with an internet connection, sign in once, and just like that, you're ready to go. 

No longer tied to the office or one communication modality, your team can interact through the secure app using a softphone, messaging, video, text, and more. Meaning, they can meet clients, or work from anywhere using the same tools they'd use at the office no matter where they are. 

Problem #2: Vendor & Log-in Overload 

Cloud-based platforms offer a seamless experience. Various types of integration methods are available so you can continue to use the financial management and CRM systems employed currently without having to jump outside your communications platform.  

And, since you can still utilize one application for everything your staff needs to get the work done, you'll avoid app overload (and most likely lower costs, too) by not having to deal with multiple third-party vendors and logins. 

Problem #3: Inefficiency 

Time is money, as the old saying goes. Inefficient communication costs SMB’s up to $420,000 a year, with enterprise organizations in the millions. 

The ability to use one application for all communications and the availability to communicate via various channels mentioned above contribute to improved efficiency. However, so too can automation features included within the integrations. 

For example, RingCentral offers CRM integrations that will automatically transfer notes from a call to the CRM system without having to hang up and log the call afterward. How much time (and money) could that one feature save your business? 

Problem #4: Poor Customer Service 

You probably saw this one coming. It's not really a conversation if we don't talk about improving the customer experience. Today's customer wants speed, convenience, and knowledgeable help. They want to feel like they belong to your brand and they expect a simple, courteous experience. 

However, if you don't deliver that expected level of service, 32% of customers say they'd stop doing business with a brand they love after just one bad experience. 

Cloud communications can help meet the demands of your client base. A multitude of features such as skills-based routing, which delivers the call to the most appropriate agent the first time, and automated self-service menu options for clients who don't want to speak with an agent, enhances delivery of service choices to make every customer feel appreciated. 

Problem #5: Inflexibility 

It's difficult, if not impossible, to react to the changing business climate with on-prem PBX systems. The recent mergers of brands such as RingCentral and Mitel make the end of on-prem feel like a foregone conclusion, but the truth of the matter is that on-premise PBX systems have struggled with scalability since the start of the pandemic.