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A Unified Communications Recipe for Banking and Financial Verticals

Wednesday, August 15, 2018 - 10:00
UC for Banking and Financial

Banking institutions handle highly sensitive information that needs to be stored on reliable servers over an extremely secure network. It is vital that banking data is always available, always accurate, and always kept secured from potential hackers. Unified communications (UC) can be used in numerous ways to benefit banking and financial verticals. Here are just a few UC “ingredients” you need to concoct a recipe for an ideal communications network, suitable for banking and financing needs.

1. Start with an Ultra-Secure Network

Virtually every document related to the banking industry contains sensitive information – about client accounts, banking transactions, financial agreements and more. So it’s critical to make sure there is a very reliable and secure network in place as the backbone of the institution’s communications infrastructure. This is where the first UC ingredient is added to our recipe. The base ingredient is an MPLS network like Maxxis from West. Maxxis consists of intelligent, application-based routing for high performance. And to ensure reliability, it is a fully-managed network that can be monitored from router-to-switch-to-core. Along with real-time performance, threats can be managed and contained through MaxxSecure, a centralized interface containing a full suite of powerful policy creation tools and reporting. With a UC network foundation in place like Maxxis, banks and financial institutions will have the security and redundancy to stay up and running 24/7/365.

2. Add a High-Quality Voice Infrastructure

Discussions between banking clients and vendors or banking branches and other financial institutions occur regularly. Good, clear connections are expected – at both ends of the conversation - across a secured connection. A cloud-based voice communications solution like VoiceMaxx CE provides a variety of features that promote better communications across banks and other financial groups. It gives users the ability to communicate in different ways, through software that integrates with other solutions such as CRM systems, and can be customized for each employee and their specific role. UC contains functionality that makes it easier for financial institutions to stay focused on their customers. And all upgrades and maintenance are taken care of by the host provider, so that they stay on the latest and greatest platforms and can reap the rewards of quality enhancements and added capabilities.

3. Throw in an Extra Dose of Communication Tools

UC enables communication to take place across more channels, in more ways. When banks are connected through UC technology, tools can be put in place to allow for quicker answers to questions and faster decisions to be made. Instant messaging and presence tools provide chatting and availability capabilities. Financial traders can chat instantly via secure channels to ask about executing a trade, or employees at a bank branch can chat with a colleague about handling the transaction taking place at their window. Cisco Jabber and Microsoft Skype for Business are a couple of the tools that can be part of the complete UC solution implemented at these kinds of money-handling establishments.

Additional UC tools that can add “flavor” to enhance our recipe include conferencing capabilities. Video conferencing interfaces can be used to develop more personalized relationships between banking customers and their bank representative. When trying to obtain financing or discussing financial planning, it can be reassuring for clients to see facial expressions and reactions, and the sincerity of recommendations can be more easily conveyed. Web conferencing utilities make it easier to educate current and potential clients on portfolio options and share charts that show trends depending on which investment path is chosen.

West offers many conferencing options for banks and financial organizations. One of these options is InterCall Unified Meeting 5. This product provides reliable video streaming that is continuous without distortions, even if you experience issues with your network. You can share almost any kind of data, spreadsheets, documents, web portals – for walking customers through accessing their personalized site and data – or to illustrate other detailed explanations. Using web or video conferencing also saves financial companies time and money, eliminating the expense of travel costs.

4. Finish with a Layer of Compliance

The Dodd-Frank Wall Street Reform and Consumer Protection Act made it mandatory – beginning in 2010 – for financial institutions registered through the Securities and Exchanges Commission to record all customer communications, regardless of their type or origination. This could be a difficult task for legacy communication systems, but UC makes it possible. West’s cloud-based call recording software is thorough – offering insights into operations, recording detailed information, and providing helpful analytics to improve customer experience, and maintain compliance. West Cloud Call Recording has a foundation built on an ISO-27001 certified security platform to ensure security standards are being met.

There we have it: a recipe for communications success using UC solutions! Banks and financial organizations can really benefit from deploying UC. They just need to start with the following ingredients: a stable and secure network, plus a quality voice system, with extra functionality offered through advanced communication tools, and the last ingredient is putting compliance protection in place. If your financial institution is ready to “cook up” a customized UC solution, contact us today. Our professional services team will help you generate the perfect recipe to meet your communication needs!


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