With the first half of 2020 behind us, we find ourselves in the midst of a watershed moment in financial services. When approaching customer communication and data management, security has become the top priority for firms across the industry, with most accepting that remote working conditions will be the norm for the foreseeable future.
As we enter what we hope will be a less turbulent half of the year, companies will need to rely on proven multi-channel communication solutions to ensure that business initiatives and client interactions are seamless and, more importantly, in a secure environment.
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Entering Virtual Reality
One of the most palpable changes across the financial landscape has been the transition from in-person meetings and conferences to virtual interactions, which initially created several data security and compliance issues.
According to a recent Greenwich Associates study, nearly 60% of institutional investors believe that large in-person events and conferences will not resume until sometime in 2021. That means financial services firms will need to have the proper protocols in place for virtual corporate access roadshows, large-scale earnings season conference calls, and one-on-one communications with customers. Detailed and accurate reporting, audit trails, compliance workflows, and data integrity are some of the key areas that many firms will also need to address if they haven’t already.
Innovation in Cybersecurity and Communications Technology
In this new ecosystem of work habits and behaviors, multi-channel communication providers must adjust their solutions to address data security concerns and ensure that everything falls within compliance parameters. According to a recent research report by Celent, expectations for a flexible fintech solution have exponentially increased IT budgets and financial institutions are beginning to adjust accordingly as digital technology plays a more central role in business continuity.
Over the past few months, there have been numerous stories of data breaches on unsecured conferencing solutions, partly because data has not been stored properly. Data gathered through voice, SMS, and email is often stored in a separate, standalone system, leaving information scattered across different locations. Not only does this increase the risk of losing data and creating more information disparities, but it also opens up the potential for more security liabilities.
While data breaches continue to make headlines regularly from popular and well-known multi-channel communication platforms, flexible, secure technology cannot become an afterthought.
Multi-Channel Communications Platforms: Fostering a Productive Remote Workplace
During these times of uncertainty, technology should be a reliable constant. Having the right tools that can be deployed quickly can be the difference between a new client relationship and a lost one.
Since COVID-19’s emergence, cloud-based software platforms that provide integrated communication tools have experienced a drastic uptick in business, particularly those with virtual event-hosting capabilities. Multi-channel communications platforms are redefining the client-customer relationship by unifying CRM systems to optimize workflows and increase collaboration.
Right now, businesses must focus on maximizing the functionality of their relationship management tools in the pursuit of generating high-value, long-standing relationships in a post-pandemic world. First-class support for inbound and outbound messaging has moved from a luxury to a necessity, and adopting an environment that puts this first will generate longer-term success and greater revenue opportunities.
The Office of the Future
As the COVID-19 pandemic continues to linger, the work from home lifestyle is becoming more commonplace. According to a survey from 451 Research combined with analysis from S&P Global Market Intelligence, two-thirds of polled businesses anticipate long-term work from home policies to continue in a post-pandemic world. The Coronavirus pandemic has demonstrated that remote working policies can be effective and efficient with the right tools in place.
Our software development team has been taking advantage of distributed working for over five years. We utilize the same multi-channel tools for internal collaboration, such as daily stand-ups and email distribution, to communicate operational changes to customers. Multi-channel solutions keep momentum flowing, office culture alive, and above all else, bolsters productivity.
These past few months have been trying times for many businesses and workplace dynamics, but it doesn’t have to be. Outsourced technology that ensures business continuity can no longer be just a consideration. It will surprise you just how little you miss the office space when everything you need to communicate and work efficiently is found under the umbrella of one multi-channel communications solution.