FinTech (Financial Technology) is rapidly sweeping the globe with no signs of slowing down. In broad terms, FinTech can be defined as a business or product that uses tech to automate financial services and processes. This technology takes many forms: From mobile banking to crowdfunding to investment apps, it’s likely that you have used financial technology in some fashion.
Globally, FinTech companies acquired $25.6 billion in investments in the first half of 2020. Digital banking services are becoming the norm: 46% of people exclusively use digital channels for their financial needs.
Needless to say, it’s an exciting time for banks and financial institutions to take advantage of new tech to improve both internal and consumer-facing processes. But one thing that could hinder a financial business from maximizing its full performance potential is its choice in communications providers. Unified communications as a service, also known as UCaaS, can level up your FinTech and give your business the boost it needs.
Here are ways that UCaaS can push your financial organization into a prime position to capitalize on new tech trends and grow your business.
The UCaaS Cloud Offers Heightened Security for Financial Firms
Every bank or financial institution handles sensitive customer data or private company information. Yet if you don’t encrypt your communications, your business might be vulnerable to important information being lost or stolen.
Choosing the right UC provider makes it easier to secure your customer and internal communications. For one thing, the cloud ensures that business communications live in a single source, so it’s easy to track calls, messages and more to keep tabs on activity.
The best UCaaS companies also put in serious work to ensure your data is protected. For example, established UC providers hold top-level security certifications such as ISO 27001, HITRUST, SOC 2, SOC 3 and more. These standards ensure all forms of internal communication are fully secure, even when they occur on apps through your team’s personal smartphones and laptops.
UCaaS Enhances Internal Collaboration
UCaaS systems propel you ahead of the curve by streamlining your internal collaboration. If your teams work in-office, remotely, or have multiple locations, you can simplify and level up your PBX to make calls, messaging and meetings easier. This is especially critical during the pandemic and beyond, as more businesses move to a digital model.
UCaaS saves time, speeds up operations and reduces spending by combining multiple communication channels in a single platform. Most UCaaS platforms include various collaboration and communication tools like phone, messaging, video calls, meeting & conference capabilities and even webinar broadcasting for seminars or large meetings.
Optimize Flexibility With Unified Communications
Financial institutions need tech they can rely on to expand or pivot when necessary. UCaaS offers much-needed scalability with a future-forward mindset. Here’s how:
UCaaS Grows With You: With a cloud communications system, you don’t have to worry about how growing business will impact your communications setup—no need to install clunky hardware in your office locations with the cloud. Furthermore, cloud systems can update with minimal business interference or upheaval.
UCaaS Integrates With Your Apps: Need to integrate your UCaaS with your FinTech software? Or perhaps you have essential HR platforms, a large database or a CRM? Fortunately, plenty of UCaaS systems offer out-of-the-box integrations or offer the ability to create custom integrations if necessary.
UCaaS Supports Your Business Continuity: Cloud-based communications are highly reliable and help keep your operations moving, even when unpredictable events come your way. With a true work-from-anywhere platform, it protects your financial institution from location-based power outages or standard PBX disruptions.
Whether you work in the finance industry or you use Fintech for your business function, unified communications are a critical piece of your everyday business life. In fact, some consider UCaaS a Fintech tool itself since it amplifies your ability to remain connected and work efficiently.
Converged Technology Professionals has the expertise to help your financial business choose the right unified communications provider. Contact us today to get your questions answered.
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