Business Communication Tools Can Future-Proof Financial Services

Financial services companies are historically reticent when it comes to technology adoption. It makes sense — why introduce potential complexity and increased risk if current solutions aren't causing any problems? However, as noted by Spend Matters, consumers (and specifically millennials) are now compelling companies to embrace 21st-century technology.

It's not enough for technology to simply work. It has to be up-to-date, efficient, and user-friendly. For financial services organizations, this means embracing business communication tools that don't simply speak to current needs but also future-proof front-end adoption. Here's a look at four key use cases:

1. Big App-etite

Simply put? Millennials love apps. According to Fintech News, 43 percent of younger users prefer to set up bank accounts and conduct transactions using financial technology (fintech) apps, rather than visiting a brick-and-mortar location. As a result, financial organizations need to do more than simply repurpose desktop and web-based services for maturing users.

Instead, it's worth investing in mobile-native application development services to both design cutting-edge apps and ensure they're fully optimized to run in the cloud. Key considerations here include ease-of-access, intuitive interface, and the ability to seamlessly switch between cellular-based networks and Wi-Fi offerings while simultaneously pulling data from the cloud. There's huge consumer app-etite here — make sure you're ready to meet demand.

2. Sharing Is Caring

It started with cars, hotel rooms, and rental properties, but according to a recent PricewaterhouseCoopers report, the sharing economy is also headed for financial services. The report predicts that by 2020, consumers may skip traditional financial suppliers in favor of cloud-based sharing solutions that can easily match them with specific services such as loan providers, high-interest accounts, or mobile-friendly banking options. As a result, it's vital for finance companies to build out business communication tools that support sharing-based economies and can match users with potential service providers, even if they reside outside typical banking ecosystems.

3. Talk the Talk

While users typically prefer apps to human interaction, there are some questions that can't be answered via text message and some transactions that can't be completed online. When consumers reach this point of no return, companies must be prepared to quickly and efficiently connect with them to provide personalized and accurate service. For consumers, it's what they've come to expect from on-demand cloud services and mobile devices — calls should be answered promptly and service agents should be equipped with all the necessary data to make transactions seamless and smooth.

What does this mean for financial services companies? Cloud-based unified communications services are no longer the province of tech shops and specialized providers alone. Banks, lenders, and accountants need the flexibility of Voice over Internet Protocol (VoIP) services, the integration of CRM tools, and the bandwidth to handle HD video calling.

4. Banking on Blockchain

Last but not least, financial service companies need to start thinking about business communication tools and their roles in the emerging blockchain market. Not sure about blockchain? It's the foundation of digital currency bitcoin — all bitcoin transaction data is continually replicated and updated across a massive network of computers, which means there's no single point of failure or corruption. As noted by Business Insider, "Blockchain is a wild card that could completely overhaul financial services." If it does, organizations must be prepared with cloud-based solutions capable of monitoring, recording, and storing all records of blockchain transactions while simultaneously providing users with on-demand data about their own blockchain investments, account status, and real-market value.

Finance companies can no longer afford to ignore evolving technology in favor of tried-and-true solutions. Future-proofing financial services means embracing cloud-based business communication tools to deliver mobile performance and on-demand access.

Considering cloud investment? Talk to a Vonage Business expert.

Vonage Staff

Written by Vonage staff