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Home » Boosting Collaboration and Strengthening Security with UC in the Financial Services Sector

Boosting Collaboration and Strengthening Security with UC in the Financial Services Sector

Techeconomy by Techeconomy
September 20, 2023
in Security
0
UC solution and Security (Photo: GettyImages)
UC solution and Security (Photo: GettyImages)

UC solution and Security (Photo: GettyImages)

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Writer: CLESHENTON BRITTON, Channel Manager for Audiocodes at Westcon-Comstor Sub-Saharan Africa.

The world of finance is dynamic, but it is also massively regulated, and in this clash, two things stand out – collaboration and security. On the one hand, collaboration coupled with communications, form the very building blocks of customer service, which ultimately underpins the success of a financial services business.

On the other hand, security is the backbone of their reputation and ability to navigate the intricacies of regulatory compliance frameworks and data protection.

Within this, we are also seeing the evolution of communications, from the phone call and email, to a range of modern self-service options, AI-led bots, and digital platforms. That said, voice communications continue to play a critical role in the daily workings of financial companies.

It supports efficient and effective communication, relationship-building and regulatory compliance, and there is a sense of comfort in dealing with humans when navigating questions around financial services.

The bottom line is that financial organisations’ voice and video platforms must be secure no matter where they are used or hosted.

One example is using complete unified communications (UC) platforms, such as Microsoft Teams, which greatly improves communication and collaboration experiences.

But while transitioning to a UC platform like Microsoft Teams can be daunting, it also offers many advantages if done correctly and if wrapped with additional services, security, and offerings that allow one to add offerings like direct call routing.

Here are some of the advantages, as defined by our partner AudioCodes:

1. Elevating Collaboration in the Financial Sector

Companies in the financial industry face fierce competition in a fast-moving and changing environment, which puts the microscope on seamless collaboration.

Using a UC solution can transform the communication landscape, deliver better customer service, and heighten experiences.

Leveraging UC features and a suite of communication tools provides different touchpoints for engagements and allows financial professionals to interact with peers and clients from around the world.

2. Upholding Security Standards

There are no security shortcuts for financial services businesses as they deal with and move sensitive data daily.

It is one of the reasons that whichever UC solution is selected must deliver robust security features to protect sensitive data through every engagement.

Microsoft Teams includes secure authentication, encryption, fraud monitoring, real-time fraud detection, regular security updates, and more.

3. Successfully Navigating Compliance

Meeting and complying with regulatory requirements is the make or break for a financial organisation.

The good news is that many UC solutions have built-in compliance features and best practices.

When deployed in line with regulatory frameworks and with the consultation of legal and compliance experts, these solutions will ensure specific regulatory requirements are met.

4. Embracing the Hybrid Workplace Through UC

The financial sector has embraced the hybrid workplace model, combining remote work and in-person work, giving employees flexibility around where and how they work. But, unlike less stringent industries, financial companies must focus on security and compliance when providing hybrid work options.

The starting point is prioritising secure remote access to internal systems and resources. This can be done with the help of a UC solution that includes VPNs, MFA and security protocols. But it’s not as easy as putting in a security solution and walking away.

Stringent compliance standards must be applied for a hybrid workplace, including adhering to regulatory and data storage requirements.

Empowering Connectivity with a Comprehensive Solution

Migrating to a new platform is overwhelming, so we suggest that players in the financial industry take some caution when rolling out a solution straight out of the box.

As a distributor of multiple solutions in this space, we can’t stress enough how important partnerships are. For example, our partner AudioCodes has various advanced voice technology solutions that tightly integrate with UC offerings to ensure secure and reliable communication, addressing the critical problem of data protection and compliance.

Ultimately, it’s about deploying a solution tailored to the financial industry’s needs, one that encompasses security measures to safeguard data, prevent fraud and ensure compliance with regulatory frameworks.

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