Unified Communications-as-a-Service, abbreviated as UCaaS, is a cloud-based solution facilitating communication and collaboration among employees, teams, and departments in the financial sector.
UCaaS is crucial in enhancing communication and collaboration among the banking and finance industry’s employees, customers, and partners. It enables real-time communication, reduces communication costs, and improves productivity and efficiency. According to the IEEE Computer Society, nearly 57% of businesses have increased their spending on UCaaS.
Want to know the benefits of using UCaas in banking and financial services? Continue reading as we discuss the advantages of using UCaas in the next section.
What are the Benefits of Using UCaas for Banking and Finance?
UCaaS is eventually gaining popularity among businesses and financial institutions. But why and how? Let’s explore the benefits of using UCaaS for banking and financial services below:
Improved Internal Collaboration and Secure Communications
The UCaaS solution allows employees to communicate quickly and collaborate, regardless of location. They can share files, discuss projects, and make real-time decisions, improving productivity and efficiency. For instance, a team of bankers working on a loan application can use UCaaS to collaborate on the document, share feedback, and make real-time changes, even in different locations.
Secure communications is another significant advantage of UCaaS for banking and finance. The solution uses advanced encryption and security protocols to protect sensitive financial information from unauthorized access or hacking. Some security protocols used in UCaaS include data encryption, VoIP call security, two-factor user authentication, and fraud prevention.
Documenting Communications for Compliance
UCaaS enables recording and documentation of the communication to ensure compliance regulations are met.
For instance, consider a bank that uses UCaaS for all its communication needs. When a customer inquires about their account, the call is automatically recorded and stored in the UCaaS platform, which is further used to retrieve the required data.
Financial institutions can save significant costs by eliminating the need for expensive on-premises hardware, maintenance, and upgrades by using UCaaS. Since UCaaS is cloud-based, it is easy to manage and maintain. The service provider handles the software updates and hardware upgrades, reducing the financial institution’s IT costs.
UCaaS solutions offer a variety of communication channels, such as voice, video, chat, and conferencing, enabling financial institutions to choose the right channel for each situation. This flexibility enables teams to collaborate and communicate in real-time, regardless of location or device, improving productivity and efficiency. Switching between communication channels provides a seamless and integrated experience for the financial institution’s employees and customers.
UCaaS has become an indispensable tool for the banking and finance industry. Its ability to streamline communication, enhance collaboration, and improve customer service has made it a valuable asset for financial institutions. The market size of this effective tool is set to increase up to $210.07 billion in 2028.
With the increasing demand for digital banking, UCaaS is poised to play an even more significant role in the industry’s future. As financial organizations continue to embrace the benefits of UCaaS, they can expect significant improvements in their operations, customer satisfaction, and overall success.
At Sangoma, we empower financial institutions to revolutionize their communication, collaboration, and customer service. With Sangoma as your trusted partner, you gain secure internal collaboration, compliant documentation, cost-effective operations, and flexible communication channels.