How the Financial Services Sector Benefits from Seamless Communications
I’ve been working in this sector for over 15 years now, where my early years were focused on supporting regulatory compliance and customer experience through the use of voice recording. Over the years, I've worked with many leading financial services organizations and find the sector incredibly diverse as it incorporates businesses that are operating in the business-to-business space and those that are focused on selling and serving consumers.
This diversity brings different sets of business challenges and therefore draws upon a wide spectrum of the technologies that we have available within the Mitel portfolio.
Key business challenges
Front and center in all the discussions that I'm having is focused at regulatory compliance around MiFID II, PCI and the pending GDPR legislation.
From the operational perspective though, there are two distinct areas that I hear that customers are repeatedly still struggling with as part of their transformation.
The first focus is on the replacement of legacy platforms that are constraining communication and collaboration amongst their employees and clients who sometimes take for granted how our solutions simplify flexible working, hot desking between multiple offices, and supporting employees to communicate through their device of choice, leveraging our unified communications client to support a more connected workforce that ultimately ensures that they are more responsive to their customers.
Secondly, is how organizations facilitate engagement with their customers through the client's channel of choice beyond just voice. Perhaps web chat, social media interactions via Facebook Messenger, WhatsApp, thus supporting the digital consumer.
And once these channels are open and accessible, they need to deliver a personalized service. The concept of "show me that you know me" is a key ingredient to delivering on both customer experience and trust within the financial services sector.
I'm also working with customers who are looking to leverage automated workflows across digital channels to drive out costs and increase profitability.
How does Mitel help financial services companies?
Our ability to support clients transform at a pace that suits them through a commercial model that fits with their budget and a deployment architecture that allows for their strategy sets us apart. We've seen a strong demand for our cloud proposition specifically within financial services as we are able to offer highly secure, dedicated instance applications which eliminates concerns around security and data sharing.
This provides them with a flexibility and agility to change the shape and size of their business as and when they need to without the constraints or any compromises.
I'm seeing terrific momentum within the sector. We have recently been selected by one of the world's largest claims management businesses to deliver a global solution through our World Cloud proposition. They were looking for a single, consistent approach beyond the boundaries of the UK through a highly secure platform.
I'm also working with a number of smaller business-to-business existing customers who are migrating to our hybrid cloud, centralizing their services in a private cloud model whilst retaining local gateways.
Providing them with a path to the cloud at a pace that suits them provides a very strong investment protection story.
In the insurance sector, I'm working with a number of business-to-consumer companies that are actively going through digital transformation journeys. Seeing unified queues and automated workflows being mapped out to transform the way that businesses engage with their customers demonstrates how our broad offering is and will deliver return on investment through higher productivity levels in a contact center.
Why financial services should engage with Mitel
Our ability to address customer's requirements with a single architecture that allows us to provide on premise or cloud whilst addressing regulatory compliance is part of our flexibility. Our World Cloud proposition allows us to support these clients beyond the boundaries of the UK with a consistent user experience. This together with our financial stability, continued innovation, and strong professional services team ensures that we are an incredibly safe choice to meet the specialist needs of the financial services sector.