The pressures of the ongoing shift to a digital-first strategy is forcing financial organizations of all kinds to improve operational efficiency, reduce costs, and provide best-in-class customer service. Decision makers have been forced to move towards cloud technology to more easily meet the challenges of shifting economics, customer needs, privacy, and compliance requirements. But those who have quickly adopted a future-forward digital CX strategy have realized the potential gains of a cloud collaboration solution to attract and retain customers while optimizing their technology stack.

The result has made switching financial institutions much easier, with competitors offering new benefits daily and customers continually demanding more: more services, more attention, more programs. It's no longer enough for a cloud solution to just work; it has to be modern, run smoothly and be easy to use. A bank is no longer a place you go to but a thing you do, and consumers weigh the importance of a modern, easy experience ahead of other factors. To make it work, adopting a high-performance all-in-one cloud communications solution is now table stakes.

The good news is, it's easier than ever to move to the cloud. Here are four ways a cloud collaboration solution can help your financial organization modernize internal collaboration and create a winning, future-proof customer experience.

  • Transform traditional business models
  • Create differentiated customer experiences that maintain the human touch
  • Establish a platform for innovation and business agility
  • Meet compliance needs

Transform traditional communication business models

Banks and other financial services organizations have traditionally been slow to adopt new technology because of inflexible infrastructures and complex, outdated systems that are layered together. However, adopting a cloud communications solution can increase the value that organizations in this industry deliver. It creates efficiencies of scale, supports revenue growth, and enables innovation, all without the traditional overhead costs of managing hardware. According to the Mitel white paper, Delivering Digital CX for Today’s Mobile Customer, "To truly deliver an optimal customer experience in today's digital environment, businesses must transition independent communication silos to an integrated digital framework, either funneling all interactions to one central location or facilitating easy collaboration between customer touchpoints and subject matter experts."

Create differentiated CX that maintains the human touch

Beyond digital transformation, the personal touch is still important to maintaining trusted customer relationships and loyalty. With MiCloud Connect you can meet customers where they want to be, how they want to interact, with a consistent experience. You'll be able to offer customers self-service options that can give them the answers they need, faster without jeopardizing a valuable customer text, chat or video due to a poor experience. For years, the only way to make deposits and withdrawals at a bank was to visit the bank and stand in line. Today, banks offer consumers 24/7 access to bank accounts from millions of automated teller machines (ATMs), through online banking and mobile apps.

Delivering Digital Customer Experience for Today's Mobile Consumer >

Consumers like the convenience these options offer. They don't complain about how much more impersonal the experience is compared to standing in line to see a teller during business hours. They recognize that these alternatives offer a good self-service option that provides an opportunity to get things done quicker. As a result, they are more likely to be loyal to the bank that offers the most convenient self-service alternatives. Consumers get the experience they expect, and the bank gets an enhanced reputation, as well as a dramatic drop in operating costs.

Establish a platform for innovation and business agility

Your cloud collaboration solution will create a platform for innovation and business agility. Employee work styles and customer expectations are shifting as we speak. As the next generation of analysts, brokers, relationship managers and workers gravitate towards more flexible working environments, to remain competitive companies must accommodate the many ways people and employees want to collaborate.

In a cloud-based environment, workers can collaborate and share knowledge and experiences to support organizational innovation. Employees want to be able to launch sessions quickly and seamlessly while communicating with clients, co-workers, or business partners. Starting a chat with a co-worker moving quickly to a video a call to share screens and files in real time enables faster decision making, improving both client and employee experiences and outcomes.

Meet compliance and regulatory needs

Mitel ensures financial institutions are protected.

  • Our security efforts are aligned with ISO27000 series of standards.
  • Our security posture is based on the NIS Cybersecurity framework.
  • Our GRC program is based on the OCEG Capability model.
  • MiCloud Connect is subject to an annual internal audit and third-party executed SSAE18 SOC2 audit.

In our new age of flexibility and choice, financial services organizations continue to pivot toward adopting cloud technology including collaboration tools to keep business moving forward.

Sharushka Odayan

Content Strategist, Mitel

Sharushka Odayan brings to Mitel a decade of experience using technology dynamics and trends to shape vertical-specific content. She lives in Dallas and has spent the majority of her career in the telecom industry in areas including IoT, cybersecurity and mobility.

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