Major Challenges Banking Industry Faces without a Reliable Communication System

Major Challenges Banking Industry Faces

Similar to many other industry verticals, the banking industry faces multiple challenges. In this blog post, we will share major challenges faced by the banking industry in the absence of a reliable communication and collaboration system.

1. Providing remote services on a need basis

  • Traditionally, customers need to visit his/ her branch for any banking-related services. This is quite inconvenient for many.
  • Modern communication tools like an omnichannel contact center solution provide features that can be used to deliver remote services to customers. This is necessary to provide some need basic services such as emergency service to block a stolen or misplaced debit or credit card. The omnichannel call center solution can make this process automated with a hotmarking feature and it can help customers to take immediate action remotely.
  • The communication tools such as a video conferencing solution can be used for processes like KYC processing or customer relationship management by banks.

2. Assuring fair usage of communication tools

  • In the banking industry, multiple executives use telecommunication tools. For a bank, it is necessary to keep a track of these conversations for multiple reasons such as quality of the call, quality of service, and fair usage of telecommunication tools.
  • The traditional telecommunication tools cannot provide this functionality.
  • The unified communication tools for banks such as an omnichannel contact center solution can provide the required features to assure that banking executives are using the communication tools productively and providing quality service to the customers.

3. Speed up banking operations

  • Banks have to handle multiple operations. The operations related to communication can be automated using unified communication tools for banks.
  • For example, an omnichannel call center solution can automate the task of answering frequently asked questions using its IVR feature.
  • A collection module integrated into a call center solution with call center collection integration can speed up and enhance loan collection campaigns.
  • There are multiple other communication tools for banks that can help banks to speed up their operations to utilize their existing resources more productively.

4. Following PCI compliance

  • Banks usually handle sensitive information of customers, which needs to be protected from theft or misuse.
  • There are multiple compliances that banks need to follow to save the interest of their customers.
  • PCI compliance is one of the standards that need to follow by banks.
  • Traditional telecommunication tools make it complicated for banks to follow PCI compliance.
  • The unified communication tools for banks usually adhere to PCI compliances.

Conclusion

Banks need to upgrade their traditional telecommunication system with a modern suite of unified communication solutions for banks. The banking industry faces multiple challenges and roadblocks because of the traditional telephony system. Modern banking tools can consolidate and enhance communication and collaboration in banks to leverage multiple advantages and overcome common challenges.

We offer a range of unified communication solutions for banks and the FINTech industry. We have already catered to some renowned banks and FINTech organizations. You can review our clientele and case studies by browsing our website. To discuss your needs, contact us.

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