The Benefits of Using a Cloud-Based Solution in Financial Services
To remain competitive, financial institutions need to improve their interaction with mobile customers, meet compliance goals, and manage security risks. A cloud-based solution, such as IVCi’s Cloud Video Experience (CVE), makes communicating easier by delivering video collaboration, chat, and data sharing while also offering the ability to:
- Meet Customer Demands
Today’s banking customers demand the same mobile and digital experience they’ve become accustomed to having in all other aspects of their lives. They want to do all of their banking online and expect to receive convenient customer service when they need it. A cloud solution facilitates payment and data management. It also provides the ability to have a live video connection for face-to-face communication with a customer service representative.
- Address Regulatory Concerns
A cloud solution can offer more security than a traditional on-premise deployment. It can also reduce the time needed to collect, analyze and report on key data, and provide the ability to record video conversations and real-time chats to support audits and regulatory investigations.
- Improve Internal Communications
Since many financial institutions operate in geographically diverse locations, employees rely on collaboration to work. Cloud computing provides them with access to a secure network at home or in the office. Departments can easily share data, collaborate with video conferencing, and meet business objectives without traveling.
- Manage Business Outcomes
Financial institutions must often operate within slim cost/income margins. Typically, cloud-based solutions cost less to implement and use, and they support business activities including marketing, strategic planning, and customer service.
- Reduce the Need for Infrastructure
Infrastructure is costly to support and can potentially expose an organization to security liability. By using a cloud solution, financial institutions reduce the number of internal resources dedicated to maintenance and the need for expensive conference rooms while also improving connectivity and offering flexibility for growth.
- Improve Security
Cloud service providers understand that security is a major concern for banks. By migrating to the cloud, financial institutions face an equal or lesser security risk. In 2014, when many financial services firms were affected by a significant security breach, none of the companies involved used cloud providers.
- Scale Operations
When using a traditional on-premise, video conferencing solution, a bank must anticipate their future number of users. However, when using a flexible, subscription-based service, such as CVE, an organization can scale the solution based on their current requirements.
To learn how IVCi can help financial services firms personalize customer service using IVCi’s Cloud Video Experience (CVE), call us at 1-800-224-7083.