The Unified Communications environment (including UCaaS) in Financial Services is anticipated to grow at 18.7% CAGR over the period 2022-2026.
Customers are the driving force behind the changes taking place across the industry, with banks working towards simultaneously enhancing their experiences and reducing costs. An explosion of new devices, apps, and platforms on the market has led not just to banks, but also insurance companies, lending institutions, private equity and venture capital firms moving quickly to deliver on the promise of these new technologies and keep ahead of the competition.
What is often not so clear, perhaps, is how to do this amidst a backdrop of continuous digital transformation, complex regulatory obligations, and a labyrinth of disconnected systems and infrastructures resulting from decades of mergers, acquisitions and divestitures.
But it’s not just the customers whose expectations have changed. Since the pandemic, employees operating in the fast paced, ultra competitive financial services world, now expect reliable access to collaboration apps, unified communications (UC) services, compliance recording software, and essential productivity tools not just to do their jobs, but as a matter of business survival. These tools include access to Interactive Voice Response (IVR), video conferencing, live chat, e-mails, unified messaging, VoIP services, and other client management capabilities.
The challenge? Well, given that firms in this space typically count thousands, if not hundreds of thousands of users in locations all around the world, scaling unfettered IT and UC access to employees in a way that doesn’t compromise on risky areas like security, privacy and compliance is both super resource-intensive and expensive.
In fact, handling this level of provisioning and deprovisioning of services is literally a full time job for many administration teams, made up of highly skilled professionals who are often overburdened and under-resourced. These teams are expected to manage day-to-day operations, such as MACDs (moves, adds, changes, deletes) with legacy interfaces or home-grown solutions that are inefficient and not scalable.
Leaving aside the potential for human error for one moment, it also means these highly-skilled, highly-paid professionals are spending time on mundane tasks rather than contributing greater value to their organizations.
It doesn’t have to be this way.
In today’s post-pandemic economic environment, financial services firms increasingly looking for operational improvements and business transformation will benefit greatly from robust and agile UC automation tools to manage the challenges outlined above. Solutions like Kurmi Software are answering the call.
Available on-prem or as a cloud service, Kurmi Software is designed to deliver simplified provisioning of UC, third party call recording, and contact centre services to enterprises worldwide. This gives admin teams access to the capabilities they need to streamline and optimize day-to-day administration of UC platforms like Avaya, Cisco, Microsoft and Zoom.
As financial institutions adapt quickly to new tools and technologies to remain competitive while simultaneously needing to adhere to strict regulatory guidelines, Kurmi Software provides a reliable, scalable, technology-agnostic platform that bakes in compliance from the outset.
For users and the wider teams, this means they can trust that the collaboration tools – whatever they may be – will simply work so that they can engage effectively with each other, creating more cohesive teams capable of optimal performance across multiple channels.
For admin teams, this means they can rest easy at night knowing that they don’t have to worry about whether they have the capacity to scale to thousands more users or if they have provisioned a user correctly with the right permissions. Instead, they can focus their attention on new forms of digital transformation and hybrid work initiatives to add value right back into the business.
And critically for customers, this means they can expect the seamless financial services they need without compromise.
Please get in touch with Kurmi Software today to find out how we can help your financial services organization.