How to optimise communication and collaboration toolkits for financial services businesses

Within the financial services industries, communications solutions are evolving. Companies are overwhelmed and burdened with the amount of communications channels they use day-to-day, and information can be at risk of costly security breaches when widely spread.

For example, a financial advisor at an investment firm needs to have a secure conversation with a client that also aligns with industry-specific compliance measures. They need to have control over their communication channels, and a unified solution with deep integrations to industry leading compliance engines makes breaches less likely. 

Unified Communications platforms are able to streamline workflows regardless of geographical boundaries, enhance security measures, and improve customer experience, all on one user-friendly interface, meaning security and work management has never been easier.

Optimising security in the financial landscape

Finance professionals need to be able to seamlessly switch between communications channels like voice calls, video conferencing and file sharing in a single user-friendly interface. However, these channels need to be encrypted and security standards must exist in-platform to ensure sensitive information remains protected. 

A single data breach can cause immeasurable financial and reputational damage to financial services businesses, while due to the nature of their businesses, these organisations hold more sensitive data than others.

Regulatory compliance measures

Financial businesses must navigate a complexity of regulations which are designed to protect customer data and ensure fair practices. Two key standards are PCI DSS (Payment Card Industry Data Security Standard), and MiFID II (Markets in Financial Instruments Directive II).

PCI DSS - This standard applies to any business that accepts CNP (Cardholder Not Present) payments where data will be given over the phone or through another communication channel. 

A secure telephony solution will aid in compliance with this by providing features such as DTMF masking, preventing agents from hearing keypad tones when data is entered, with  256-bit AES encryption protecting stored data like call recordings, and role specific access controls meaning the number of people that can access recorded data is limited, with proper audit trails in place. 

MiFID II - This regulation governs the conduct of European investment and financial services, mandating extensive record-keeping that includes automatically recording all calls with clients during the process of selling or recommending financial products or services. 

UCaaS solutions with recording of all endpoints, captured at a network level are able to effortlessly capture all sides of conversation and therefore ensure a comprehensive record for filing. Features such as immutable, geo-redundant storage and seven-year retention periods (which are needed to align with this regulation) help to create robust compliance practices for businesses, which mitigates any potential fines and also builds trust with customers.

Look for solutions that offer recording of all endpoints automatically to ensure a complete and tamper-proof record of interactions. By incorporating these features to your solution, businesses can demonstrate robust security practices and streamline compliance audits.

Communications storage advice for regulated industries

For businesses operating within regulated industries, choosing the right communications solution is essential. Businesses want a solution that can offer a multitude of  communication channels alongside traditional voice calls. As mentioned above, for compliance purposes it is also important for many financial businesses to capture and store records of their interactions.

While it is vital for communications and compliance tools to integrate seamlessly with one another, it is likely to be beneficial to businesses to focus on procuring ‘best of breed’ solutions for every part of their communications technology stack. This may mean purchasing separate UCaaS and compliance suites rather than relying on a single solution to tick every box.

Regulated industries need specialist solutions for each of these areas, and a UCaaS vendor will never be a specialist in financial security and compliance, and vice-versa. For example, CallSwitch One offers a comprehensive suite of communications channels and integrates with CallCabinet, who specialise in call recording and data storage for compliance, meaning that customers get the best of both worlds - the platforms work seamlessly together, but each solution can be considered best of breed within its own product category.  

Furthermore, having two separate solutions means that, should a business ever wish to change one of these solutions in the future, they aren’t forced to acquire an entirely new platform for the area that they are satisfied with, and instead can mix-and-match with alternate platforms to create a bespoke solution that works for their specific needs (which will differ for every organisation).

Based on the fact that businesses should be separating these solutions, they need to ensure they find a UCaaS vendor with a product that is proven to be scalable, and that ultimately has a library of one-click integrations that work seamlessly together and communicate well.

Quality integrations

Leading UCaaS solutions will include a rich integration layer, including a range of out-the-box integrations with popular software solutions with an API that offers room for custom integrations where needed.. This means there is little work to be done on the user’s end, and they are able to choose the best solutions for their business with no need for additional coding or downtime, also saving both time and cost. 

Third party integrations may include anything from CRM platforms, data management tools, and other communications solutions such as WhatsApp and Microsoft teams, as well as a chosen compliance suite for finance-industry specific regulation, such as CallCabinet. This one is vital particularly for the finance industry, whereas other market verticals may not need to align with the same regulations for day-to-day business proceedings. 

Other considerations

The finance industry operates in a space where security and compliance measures are vital. A UCaaS solution and a compliance suite should be separate for finance industries in order to take advantage of industry leaders in each area, but these should seamlessly integrate together. This way, businesses have two specialist solutions, and if a business ever wishes to change one of these they are not forced to change both. 

A communications system with built-in tools for compliance and security is key. However, a finance business is still a business, meaning that they also need communications solutions that are efficient, adaptable, and cost-effective to align with smart business practices. While these may appear secondary to the features explored above, Here are some of the other considerations that businesses should take when choosing a communications solution:

Cost-effectiveness - UCaaS solutions often offer a scalable, subscription-based pricing model, which allows businesses to optimise costs based on specific and changing needs.

Scalability - As a business grows, so will communication needs and seats. UCaaS solutions scale seamlessly, making them future-proof and adaptable.

Robustness and reliability - In the fast-paced world of business technology, and particularly in industries that deal with sensitive information such as finance, dropped calls and system outages can be catastrophic. Cloud-based UCaS solutions with load-balancing are able to prevent these.

Final thoughts

The financial service industry contends with robust regulatory compliance obligations, while still being required to deliver a customer centric communications experience. By choosing a UCaaS platform with a mature integration offering, businesses can better ensure they are set for the future as industry needs and expectations change, but compliance requirements evolve and change too. 

Therefore, the future of business communications for financial services institutions is one that can seamlessly integrate with every other aspect of a business, and by leveraging this, institutions can achieve heightened security, compliance with regulations, and efficient collaboration for improved productivity, which is all needed in a modern financial landscape.

Learn more about how CallSwitch One’s integrations capabilities can support financial services organisations with their communications and compliance requirements.

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