Enhancing Collaboration: The Combination of PBX Software and Unified Communications in Financial Institutions

They say the best matches are made in heaven. Agree. But some perfect pairings are made on the earth and designed by engineers. One such combination is advanced IP PBX software and unified communications systems specially designed for banks and financial institutions.

If you are an owner of a bank or financial institution, you know how tough it is to provide the perfect customer service at present. As per a recent study, more than half of respondents said that they would switch to a competitor following just one unsatisfactory customer experience.

The expectations of customers are at an all-time high and they want nothing less than the best service from all organizations they deal with, including banks and financial institutions. A research found that over three-quarters of respondents said that they will transact with organizations that provide exceptional customer experience.

When the stakes are so high, it’s only prudent for organizations in the banking and financial services industry to focus on the best communication systems money can buy. And in the present time, nothing can beat the combination of PBX systems and unified communications tools.

This blog post discusses how the integration between sophisticated IP PBX software and unified communication tools fosters collaboration among banking teams and leads to improved productivity and innovation. So, without further ado let’s dive right into the blog post and gain valuable insights.

1. Omnichannel Communication

For banks and financial institutions, omnichannel communication is extremely critical. That’s because a majority of customers prefer to contact their lenders and insurers using a diverse range of communication channels. You can put yourself in the shoes of a bank customer and get the answer. Just imagine that you have opened a new account in a reputed bank and you have a query. Would you prefer calling the customer care number and waiting for the call to get connected to a customer service representative if a simple text message will do? And would it be right if the lender in question does not support any other communication channel other than a voice call?

Asking these questions would make it extremely clear why organizations in the financial sector must focus on omnichannel communication. According to Capgemini’s 2021 World Retail Banking Report, nearly four out of every five customers expect an omnichannel banking experience. That’s where the integration of IP PBX software with unified communication tools can help banks and financial institutions provide omnichannel communication options.

2. Real-Time Collaboration

Banks and financial institutions value real-time collaboration. For those working in banks and financial institutions, real-time collaboration matters a lot. If you ever observe the way bank employees work together across different locations and time zones to serve customers, you will be amazed at the level of coordination and collaboration. An employee may be working in a bank’s New York branch and he or she may need to collaborate with another employee in the Sydney branch. 

In such cases, the collaboration happens instantly at the click of a button. That’s the power of IP PBX software combined with unified communications. When IP PBX software is combined with unified communications it creates an exceptional working experience for employees and provides faster resolution to customers.

3. Accessibility and Flexibility

Would financial services be as accessible and flexible if banks and financial institutions used traditional telephony systems? Of course not. They would have been painfully slow and extremely frustrating for contemporary customers. Just imagine waiting for minutes, or even hours, for a simple query. That’s what used to happen before when banks used traditional telephony systems.

The lack of agility not only kept customers waiting for a long time but also annoyed them to the point of stopping transactions with their lenders. But thankfully, the advent of digital technology has made things lightning fast. The marriage of IP PBX software and unified communications tools makes banks and financial institutions extremely accessible and flexible for customers. It also enables bank employees to respond to client needs and market changes at a faster pace. 

4. Streamlined Workflows

If you just step into any bank or financial institution, you will realize how hard the employees work to serve customers and how busy they remain for most of the working hours. In a demanding industry such as the banking and financial services industry, a streamlined workflow can go a long way in easing the workload and enhancing employee satisfaction.

When employees get to interact and collaborate in real time, they can share the best practices as well as the most efficient workflows. That would not only help them share the workload but also know in a crystal clear manner what’s expected from each team member. When sophisticated IP PBX software is combined with a unified communication system, it can help massively streamline workflows and processes.

5. Enhanced Customer Interactions

Ask any bank or financial institution what their biggest challenge is and they will say perfecting customer interaction. No matter how excellent a bank is at serving its customers, no matter how much effort it puts in, it will always say how much it wishes to enhance its interactions. That’s because banks and financial institutions know that customer interactions are directly proportional to customer satisfaction. 

The interactions between bank employees and customers must be as smooth and cordial as possible. When it comes to customer interactions, how can banks and financial institutions be not particular about the tools they use? When IP PBX software is combined with unified communications systems then the customer interactions go up several notches. When the right IP PBX software is integrated with cutting-edge unified communications tools, the interactions between bank employees and customers increase manifold. 

6. Data Security Measures

Did you know that ransomware attacks on banks and financial institutions increased by nine percent in just one year? According to a study, it rose from 55 percent in 2022 to 64 percent in 2023. Another research found that the cost of cyberattacks in the banking and financial services industry touched USD 18.3 million per company every year.

Data security matters a lot in banks and financial institutions. Banks and financial institutions are extremely serious about their data security. Banks and other financial institutions use encryption to increase data security and remain in control of data protection. This is where the combination of sophisticated IP PBX software and unified communications systems can be extremely effective and potent in enhancing data security.

7. Measuring Outcomes

In the banking and financial sector, the management always needs to be on their toes to know the efficacy of their customer service. As customer service is closely linked to customer experience and satisfaction, measuring the desired outcomes with the actual results is extremely important. That’s where data and analytics come into the picture as they are extremely critical to measure outcomes.

In traditional telephony systems, organizations cannot know how well their customer service representatives are performing as they don’t have any recorded data and tools to measure. However, advanced IP PBX software can enable them to do so as it’s equipped with analytics and reporting tools. When the right IP PBX software is integrated with sophisticated unified communications tools, it makes measuring and reporting extremely easy.

Summing Up-

When the IP PBX system is integrated with unified communications tools it consolidates various channels into a unified platform. It leads to an interconnected experience between voice calls, video conferences, instant messaging, and collaborative meetings. The consolidation not only simplifies the user experience but also enhances the efficiency and productivity of banking professionals as well. The key is to handpick the right IP PBX software and integrate it with the best unified communications tools for a superior experience.