As technology advances and customer expectations rise in an increasingly digital world, it is more important than ever for banks and financial institutions to improve the customer experience. At the same time, in the current cautious economic climate, ensuring robust risk management processes and security systems are in place is crucial.
Video conferencing technology has become ubiquitous within the financial industry, due to the need for making fast decisions & rapid response to fluctuating markets while simultaneously providing a personalised and engaging experience for customers.
Video collaboration solutions enable financial institutions to maintain the required level of efficiency while also remaining proactive in retaining and engaging long-distance customers, where face-to-face meetings are generally less frequent. It is important that a strong connection is made between the adviser and the customer, and these connections can only be made through visual interaction.
When an investor is able to immediately discuss their finances face-to-face with an adviser, no matter where they are, customer service is improved, better relationships are formed and information is shared more freely, thus greatly reducing the likelihood of that investor switching to your competition.
Yet with the adoption of new kinds of technology, different ways of working and sensitive data being shared and broadcast, many financial companies are worrying about the security of their conferencing system.
Cyber-security ranks as the number one concern for nearly half of financial institutions worldwide (DTCC). With trillions being exchanged and levels of cyber threats increasing every day, the integrity and security of banking systems are paramount in maintaining customer confidence. Transmitting sensitive information and data across internal and external networks, businesses need to be assured that their video conferencing solution is safe and not susceptible to security breaches.
As video collaboration technology advances, the security capabilities of conferencing systems is evolving. Identity-based access controls allow companies to control who has access to live conferences, only allowing specific individuals to access meetings and tracking their access. Encryption capabilities have also advanced, preventing sensitive data from falling into the wrong hands. Encrypting video streams solves the problem of unauthorised persons getting access to the data network and capturing private video streams. Encryption of stored video means that in the event of unauthorised access to video files, this won’t result in exposure of sensitive data.
Solutions like Videocall’s Intelligent Cloud Experience (ICE) enable users to enjoy secure and reliable video communications on whatever device suits their needs. ICE is an ideal solution for large financial organisations who need to collaborate with customers, employees and partners, using different types of video conferencing systems.
For more information on how video conferencing technology is shaping the financial and banking industry, download our whitepaper Video Collaboration in the Financial Sector. The whitepaper looks into how banking and finance organisations can implement secure and reliable video collaboration solutions in order to improve business processes, be more responsive to customer needs and ultimately drive return on investment.