Joe Vaccarella, CEO and Founder of Client Instant Access examines how the dynamics of multi-channel communications have been impacted since the outbreak of COVID-19 pandemic and how this will alter the landscape for technology and cybersecurity moving forward.
What are some of the communication challenges firms across the financial sector have faced during the COVID-19 pandemic?
With nearly everyone in the global financial sector working from home due to the Coronavirus pandemic, secure and streamlined communication solutions have never been more vital. Companies have been forced to rely on alternative resources for meetings, earnings calls, and customer communication. There’s an immeasurable layer of cybersecurity and protection that these platforms must provide clients in the unpredictable climate. Conversations with clients and co-workers are vulnerable to hi-jacking and other disruptive behaviors when they are not streamlined on a secure and trusted platform, as we’ve seen with a number of other providers.
A system that provides integrated and flexible capabilities through voice, email, SMS/MMS, and phone will be a major asset to firms not only with clients but internally as well. Finding a system that can be quickly deployed, while addressing cybersecurity threats and compliance parameters will be the difference between business continuity and business failure.
What are some key features that should be encompassed in a reliable and secure multi-channel communications platform?
Security and compliance have to be the top priority. Although regulators like the CFTC have loosened some of their regulatory parameters on working remotely, security around communication channels needs to perform at optimal levels to ensure that customer information and data is not compromised.
As far as specific capabilities, customers are still for the most efficient way to deliver messages with a personalized touch. Multi-channel communication platforms should offer state-of-the-art conferencing, dialing and messaging services that can connect users globally. All services should complement one another, whether it be for voice, SMS, or email blasts. A good platform will offer solutions that seamlessly integrate with CRM platforms already in place in under 24 hours and foster a customizable, advanced alert system.
A platform that is well-equipped and trusted will foster long-lasting relationships and provide the security and efficiency of automation with the attention to detail they would get from working in-person.
In the long-term, how will the pandemic impact how financial institutions approach communication technology and the surrounding cybersecurity protocols?
As more robust and secure communication tactics and strategies come into play during this pandemic, working remotely is slated to become the new normal. We have slowly seen Fortune 500 companies and institutions such as schools, churches, hospitals, and more take advantage of multi-channel communication technology and financial institutions are having to adapt quicker than normal.
Reliable technology and communication solutions like CIA’s Omnigage that can connect with client relationship management systems make all the difference right now. This transition to consistent, remote work will be aided by these tools and we expect this shift to continue in the years ahead. As communication methods become more sophisticated and the banking and capital markets landscape becomes more electronified, more of the workplace will embrace the work from home lifestyle and it will all happen under unified and nimble communication channels.