Back from the Brink – Financial Institutions & Visual Collaboration

April 13, 2012, by Adam Kaiser in Video Conferencing

The finance industry, now recovering from the worst crisis it has faced in decades, still faces challenges that must be addressed in order to ensure stability into the future. Banks and other financial institutions are restoring consumer confidence by cutting business costs, implementing processes to become more efficient, restructuring and consolidating distributed work forces, and undergoing reorganization efforts.

IT divisions of banks are embracing leading edge technology, including unified communication (UC) solutions, as part of the effort to address many of these challenges. UC systems utilize integrated visual collaboration, audio conferencing and data sharing capabilities to improve communication among remote parties. UC solutions are prevalent within the finance industry and are used to improve:

  • Customer service and support:  Bank customers who visit branch locations are provided access to services and subject matter experts that may only be available at headquarter locations. Support is provided in real-time, with face-to-face transactions that create a collaborative environment.  As a result, the branch is turned into a robust sales channel that is more responsive and able to offer additional products and services.
  • Internal communication and productivity: Video and UC solutions improve and streamline internal communication by establishing a more personal connection among employees in disparate branch and office locations; when information is shared readily and easily, the level of productivity is increased and bank profitability is improved.
  • Corporate training: Video conferencing and streaming facilitates new hire training and education on new financial vehicles by providing consistent information to all participants, at one time, regardless of location. Video reduces the costs associated with transporting training personnel to locations on site; users can receive training sessions delivered via desk top and mobile applications. Sessions can be recorded and archived for later viewing.
  • Recruiting and retaining talent: Video assists the screening process by reducing the need to meet with remote candidates in-person for initial interviews; video provides enough clarity to aid the decision making process and determine who moves on to the next round. Additionally, by creating an efficient and productive environment, video and UC solutions help financial institutions build their reputations within the industry, which works to retain top talent.

Visual collaboration technology, when combined with cloud-based managed services, creates a meeting experience so realistic, bank customers and employees will instantly feel as though they are participating in an-person meeting or training session.

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