Solving Communication Challenges for Finance Organisations

Using Financial Data
Finance is one of the largest industries in the world. But it requires the right communication infrastructure to keep it ticking. All too often, finance organisations are held back by substandard technology. In this post, we’ll discuss some common communication issues for financial institutes and how to solve them.

 

Finance is fast moving

There’s no doubt about it – the financial world is constantly changing.

From investments and currency rates to customer queries and applications, finance organisations need to be constantly on the ball. Here are just a few reasons why:

  • Globalisation: The financial markets are now global, which means that investors and traders can buy and sell assets all over the world. This creates a lot of volatility, which can lead to rapid price movements.
  • Technology: Technology has revolutionised the way that financial transactions are executed. High-frequency trading allows investors to make trades in milliseconds, for example, which can have a big impact on the market.
  • Regulation: Governments around the world are constantly changing the rules governing the financial industry. This can make it difficult for businesses to keep up with the latest regulations, which can create uncertainty in the markets.
  • Development: New products and services are constantly being developed. This can lead to rapid changes in the way that businesses and individuals manage their finances.
  • Change: The global economy is constantly changing too, whether it’s interest rates, currency exchange rates, or other factors that can impact the financial markets.

Because of this, uptime needs to be continuous and support should be responsive. Without those essentials, businesses could experience dropped trade calls and a significant loss of both trust and earnings.

 

It’s also well established

So many financial organisations are household names, having been around for several decades. With that comes legacy technology that they’ve relied on for a long time.

But that’s not all. Over the years, there have been countless expansions, mergers and takeovers in the finance industry. The result is that many organisations have a mixture of technology from different vendors across sites.

Short-term, this is difficult to manage, requiring support from multiple vendors. It can also impede both integration and productivity. Long-term, it makes it much harder to migrate to new technology with so many different systems and contracts to take into account.

There are a few reasons why it can be difficult to manage lots of different technology vendors in an organisation:

  • Complexity: Managing multiple vendors can be complex and time-consuming. It requires keeping track of different contracts, licences and service levels. It can also be difficult to coordinate with multiple vendors to ensure that they are all working together effectively.
  • Cost: Managing multiple vendors can be expensive. Organisations may need to pay for multiple licences, support contracts and training. They may also need to invest in tools and processes to manage the relationships with their vendors.
  • Risk: Managing multiple vendors can increase the risk of security breaches, data loss and system outages. If one vendor experiences a problem, it can impact the entire organisation.

 

The industry has no borders

Finance is a truly global industry. Deloitte has more than 150 offices around the world, for example, while HSBC operates in over 60 countries. What this means is multiple sites with different currencies, language requirements and even cultural norms.

All too often, organisations get support from multiple providers to cater to all of these different sites, which creates an operational nightmare.

 

Customer demand is changing

Amid all of the challenges above, customer demand is changing too. Firstly, they want things quickly. Long gone are the days when customers would wait until business hours for an answer. They now expect a 24/7 service, which is why 37% of financial providers are now using AI to improve customer service.

But demand is also changing in terms of how customers want to communicate. McKinsey found that 71% of banking clients want multichannel interaction, while 25% preferred a fully digital journey. Both of these trends show that financial institutes need new technology – not to progress or set themselves apart, but simply to keep up with customer demand.

 

How can Aura help?

Aura works with numerous organisations in the finance industry to help them overcome the communication challenges listed above. Here’s how we do it:

  • Speed – For a current banking client, we provide proactive monitoring and support with built-in business continuity for extra resilience, so issues are addressed before they affect your business.
  • Multinational – We have a direct presence in over 145 countries, so we can assist financial organisations across the globe – such as an international management firm in Europe, North America and Asia.
  • Multi-vendor – Aura is vendor agnostic, providing support for a vast array of technologies and only ever recommending the best solution for your requirements.
  • Legacy support – With multi-vendor capabilities, we can provide the legacy support you need to transform at your own pace and leverage existing investment.
  • Transformation – We have expertise in all the latest technologies including AI and cloud computing to help you champion change.
  • One contract – Our comprehensive offering is provided in one simple contract with a single point of contact and consistent SLA.

 

See Aura in action

Above all else, Aura is a safe pair of hands for finance organisations because we have a wealth of experience working on large projects in your sector.

Take our work with a large US banking organisation as a case in point. They were suffering from inadequate support levels from their existing provider, resulting in dropped and interrupted trade calls.

Aura rectified that with proactive monitoring and support for their Avaya voice systems. Our team was able to identify issues and address them before they impacted the business, including:

  • Global support around the clock to improve the bank’s service performance.
  • Business continuity with regular failover testing to avoid any loss of service.
  • Cloud migration​ support for continued flexibility and agility.

The result? With a voice system they can depend on, productivity has been increased and customer satisfaction has improved with higher service levels. Consequently, the bank has been able to win more high-value trade deals. Take a closer look at this success story to find out more.

 

Talk to our team about finance communication

If the challenges we’ve discussed sound all too familiar, it’s time to make a change. Aura can provide the expertise and support you need to overcome communication challenges globally.

To get started, set up a call where we can talk through your requirements and outline how we can help.

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