Opportunity Knocks: Selling UCaaS to the Financial Services Industry

By Zane Long, SVP Global Channel Sales-RingCentral

Selling UCaaS within the financial services vertical is not for the faint of heart. What other industry has as much personal data to protect or regulation landmines to avoid stepping on as FinServ? And when it comes to red tape, FinServ buys it by the mile.

However, if you can handle these challenges, the financial services industry offers a tremendous opportunity for UCaaS partners brave and savvy enough to navigate it.

The numbers suggest an industry ripe for UCaaS disruption:

● 46% of FinServ companies are feeling the pressure to move to the cloud
● 72% of all banking transactions are now digital
● 81% of Financial Services companies rate customer experience as their first or second priority

All of these problems can be addressed by a cloud-based solution—assuming you partner with the right UCaaS vendor. But how do you go about finding the right one? The following questions will help narrow down your UCaaS vendor shortlist:

1. Is the UCaaS vendor FINRA compliant?
Finding a UCaaS vendor that is FINRA compliant is a no-brainer. FinServ companies are looking to reduce the burden and cost of compliance by offloading it to the vendor. If the UCaaS vendor can’t stay on top of the regulations, maintaining compliance and security needs through software updates, then that vendor has no business in FinServ.
2. What vendor support is there to help migrate a FinServ customer to the cloud?
One of the main concerns for FinServ companies is migrating their legacy systems to the cloud. There is zero room for a botched migration when customer financial data and compliance are at stake. Unresponsive vendors won’t cut it, and neither will a one-size-fits-all migration strategy. Both the partner and the vendor must have a seamless migration plan in place before targeting FinServ customers.
3. What are the capabilities of the UCaaS vendor’s unified collaboration tools?
Customer loyalty is an exceptionally finite resource for FinServ companies. As such, any tool that generates exceptional customer experience and increased brand loyalty is worth its weight in gold. When the customer and the employee are in sync, good things happen: improved customer loyalty, not to mention less wasted time and lower customer acquisition costs. The right UCaaS vendor will enable this dynamic by making it easy to connect and collaborate from anywhere in the world—all from a unified dashboard. The more messaging, video, and phone features unified under a single app, the better.
4. What are the vendor’s distributed workforce capabilities?
Banks have branches. Insurance has agents. This is the making of a distributed workforce nightmare. Find a UCaaS vendor that offers as robust and secure of a mobile experience as it does on desktop. Frankly, some UCaaS vendors will create an impressive desktop version that won’t translate to mobile.
5. Is the platform secure?
Any time personal financial information is involved, expect a customer’s security concerns to verge on paranoia. Lean heavily on a UCaaS vendor with a formidable security component to their platform.
6. What is the vendor’s SLA time?
When you’re dealing with financial information, service downtime can be a killer. That’s why it’s critical to choose a vendor with at least five nines of uptime.
7. Is the UCaaS solution scalable?
If a bank opens a new branch, or if an insurance agency adds a new agent, a good UCaaS vendor should be able to get the phones up and running in an instant. Most vendors will do a decent enough job on the day to day, but when it comes to mergers and acquisitions (a staple of the FinServ industry), that’s when the truly scalable solutions emerge. Do your homework on how scalable a UCaaS solution really is.

And there you have it! Few industries are as ripe for UCaaS disruption as FinServ. By asking the right questions, you should have no problem finding the right vendor to help you succeed in this vertical.

Chorus Communications
Our Clients