In 2022 JPMorgan Chase was fined $200 million for improperly managing its communications system impacting customers and their security of data. In fact just this year in 2023, MGM and 23andMe were also impacted by bad business practices around security and management of data. The crazy part of the story is much of this could have been possibly prevented by implementing managed security services and cloud-based communications.
Cloud-based communications offer a number of benefits for financial services firms, including:
- Cost savings: Cloud-based communications can help financial services firms to save money on their telecommunications costs. This is because cloud-based communications providers typically charge a monthly subscription fee, which is often lower than the cost of traditional on-premises telephone systems.
- Increased scalability: Cloud-based communications can be easily scaled up or down to meet the changing needs of financial services firms. This is especially important for firms that experience seasonal fluctuations in their business volume.
- Improved reliability: Cloud-based communications providers typically have a high uptime, which means that financial services firms can be confident that their communications systems will be available when they need them.
- Enhanced security: Cloud-based communications providers typically offer a variety of security features to help protect the data of financial services firms. This includes features such as encryption, firewall protection, and access control.
- Improved customer service: Cloud-based communications can help financial services firms to improve their customer service. This is because cloud-based communications providers typically offer a variety of features that can help firms to communicate more effectively with their customers, such as video conferencing, chat, and social media integration.
In addition to these general benefits, cloud-based communications can also offer a number of specific benefits for financial services firms, such as:
- Improved employee collaboration: Cloud-based communications can help financial services firms to improve collaboration among their employees. This is because cloud-based communications platforms typically offer a variety of tools that can help employees to communicate and collaborate with each other, such as file sharing, instant messaging, and video conferencing.
- Enhanced customer engagement: Cloud-based communications can help financial services firms to enhance their customer engagement. This is because cloud-based communications platforms typically offer a variety of features that can help firms to communicate more effectively with their customers, such as social media integration, chatbots, and self-service portals.
- Increased compliance: Cloud-based communications can help financial services firms to increase their compliance with regulations. This is because cloud-based communications providers typically offer a variety of features that can help firms to comply with regulations, such as recording and archiving capabilities.
Overall, cloud-based communications can offer a number of benefits for financial services firms. Financial services firms that are considering moving to cloud-based communications should carefully evaluate the needs of their business and choose a cloud-based communications provider that can meet those needs.
To learn more about cloud communications for your business simply visit our services or contact us today. Additionally to see if you have any security vulnerabilities, check out our get a free cyberthreat assessment.
