This is the second article in a six-part series on optimizing banking and credit union innovation and productivity through AI and cloud communications. If you missed the first article, you can read it here.
If your company could double its customer base overnight, how would your organization fare? Would you be capable of scaling up your business processes quickly and seamlessly? Or is it more likely that you would hit major roadblocks that prevent you from capitalizing on the opportunity?
Next, imagine that the financial services industry faces yet another transformative change requiring your organization to roll out new service offerings and customer communication channels as rapidly as possible. Would you be well-positioned to get ahead of your competition? Or would you be labeled an industry laggard?
If you set out to build business agility now, you will be at a distinct advantage when these situations arise—and they will.
When personal finance company SoFi was experiencing growing pains due to rapid expansion, for example, the company recognized the need for a technology upgrade. SoFi replaced its complex legacy systems with a modern, unified cloud communications platform from RingCentral, removing the key barriers to growth and paving the way for continued innovation.
Business agility in financial services is about creating an environment that supports rapid adaptation to change, embraces technology and innovation, and prioritizes an outstanding customer experience. Banks and other financial institutions can improve their agility and remain competitive in a rapidly changing industry by:
- Focusing on modern technology.
- Fostering a culture of flexibility and collaboration.
- Ensuring regulatory compliance.
- Maintaining a customer-centric approach.
What is business agility?
According to Accenture, business agility is an organization’s capacity to swiftly adapt and respond to changes in the market, customer demands, and internal dynamics while maintaining stability and resilience. This concept is critical for companies competing in today’s fast-paced global economy.
Accenture breaks this down into two broad categories:
- Speed includes rapid time-to-market or the ability to introduce innovations faster than one’s rivals and gain a competitive edge, rapid response to unforeseen challenges or opportunities, the ability to exploit new opportunities quickly, and stay ahead of the competition.
- Stability is equally essential for long-term success. Prudent risk management involves identifying potential risks and implementing effective mitigation strategies. Effective leadership and culture are pivotal in fostering an environment where agility can thrive, while strong governance ensures that there are clear policies, procedures, and oversight mechanisms in place to maintain stability and accountability. Finally, resource coordination, prioritization, and allocation ensure the optimal use of resources.
By balancing the need for speed with a focus on stability, organizations can achieve a state of agility that enables them to navigate challenges and seize opportunities successfully.
Building a platform for business agility
Business agility starts with a particular mindset. It’s about a bias for action, a willingness to embrace change, and a vision for the many possibilities that could lie ahead.
To achieve higher levels of business agility, banking and credit union leaders must empower employees, promote scalability, remain flexible, and foster innovation. Legacy systems and processes hold back many banks and credit unions. To compete aggressively, they must proactively develop strategic agility, enabled by the most innovative technologies on the market.
AI-infused cloud communications are an ideal starting point for that journey. Unified cloud-based communications combine voice, video meetings, messaging, file sharing, and various other collaboration tools to enable faster innovation, rapid response, and ultimate flexibility.
As with any technology companies use in highly regulated industries, communications must be secure, scalable, and fully compliant with a complex array of rules, regulations, and standards. Naturally, privacy and security are non-negotiable and must be followed to ensure there isn’t a risk to customer information or the company’s reputation.
To advance your strategy for business agility, your cloud communications platform must be capable of adapting both to the unique needs of your organization and to whatever industry and/or regulatory compliance changes come down the road. Look for fully integrated solutions that deliver a holistic experience, unifying information across every communications channel, and integrating with core systems, enterprise CRM software like Salesforce.com, or with common productivity tools like Microsoft Office 365. As these technologies evolve, and new technologies or use cases emerge, your communications platform should seamlessly adapt to support those new paradigms.
UCaaS: A foundation for business agility
Unified Communications as a Service (UCaaS) offers a single, integrated solution that combines voice, video meetings, messaging, file sharing, and other channels. This enables financial services companies to streamline their processes, enhance employee productivity, and escape the high costs associated with conventional business communication systems.
UCaaS provides anytime/anywhere access, removing the walls between branch operations, central offices, and remote workers. RingCentral’s RingEx offers a foundational UCaaS platform that empowers every team member to collaborate seamlessly and effortlessly.
RingCentral‘s UCaaS platform is helping companies achieve meaningful cost savings and positive ROI. Subscription-based pricing offers predictable budgeting and flexibility. Companies can easily adjust their usage as their needs change, gaining better control over expenses while enabling rapid growth, without the usual growing pains.
RingCentral customers benefit from automatic updates and maintenance, offering immediate access to the latest features and security enhancements. End-to-end encryption, multi-factor authentication, and regular security audits ensure compliance with a complex and evolving array of data privacy and security standards.
Optimal efficiency, infused with AI
Complexity is anathema to business agility. With more communication channels than ever before, many users face greater complexity. RingEx brings back simplicity by connecting and unifying that jumble of disconnected channels, then infusing it with intelligent insights that save time, reduce costs, and increase effectiveness. RingEx has you covered:
- Business Phone Systems: A reliable cloud-based phone system with advanced call management features, augmented by the latest AI technology.
- Video Meetings: AI-enabled meetings with whiteboard, breakout rooms, collaboration tools, and automated note-taking. Benefit from HD video meetings, team messaging, and integrations with popular productivity tools like Microsoft 365 and Google Workspace.
- Messaging: Team collaboration including chat and file-sharing tools.
- Enhanced Business SMS: Business texting optimized for deliverability.
- Cloud faxing: Easy, highly secure digital faxing from any device.
The RingCentral platform incorporates advanced AI features designed to enhance employee productivity, taking notes during video meetings or calls, recapping entire discussions, or listing action items for follow-up. The RingEx AI Personal Assistant can deliver personalized insights to your employees, draft messages for them, and more.
With the RingCentral mobile app, employees can swing into action, wherever they happen to be. They can make phone calls, host video meetings, and share messages with project teams. RingCentral offers a consistent user experience across all devices, making life easier for your employees.
At a time when rapid change is constant, increasing business agility is essential. Quickly scaling operations, adapting to new market demands, and leveraging new opportunities are key to maintaining a competitive edge. By investing in RingCentral’s AI-infused cloud communications, financial services companies can significantly enhance their operational flexibility and responsiveness.
Next week, in article #3 in the series, we’ll discuss how managed cloud services can enhance security and compliance for banks and credit unions.
Want to learn more? See our solutions for financial services.
Originally published Aug 08, 2024, updated Aug 12, 2024