Financial firms face unique circumstances and requirements when it comes to communication. Communication solutions must meet the data standards for financial services regulatory compliance and security while being agile and scalable.
Financial institutions serious about developing communication systems that position them for both strong security and future growth would do well to consider a unified communications-as-a-service (UCaaS) solution. To truly take advantage of the benefits of UCaaS financial firms must first consider the impact of this solution on the organization’s regulatory compliance.
Regulatory Requirements for Communications Retention
A solid UCaaS solution will help you with compliance with BSA and Sarbanes-Oxley. Here’s a quick reminder of what both Acts require and how a world-class UCaaS solution can help with compliance:
- Help with BSA Data Retention: Since BSA requires financial firms to retain records of client transactions for five years, you’ll need a UCaaS solution that automatically retains pertinent information related to BSA compliance.
Depending on the type of account, customer service representatives need to record the customer’s name, address, date of the transaction, and how the customer’s identity was verified. UCaaS solutions help you to retain this information in the cloud and give you flexibility with efficient and safe storage of these records.
- Omnichannel Record Retention for Sarbanes-Oxley: This Act requires record retention for up to seven years, including emails and instant messages. The right UCaaS solution provides an omnichannel approach to financial communications data retention, compiling messages, phone calls, texts, and emails related to one client in an easy-to-search format.
UCaaS for financial firms provides automated tools for record retention and deletion. Customer service representatives can quickly and securely reach out to other team members if they are unsure of what information they need to obtain.
Communication Security Concerns
Security efforts are often focused on shoring up networks and network endpoints, and rightfully so. Many financial firms are increasing their communications security as well, though, as digital and voice communications have unique vulnerabilities. Communications security vulnerabilities often stem from inadvertent insider incidents. For example:
- Social engineering: Bad actors may pose as fellow employees and send communications asking for sensitive information. They use this information to further infiltrate the network.
- System monitoring: Once bad actors infiltrate the network, they monitor in employee communication patterns including email and instant messaging. They use the information gathered to obtain sensitive information from high-level employees.
- Vishing: This is voice phishing, a version of phishing in which someone poses as an employee or customer and calls in for assistance. They ask questions to gain more information and access. They may make multiple calls over time, building up information that will give them access to company systems.
- Unencrypted messaging: Using third-party Instant messaging leaves vulnerabilities, as can be seen in the most recent Facebook breaches.
UCaaS solutions provide encryption and data security in financial services, keeping cybercriminals from monitoring and using your communications system.
Achieve Compliance and Security with Cloud-Based UCaaS Solutions
UCaaS solutions provide easy-to-manage tools for achieving compliance and security. Today’s solutions also provide an integrated, seamless experience for internal and external communications, increasing customer loyalty and partner relationships. Cloud-based UCaaS solutions provide consistent, reliable service that can easily be scaled for growth. Modern UCaaS solutions offer:
- End-to-end security: Even if your employees are accessing your communication solution from a mobile device, your communications are encrypted.
- Data retention and deletion: You can easily set and change Data retention and deletion policies, ensuring customer data stays secure.
- Disaster recovery: Cloud-based UCaaS solutions make recovering from a disaster a reality. You can quickly get your firm back up and running and providing valuable services to your clients.
- Collaboration: Video conferencing and instant messaging improve efficiency and productivity. Staff members can work securely from wherever they are.
- Personalization: You can provide your customers with a secure, personalized experience using their communication channel of choice. Customers have a consistent experience regardless of whether they call, text, email, or chat.
Choosing, deploying, and maintaining a UCaaS solution is a daunting task for many firms. To simplify the process, many firms are turning to managed UCaaS solutions.
Achieving More with Managed UCaaS Solutions
Managed, cloud-based UCaaS solutions allow financial firms to affordably upgrade communications systems. Many firms are struggling with legacy equipment that’s expensive, cumbersome, and difficult to maintain. Managed, cloud-based UCaaS solutions provide a consistent, seamless experience that takes advantage of modern communication tools. Your managed solution provider can assess and evaluate your current network and propose a solution with your business goals in mind.
Once you and your solution provider are ready to move forward, your provider can assist you with migrating to the cloud. Your managed solution provider will ensure a smooth deployment that doesn’t interfere with your business services. Once deployed, they will monitor and maintain your UC solution, minimizing downtime.
For cloud-based UCaaS solutions that meet the unique needs of financial firms, many institutions are turning to Mitel.
Mitel: An Experienced Partner for Financial Firms
Mitel provides managed UCaaS solutions to thousands of financial firms. Mitel offers:
- Call center features
- Unified messaging
- Web, audio, and videoconferencing available from any device
- Visual voicemail
- A secure data center
- Simple management from a single screen
- CRM integration
Firms are working with Mitel to improve security and the customer experience. By implementing managed UCaaS solutions from Mitel, firms are seeing increased productivity and efficiency. Their call center tools simplify staff training and supervision. IT staff members can focus on business growth goals instead of maintaining outdated communications equipment. Mitel’s cloud-based UCaaS solutions offer flexibility and availability at an affordable, predictable price point.
At DataComm, we are a proud Mitel partner. We understand the security and compliance challenges facing financial firms. We offer managed UCaaS solutions that streamline communications and improve efficiency. Contact us today to find out how we can secure and improve your firm’s communications.