For banks and financial institutions, choosing the right PBX can make all the difference for 21st century communications. Regulations demand records of transactions, communication and sensitive financial information for all your customers. Further, you must protect the privacy of that data at all costs while preserving customer loyalty through simple, reliable communications channels.
You may have weighed the pros and cons of an on-premise PBX versus a cloud solution, but it’s worth considering the advantages of implementing both in a hybrid approach. Read on to learn the advantages of each type of communications system and how a hybrid PBX setup can offer the most secure connection, communications and protection for your financial firm.
The Case For a Financial Services On-Premise PBX
Many financial-based businesses feel comfortable with their on-premise PBX systems. Why? The simple answer is the stability for onsite phone lines in highly location-dependent areas. Plus, you have a reliable in-house phone system that’s tied to a local telecom or VOIP provider.
Some offices or financial contact centers also appreciate the familiarity of their onsite hardware. It may seem daunting to start from scratch and re-train your entire workforce on the cloud. If it’s functioning correctly and customers are happy, why fix it?
The Case For Cloud Communications in the Financial Sector
The cloud arguably has a more future-forward path in the financial sector. Cloud communication allows for easy integration with various apps, which reduces the amount of data and communication silos. Cloud UCaaS and CCaaS also offers an omnichannel experience that can deliver a better customer experience within the rise of online banking, while also backing up all sensitive information in the cloud.
The cloud also requires little cost for hardware setup or maintenance, so it’s more affordable versus maintaining a full-scale, on-premise system. Then there’s the work-from-anywhere factor, which has been a huge benefit to financial institutions navigating the recent pandemic.
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The Growing Case for a Hybrid PBX Solution in Finance
Ultimately, these two PBX systems each have unique benefits that are more complimentary than competitive. When combined, they create a superior communications platform for financial institutions. In a nutshell, you can keep the familiarity of your on-premise system with the expanded features of the cloud.
Additionally, your communications reliability and data security effectively doubles. By adopting a hybrid communications system, you are protecting yourself with redundant avenues to make and receive calls through traditional phone lines and over the internet. Beyond connectivity, cloud providers offer an additional layers of security protection through data encryption, authentication protocols, and other measures to ensure your communications exceed FINRA and other standards.
Navigating the Path to A Hybrid Communications Deployment
Large banks and financial firms face significant cost challenges can involve many locations and decision-makers. Phasing in more current technology like the cloud while still taking advantage of your on-premise PBX will help you modernize your communications in cost-effective, realistic way. Perhaps the best news of all is that there’s not a single path forward- technologies can be mixed and matched at your own pace to gain both immediate and long term benefits.
Converged Technology Professionals has the expertise to help your financial institution transition to a hybrid communications solution that will keep data secure and enhance your customer relations. We have established long-term relationships with several of the nation’s top communications providers, giving us a unique position to serve as your advisor, broker and supplier throughout the life of our relationship.
Our team will answer any questions you have and always look out for your best interests, so contact us today to talk about hybrid and what that means for your organization.
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