Avaya solutions for financial services

Banks rely heavily on executing quick, agile decisions in response to volatile market conditions. But overreliance on virtual work solutions can slow decision making and eliminate spontaneous learning and creativity between clients and co-workers.

Leaders need to connect more meaningfully with easy information sharing and collaborative problem-solving to reach decisions quickly. With Avaya Infinity Platform, employees across the banking ecosystem can go beyond meetings to drive business outcomes across the entire collaboration continuum—everything before, during, and after the meeting. So, teams spend less time meeting and more time-solving.

Data protection and mitigation of cybersecurity risks present major challenges for remote work—particularly for banks. The financial services sector is heavily regulated because banks need measures to keep information flow safe and secure. With remote working, there’s a much wider surface layer to protect, so banks need complete visibility, and control of employee collaboration tools to monitor use and stop risks from becoming threats.

Similarly, trading banks also experience compliance issues with remote working because they need to prevent illicit information sharing. It’s almost impossible to enforce this when traders are remote unless employees work in spaces within their homes that meet minimum standards and enable offsite monitoring.

Regulators, private corporations, and industry bodies acknowledge that the Cloud not only offers exceptional flexibility and speed, but that it’s also a safe and secure environment for personal, private, and even secret data. With Avaya Infinity Platform, your customers can securely store colossal amounts of data online, meaning you can become the secure, compliant, connected ecosystem partner helping them access whatever they want, before they even ask.

The pandemic caused outsourced call centers to shut down, creating a sea of backlogs and unhappy customers. Likewise, lockdowns severely impacted offshore service centers that were equipped to function only with onsite staff.

Overall, banks managed the mass transition to remote working with remarkable effectiveness, continuing to staff branches with small teams of key personnel maintaining vital functions in offices. One pressure point was servicing and administering the overwhelming number of applications for government-backed relief loans, for which banks drafted large numbers of staff as support. This may have been a short-term fix with productivity flattening somewhat as the pressures of combining work and home life continued.

The pandemic underscored the need for frontline agents being prepared to solve issues in seconds. They need a go-to knowledge hub with communication that’s as good as in-person interactions. With Avaya Infinity Platform, you can deliver the real-time responsiveness customers deserve from an on-demand workforce that's primed and ready to meet unique needs.

Thanks to complete visibility and integration, banking leaders can continually improve workforce operations to suit how employees work. With AI, workflows can be automated, with integrated processes across a single platform making getting work done even easier.

In the future, it’s likely automation will be embedded in the enterprise for repeatable, cognitive tasks, freeing staff to focus on moments of value to enhance customer experiences. More and more, the tasks they perform will be evaluated as to how they impact customer services. Moving forward, banks will work with more than one service provider to spread risk, bring more activity back onshore through managed service arrangements, and take automation and digitization to the next level.