5 benefits of Cloud Migration for Financial Services

The Banking, Financial Services, and Insurance (BFSI) industry, characterized by its dynamic and customer-centric nature, has long grappled with challenges rooted in traditional contact center models. Legacy systems, rigid infrastructure, and evolving customer expectations have made it increasingly difficult for BFSI companies to deliver seamless and responsive services.

In recognizing these challenges, the industry is turning to cloud migration and adopting cloud-based contact centers. This shift promises not only to address existing pain points but also to propel financial institutions into an era of enhanced agility, cost efficiency, and superior customer experiences.

Here are 5 ways in which cloud migration can benefit BFSI players:

Cost Efficiency

• Infrastructure Savings: Cloud migration allows financial institutions to move away from traditional on-premises contact centers. Such a move reduces the need for large upfront investments in hardware and infrastructure. Instead, businesses can leverage the pay-as-you-go model, paying only for the resources they use.
• Operational Costs: Cloud-based centers do away with the need for expensive maintenance. It reduces the burden on internal IT teams and minimizes operational expenses.

Better Scalability 

• Dynamic Resource Allocation: The financial industry experiences fluctuating workloads due to market changes, regulatory requirements, and other factors. Cloud-based contact centers allow BFSI firms to scale resources like agents, lines, or features up or down based on demand.
• Global Expansion: Cloud services facilitate easy global expansion for financial institutions. Businesses can communicate from anywhere, anytime, enabling rapid market entry and a more agile response to customer needs.
  

Enhanced Security and Compliance

• Advanced Security Measures: Cloud providers invest heavily in security infrastructure, employing advanced technologies such as encryption, multi-factor authentication, and regular security audits. Financial institutions can benefit from these robust security measures, often surpassing what they can achieve with on-premises solutions.
• Compliance Assistance: Moreover, solution providers like Exotel help avoid data breaches with cloud platforms that are compliant with ISO 27001, ISO 27018, PCI-DSS, VAPT, and GDPR standards. Leveraging these pre-built frameworks can help financial organizations meet regulatory requirements more efficiently.
  

Improved Customer Experience

• Omnichannel support: Businesses can integrate voice, email, chat, social media, and SMS with the cloud contact center platform. This omnichannel approach results in a consistent and contextual experience across channels.
• Agile Deployment: Businesses can easily deploy cloud contact centers, improving the customer experience with a low turnaround time. This agility supports innovation within the BFSI sector and allows organizations to adopt new technological advancements, such as generative AI promptly.

Data Analytics and Business Intelligence

• Big Data Processing: Cloud contact centers offer robust data storage and processing capabilities. This allows financial organizations to analyze customer interactions and gain insights into customer behavior.
• Machine Learning and AI: Contact center solution providers like Exotel have powered their cloud platform with Artificial Intelligence (AI). Such advanced technologies can uncover advanced analytics and personalize customer experiences. Moreover, businesses can use 360-degree analytics to monitor agent performance and measure business KPIs.
  

What Makes Exotel’s Cloud Contact Center the Right Choice?

In summary, cloud migration for BFSI can bring cost savings, scalability, enhanced security, improved CX, and advanced data analytics capabilities. Exotel’s cloud contact center is the leading solution in the market and comes with the following features:

• Exceptionally Reliable: With an impressive 99.99% uptime, Exotel’s contact center ensures uninterrupted service availability for businesses and reduces downtime.
• Highly Secure: The contact center is PCI DSS compliant and ISO certified, providing users with confidence in its legitimacy and end-to-end security.
• Single vendor- single SLA: Exotel’s connected conversation platform simplifies contractual relationships and accountability, making it easier for businesses to manage and support their communication infrastructure.
• Dedicated Infra Monitoring: Exotel provides 24×7 infrastructure monitoring, ensuring that any issues are promptly identified and addressed.
• Integration Capabilities: Seamless integration with CRM, helpdesk, and other custom apps ensures access to the entire customer profile in a unified interface. 

All these features, combined with the benefits discussed above, make a strong case in favour of Exotel’s cloud contact center.

Contact us for more information on how you can boost customer satisfaction with our solutions and get started in less than 30 minutes!