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Technology

3 Ways CPaaS Enhances Banking Capabilities

3 Ways CPaaS Enhances Banking Capabilities 1
Sponsored Feature Presented by Syniverse

Transparency is a key factor in the banking industry. For people to trust any bank, they’ll require all relevant information on all operations and crucial decisions. The financial institution should be able to pass this information in a clear, open, and timely manner. One important factor that makes this possible is the company’s communication system.

When effective communication strategies are in place, it becomes easy to update the employees and customers. Every bank today has invested in customer care service to maintain client loyalty and build its reputation. Communication Platform as a Service (CPaaS) has become a common feature in this department because of its flexibility and cost-efficiency.

The main objective of CPaaS platforms such as Syniverse’s CPaaS Concierge is to make it easier for companies to integrate all their communication channels seamlessly. But what exactly is CPaaS, and how does it enhance banking capabilities? Keep reading for all the answers you need. 

What is CPaaS?

Communication Platform as a Service is a cloud-based communication platform that offers integrated development environments and application programming interfaces (APIs) that simplify adding communication features into applications. This platform allows developers to incorporate voice, video conferencing, and messaging capabilities into their applications without building backend infrastructure. 

These real-time communication features have always been accessible through dedicated applications. For instance, in the past, you had to use your built-in mobile apps to call or message a bank representative. As for video calls, you would require Skype or Facetime to accomplish that task. 

But why have banks taken a long time to add these features to their apps yet they’re crucial for communication? The main reason is the cost of building, operating, and maintaining a communications stack. However, CPaaS is changing that paradigm by making the whole process easy and cost-effective. The platform offers a complete framework; all a developer needs to do is add real-time communication capabilities, and it’s good to go. In addition, some of the providers of this service guide the developers through the development process.

How does CPaaS enhance banking capabilities?

So, now that you understand all the basics, what is the impact of this platform on banking operations?  Here are the benefits of this platform:

  • Gives a secure alternative

Security is very important in the overall digital life. When hackers get access to personal information, they can use it do more than you can imagine. The most common target of these cyber criminals is money. Therefore, they use the personal data collected in their escapades to gain access to the banking system. 

Native communication features are prone to these attacks, with social media being the most notorious of them all. Phishing, for instance, has become very prevalent on social media websites. Many people have fallen victim to this cyberattack technique by clicking on links sent to their inboxes by accounts masquerading as official banks.

The CPaaS can help solve this problem by ensuring that all communications are done on one secure platform. As all communication channels are integrated into the official banking app, customers will be safe from cybercriminals. It also ensures that APIs and software development kits (SDKs) are properly integrated and functional to avoid forcing customer care agents to revert to the old ways.

  • Enhances personalized solutions

One of the main challenges that banks face is engaging their customers during serious financial conversations. Many customers struggle to find engaging and personalized solutions to their problems through online channels. As such, they always prefer to visit the nearest branch rather than speaking to an agent online. However, given the current technology, banks can make communication more engaging. That’s where CPaaS comes in. 

The right integration of APIs and SDKs helps banks create seamless end-to-end client interactions. Through this new system, it becomes easy to profile a customer as all the information is accessible on one platform. For instance, when chatting with customers via social media inboxes, the agent will always ask about their personal information before suggesting a solution. 

But in a properly integrated system, the customer care agent can access all the customer’s information from the bank’s database as soon as the conversation is launched. This allows the agent to focus on the customer’s problem and provide personalized solutions. In the long run, it increases the customer’s trust and loyalty, which is what many banks dream of today. 

  • Better services at a reduced cost

As mentioned earlier, many banks haven’t integrated various communication channels in their apps yet because of the costs involved. Building the framework from scratch can demand a lot of funds, let alone maintaining that program. Remember, communication compliance is a priority in the financial industry. Therefore, the app development also needs to put that into consideration, and that can be very expensive in the long run. 

But then again, every bank strives to provide better services to their customers, and nothing beats personalized online engagement in that regard. The CPaaS allows banks to add video, audio, and other communication channels to their apps at a low cost. As the platform offers a complete framework, banking software developers are left with an easy task. 

Many CPaaS providers offer to do the integration as part of the package at an affordable price. As such, banks won’t need to hire other developers to do the job, cutting costs even further. The money saved here can be used to improve other system features, strengthening the institution’s banking capabilities. 

Conclusion

Banking has evolved over the years through recent technological advancements. Today, you can access all financial services from a mobile app. This convenience, however, isn’t extended to the communication department. Most banks are still struggling to find a better way of not only interacting with their customers but also providing personalized answers. The CPaaS has, however, provided a great solution to this problem. The platform allows banks to have all communication channels integrated into financial institutions’ official apps. This way, the banks can leverage the power of chatbots, live agent chats, voice calls, and video conferencing without worrying about the security of their data. In the long run, the customers’ experience is enhanced, strengthening their loyalty and trust. Investing in CPaaS is a great way to strengthen and secure banking operations at a low cost. 

References

“What Is CPaaS? Communication Platform As A Service Explained”, Source: https://www.forbes.com/advisor/business/software/what-is-cpaas/#:~:text=Communications%20Platform%20as%20a%20Service%2C%20or%20CPaaS%2C%20is%20one%20of,directly%20into%20an%20existing%20application.

“Digital Banking: Why It’s Essential To Embrace Communications Software.”, Source: https://www.globalbankingandfinance.com/digital-banking-why-its-essential-to-embrace-communications-software/

“Sinch Report Reveals Consumers Want Better Ways To Get Real-time Financial Services And Connect With Their Banks.”, Source: https://www.globenewswire.com/news-release/2022/07/13/2478786/0/en/Sinch-report-reveals-consumers-want-better-ways-to-get-real-time-financial-services-and-connect-with-their-bank.html

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