The financial services sector is on a fast track to digitalization, advancing their offerings and tapping into technology to stay competitive. Amidst this evolution emerge new challenges – namely complying with regulations related to data privacy and security of data, competing with agile FinTech players, and all the while maintaining excellent customer experiences across all touchpoints.
Video has become a staple in the customer journey for many banks and other financial institutes, providing greater convenience and ease of access for customers, as well as giving them the competitive edge they need to outperform rising FinTech start-ups.
At the same time, as more confidential banking conversations move to video, financial services providers must ensure that this personal data remains confidential, despite an increasingly challenging cyber threat landscape.
We looked at some of the key challenges in financial services today and offer some advice on what banks and other financial institutes should consider when deploying video as part of their services.
Challenge 1: Navigating an evolving regulatory environment designed to protect personal data
In response to increased geopolitical tensions and increased risk of cyber-attack, new regulations are cropping up on both national and regional levels, such as Basel III, GDPR, MiFID and AML requirements. Compliance with these regulations can serve as a pain point for financial service providers, as non-compliance can lead to severe financial penalties and tarnished reputations.
In the UK for example, the Financial Conduct Authority (FCA) is the regulatory body responsible for the financial services industry. They investigate several areas related to consumer protection, data protection, and business conduct. This increasing regulation is important, as it coincides with a rise in cyber-attacks across the sector, such as the use of deep fake in video conferencing to impersonate individuals.
Pexip’s tip: When integrating video into the customer journey or using it for internal communication and collaboration purposes, it’s crucial that you make privacy and security a top priority when selecting a vendor.
- Ask whether the video solution adheres to local, regional, and best practice regulatory requirements.
- Find out if it offers multi-factor authentication as a measure of protection to ensure the right participants in the right meetings or appointments.
- Explore your options in terms of how you host the solution, such as in a private cloud or on-premises, to maintain full control of the data.
Challenge 2: Agile FinTech disruptors encroaching on the traditional financial services space
It’s important to remember that prioritizing privacy and security doesn’t have to come at the cost of the customer experience. This is essential, as financial institutes today face stiff competition from new and emerging players, FinTech disruptors who promise simplicity, ease of use, and highly digital engagement.
Video can be a strong differentiator for the traditional financial companies, giving them an additional platform through which they can better serve their customers, near and far. Whether it’s virtual consultations with financial advisors or remote account management, customers want always-on, always-available service from their trusted banks. And most importantly, they expect it to be secure.
Pexip’s tip: Explore ways that video can help modernize your financial services offering.
- Analyze what potential services can be offered on video to make the customer experience even easier.
- Look at the ease of implementation of the solution and how it can be integrated into your existing systems.
- Ensure that this solution gives you the agility you need to compete, without compromising security.
Challenge 3: Customers expect a seamless, personalized, and convenient experience at all touch points
Today’s banking customers expect convenience. As the brick-and-mortar banks continue to disappear from city streets, customers want to be met where they are. This makes video an essential part of the customer journey – a new meeting point in which they can secure a mortgage for a new home, open a bank account, or discuss long-term investments for the future.
Pexip’s tip: It’s important that these remote consultations are positive experiences that don’t add hassle to the customer journey.
- Integrate the video solution into your existing digital customer journey, rather than forcing customers to log on to another application or portal to meet you.
- Take advantage of branding and customization options with your video solution to ensure a familiar experience for users.
- Don’t forget about security. Use an authentication protocol to ensure that the right customers are in the right meetings, and that the meeting solution is compliant with relevant requirements.
A video experience that doesn’t compromise trust
In bringing video into the financial services customer journey, it’s key to keep security, ease of integration and user experience top of mind – all of which help to foster trust between bank and client. Pexip is here to help you navigate these complexities, delivering a video solution designed with the needs of financial service providers in mind.
Pexip offers:
- Flexible deployment options, including self-hosted and Pexip Private Cloud
- Interoperability, which bridges the gap between all your workers and their various systems and devices, regardless of make and model
- Industry-leading user authentication and meeting protection methods to prevent unauthorised users from entering the call.
- Pexip's access control employs Role-Based Access Control (RBAC) and Attribute-Based Access Control (ABAC) for advanced security and customization.
- Integrate Pexip with your chosen identity provider (Google, Microsoft, Okta) for secure meeting access and streamlined login processes, upholding strict security standards.
- Custom-branded meeting screens add extra layers of meeting security while also providing peace of mind for the customer.
Learn more about how Pexip helps financial organizations build secure, trustworthy video solutions that are ready to meet the demands of modern banking.
- Financial services
- Meet & collaborate securely
- Secure Meetings
- Secure Collaboration
.jpg?width=500&name=blog%20purple%20(1).jpg)