Role of Business Email and Collaboration Solutions in BFSI Sector

Pramod Sharda, CEO, IceWarp, India & Middle East

~ BFSI Sector Embracing Digital Transformation to reach business objectives more efficiently ~

The year 2020 witnessed an exponential rise in the concept of Remote Working/Work from Home culture and disrupted industries across where BFSI sector is no exception. However, there are huge challenges for the financial services space while adopting WFH, as it involves the critical nature of the work especially when it comes to security. While dealing with such critical data, there is always a fear factor or distress handling sensitive information for the client, customer, and other transaction-specific data that needs to be handled. Hence, it is extremely crucial for the pertinent sector to rethink, and evolve the way they function or operate their working activities to engage with customers, etc.

Embedding digital collaboration in process workflows became the need of the hour:

During this juncture, customer expectations were rising in the ecosystem, people were losing their jobs, business activities have been slowing down, and businesses are under enormous stress. Even, major macro-business activities are dependent on the BFSI sector for their financial needs. So even in an adverse situation like this, the BFSI sector is the only sector that is inexorable as it can’t be stopped no matter what. However, technological innovation and heavy statutes has always been an iceberg for the BFSI industry to keep up with and that is why Secured Business Email and Collaboration Solutions are covering the track towards a major transformation.

Stepping into email communication and collaboration solutions have helped the sector to seamlessly integrate WFH culture and keep on empowering other industries by providing financial support. In such times or critical scenarios, robust email communication and collaborative tools have helped the BFSI sector to mitigate and further, strengthen their business model without compromising on their performance and leaving aside any unwanted cyber-security risks.

Digital collaboration making communication easier among internal and external stakeholders:

Digital collaboration solutions are equally important for many processes within the sector. In the financial sector too, where there are different departments that exist within one organization, communication and established bonds between internal and external stakeholders become more important. Hence, a cloud-based collaboration solution comes into play while empowering the BFSI sector to organize projects, secure databases, and envelope various tasks on a single platform and, by improving customer experience, operational efficiency, and transparency.

For instance, on the bank’s side, communications that have been transmitted through multiple channels like phone calls, e-mails, post, or in-person employees can now interact on the single dashboard by leveraging collaboration platforms which include Business email, TeamChat for project teamwork, real-time office document collaboration and online meetings.  

Cloud-based collaborations help to stay agile and nimble yet secure ways:

Financial service providers juggle with digital disruptions and innovations due to confidential and sensitive customer and transactional data that are involved in the ecosystem. However, to stay agile and nimble they are leveraging Cloud-based collaborations platforms that are scalable and flexible, yet robust and secure. In simple words, a well thought and scalable collaborative solution is enabling them to communicate securely without compromising security. Cloud based architecture incorporates the option of private infrastructure for BFSI sector which helps in achieving the benefits of agility, cost-effectiveness, safety and performance enhancement and at the same time, addressing security and compliance challenges. With private cloud infrastructure, the BFSI sector can get the best of both worlds with the option of driving their own regulatory policies.

BFSI industry has recognized the importance of collaborative technologies as a powerful lever as it is not only helping to communicate but also developing products faster to meet customer demand as well as providing an additional layer of security when it comes to data protection. Digital collaboration also brings huge profits in productivity, thus promising significant value through enhanced revenues and reduced costs. Going forward, digitization will be the key and will be playing a more important role, as the BFSI sector has innovative ways to serve their customers during the crisis and post the crisis as well.

Also Read: Cloud is the Future of BFSI Sector: Pramod Sharda of IceWarp

About IceWarp:

IceWarp is a global leader for developing email communication and collaboration solutions. Headquartered in Prague, IceWarp has been operating globally since 2001. IceWarp entirely changes the concept of how teams share information online and optimize business processes through its streamlined & seamless team collaboration solutions, by providing an ultimate all-in-one collaboration platform and a whole new family of apps with real-time collaboration tools, easy sharing options, integration of various virtual office functions right at user’s fingertips by integrating everything they need under a single login – Email, TeamChat, and Storage.

IceWarp offers its users ease of use, security, and efficiency through its complete solution for all their office work in a single window, without needing any third-party applications. IceWarp aims at continuous and comprehensive innovation considering current trends and requirements of more than 50 million paid users and 50,000 customers worldwide. IceWarp is currently present across 50 countries and has already acquired more than 900+ customers in India within a span of 5 years.

Currently, IceWarp is the only alternative to MS Exchange, Office 365, and G Suite.

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Views expressed in this article are the personal opinion of Pramod Sharda, CEO, IceWarp, India & Middle East.

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