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Last Updated : May 30, 2019 07:34 PM IST | Source: Moneycontrol.com

Cloud telephony holds great promise for the BFSI sector

The biggest reason why large enterprises are reluctant to embrace cloud telephony is not because of shortcomings of the technology but rather due to lack of reliable information on how it can make their lives better.

Moneycontrol Contributor @moneycontrolcom

Shivakumar Ganesan

Innovation is the moat of many enterprises, but traditional on-premise technology often gets in the way of new effort. It is expensive to maintain, less agile and rigid to keep up with the rapid experimentation needed early on to scale a successful effort. Companies have invested years of work into building these capabilities for their customer communication.

The result, however, is an environment that does not support complex integration, takes up too much real estate, and is an extremely rigid set up. Therefore, CIOs are voting in favour of cloud technology-- the more flexible alternative which offers not only tangible savings, but also other benefits like enhanced productivity.

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Cloud migration is increasingly becoming the yardstick to assess an organization’s progress. Even the typically traditional sectors like banking are migrating their operations to the cloud. A report by Financial Insights suggests that the biggest global banks save $15 billion, cutting technology infrastructure costs by 25 per cent with cloud adoption.

According to a recent Gartner survey, smaller and midsize organizations are adopting cloud more rapidly than larger organizations, with 44.6 percent of smaller organizations, 37.7 percent of midsize enterprises and 40.4 percent of large organizations planning to move to the cloud over the next three years.

Embrace the cloud. Stay ahead of the curve

When it comes to customer communication, omnichannel is the word. People predicted the death of calls, emails, and every other communication mechanism when the next one came by. But the truth is that none of them are going away. Especially not calls.

While the traditional on-premise solutions are able to satisfy some of the organisation's today’s needs, they do not hold much promise in terms of possibilities for tomorrow. The digital transformation that we are seeing all around has changed the way we look at communication - personalised, omnichannel, and real-time. This transformation has also given new meaning to how communication influences and shapes the customer experience.

The one way a CIO can stay ahead of the curve is by getting a head start on the cloud communication adoption.

Why cloud telephony?

The biggest reason why large enterprises are reluctant to embrace cloud telephony is not because of shortcomings of the technology but rather due to lack of reliable information on how it can make their lives better.

Here are 4 reasons why BFSI should embrace the cloud:

1. Security and Risk management- One of the biggest misconceptions about cloud telephony is that it is not as secure as the traditional on-premise solutions that banks and other financial institutions are accustomed to working with. However, the truth is that cloud telephony comes more checks and balances in place that makes it reliable especially for the BFSI vertical due the sensitive nature of the information. With data encryption and regular penetration testing in place, the cloud telephony partners take away the headache of constant monitoring from the institutions themselves. In addition, features like access control across the team make it simpler also in implementing secure access in day to day operations.

2. Speed of implementation - with customer communication needs that are constantly evolving, every institution has to work with speed and agility to ensure that they are not left behind. Cloud telephony offers this flexibility. The ease of implementation using APIs is much faster than having to work with legacy systems.

3. Hyper personalisation - this is possible only when all the customer facing systems are able to interact. This means that you can connect the dots where needed and create a customer experience that is not a one size fits all. Other verticals like ecommerce, marketplaces, cab aggregators, etc. have already demonstrated how well this can be done with the integration of cloud telephony.

4. Data driven decision making - with cloud telephony, it is possible to understand the customers’ actions at every step in a clear manner to ensure that there are no blind decisions being taken.

The author is Founder & CEO, Exotel.

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First Published on May 30, 2019 07:34 pm
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