Any business can benefit from cloud technology, especially with contact advancements in intuitive features and user-friendliness.
You can take your operations to new heights of efficiency, productivity, and security through all the practical applications of this technology.
For the finance industry, downtime can directly lead to painful revenue loss, so the cloud is a must to stay competitive.
If you run a finance business and you're curious about the cloud, here are some of the many ways you can level up your efficiency through this technology.
Cloud Document Management For Banks
Many financial businesses are moving to cloud document management systems instead of relying on paper records due to benefits such as:
- Easier retrieval and organization
- Reducing labor hours looking for or sharing client documents
- Enhanced access controls to protect sensitive data
- Eliminating excessive paper consumption from printing hard copies
- Reducing data security risks with secure document storage
These benefits make cloud document management an excellent solution for businesses that offer audit services that require paper trails.
This is due to the highly customizable nature of cloud file management, which allows users to create folders and subfolders for easy searchability.
In this way, virtual servers for accounting firms, banks, and other financial institutions can greatly reduce the risk of data breaches and improve operational efficiency.
Cloud Printing For Better Document Security
Specialized document management software for accounting firms, investment banks, and other finance sector businesses aren't the only way to reduce waste and the risks of data security threats in printing.
Cloud printing applications like uniFLOW work well in reducing paper waste by requiring active user intervention to retrieve copies. Read more about how to make your print environment more Earth-friendly in our article: Is Printing Bad for The Environment? Eco-Friendly Printing Solutions Can Reduce Your Carbon Footprint
Requiring users to actively intervene in order to retrieve copies also lessens the risk of abandoned hard copies sitting in printer trays. This in turn prevents unaithorized access of any sensitive banking or financial data that may be printed.
To read more about cloud printing and the ways it can enhance your firm's data security and reduce your carbon footprint, read our blog: What is Cloud Printing?
Cloud Faxing Enhancing Cyber Security for Banks and Firms
Ever since the pandemic forced busineses to go remote, financial businesses have moved towards secure coud faxing for sensitive documents.
Software like eGoldFax have revolutionized how documents are shared, allowing users to:
- Send and receive faxed documents securely
- Manage access to sensitive documents
- Manage contacts all in one platform
- Reduce the risks of leaked sensitive information from automatic printing
To read about some of the top cloud faxing solutions on the market, check out our blog: 8 Best Online Fax Services for Small Businesses
Cloud-Based Unified Communications Taking the Workforce By Storm
Cloud communications have drastically changed how businesses perform work after the pandemic. There are countless platforms to choose from, offering a wide range of capabiltities including:
- SMS chats
- Video conferencing
- Recordkeeping & recording meetings
- Cloud file storage & collaboration
- VoIP calling features
- Video meeting tools like whiteboards and interactive features
- Video Conferencing & Cloud Calling
Through cloud communications, businesses can enable employees to work from anywhere, making business operations fundamentally more flexible. T
To read more about the ways cloud tools can level up your culture, work environment, and productivity, read our blog: Connecting Remote Employees Via Unified Communications
To learn more about video conferencing and how to choose the right platform, read our blog: Factors to Consider When Choosing a Video Conferencing System
The Power of Video Conferencing for Virtual Client Service
Many different industries are leveraging video meeting capabilties for better client service. Virtual health checkups, legal consultation, and remote learning are just the tip of the iceberg.
Meeting and collaborating with financial advisees, business accounting clients, and other stakeholders is made exponentially easier with video conferencing.
This is because meeting through these platforms--many of which offer desktop versions with no downloads necessary--is often as easy as finding a good time and sending a meeting link.
To read more about how to troubleshoot and manage video meetings, read our blog: 6 Common Issues with Video Conferencing and How to Solve Them
Cost Savings with Cloud vs Traditional PBX Phones
If your financial business already has a traditional on-prem phone system, you may wonder about the true value of investing in the cloud.
However, you may be surpised to see the price comparison between on-premesis PBX phone systems and SaaS communications platforms like Microsoft Teams.
For example, cloud platforms often charge a flat rate per user, per month. PBX systems, however, require clunky and often pricey equipment, maintenance, and an extra set of devices for every new user added.
This, along with the added monthly costs of the service itself, sets you up for a much higher bill. The hefty per-user costs also makes it hard to scale as your business grows.
To read a more in-depth guide on business phone system pricing, check out our article: Cost of Cloud-Based Business Communications Solutions vs Traditional PBX
How to Find Cloud Services For Finance Firms
Financial business owners know all too well that every inefficiency can lead to lost revenue down the line. That's why it's crucial to keep pace with advancements in cloud technology.
Simple changes in technology can make a big difference in your competitiveness as a business, both in the areas of great client service and team alignment. If you're ready to explore the ways the cloud could dscale your business, click the button below to speak with a cloud applications expert.
