There’s Rich Potential in Cloud-Based, Ad-Hoc Fintech Solutions. Here’s What You Need to Know.

Recently, we began to explore the exciting world of fintech—the point at which finance and technology collide to improve the customer experience, reduce costs for financial institutions, and facilitate a revolutionary shift in potential for communication and connection in an inherently numbers-driven industry. To make this happen, cloud-based videoconferencing solutions have stood out clearly as core catalysts to change. We’ve already broken down the promise and barriers surrounding fintech and cloud videoconferencing. To truly understand why fintech is such a game-changer, though, let’s take an in-depth look at the potential of cloud-based, ad-hoc communications.

Embracing cloud solutions comes with myriad benefits for businesses, and many of those value-adding features can be traced back to two key cloud strongholds: Accessibility and communication. In a market where 68 percent of American consumers own a smartphone—and a whopping 67 percent of millennials alone bank with mobile devices—it’s not difficult to see why banks must harness the accessibility of public cloud solutions to meet the demands of an increasingly digital group of customers. Ad-hoc video communication platforms allow banking representatives to form personal connections with clientele—all without requiring on-the-go consumers to set foot inside a bank.

While well-deployed cloud solutions serve the customers of financial institutions, they also bring value internally. Many ad-hoc cloud services allow employees to chat and even share data in real-time, increasing operational efficiency. This internal communication-boosting feature is especially attractive when you consider many large financial institutions operate in geographically diverse locations. When cloud solutions like videoconferencing are smartly implemented, departments can communicate face-to-face while working to meet business objectives, regardless of their physical location. In addition, finding the right cloud application team members feel comfortable and confident using can mitigate the risks associated with shadow IT—i.e., when bank employees use tools they prefer rather than tools they’re required to leverage, opening doors for breaches and other security failures.

Like in other industries, innovation is critical for growth in the financial marketplace. Remaining competitive often hinges on an organization’s ability to recognize and meet the changing expectations of both consumers and partners. Because cloud technologies are known for scalability—often operating on flexible subscription-based models—adopting companies have room built-in for innovation without the traditionally associated infrastructure costs.

Of course, there are additional benefits to cloud-based, ad-hoc communication. Did you know fintech applications can support human resources initiatives? How about the potential for videoconferencing tools to encourage new business relationships between banks and the startup companies and growing businesses they often support?