The financial services industry is undergoing some significant changes.
If you work in the sector, you’ve likely noticed how communication has evolved. With higher expectations for customer satisfaction, clients desire instant responses, teamwork across multiple locations, and secure, compliant communications. As legacy phone systems and siloed tools fall short, Unified Communications (UC) is paving the way forward.
UC isn’t just a new tool; it’s a core component of your digital transformation. It simplifies internal and external communication while boosting productivity and keeping you secure and compliant in a digital-first world. UC helps financial organisations optimise their communication channels to better meet modern communication needs.
This blog will explore UC, why it matters to financial service companies, and how your business can prepare for the shift.
What is Unified Communications?
Simply put, Unified Communications (UC) consolidates all your business communications tools – calls, video meetings, messaging, file sharing, and collaboration – into one integrated communication system. Whether in the office, at home, or out meeting clients, UC enables you to communicate seamlessly from any device, anywhere.
Think of it as replacing a patchwork of disconnected systems with one flexible, secure platform designed to accommodate how modern financial institutions work. Tools typically included in a UC system include:
- VoIP phone services (replacing landlines)
- Video conferencing
- Team messaging and presence status
- Document sharing and real-time collaboration
- Cloud-based phone systems
- CRM and Microsoft 365 integrations
- Workflow automation and call routing features
- Archiving capabilities for compliance and traceability
Why does UC matter for the financial sector?
Security, compliance, and control
Whether you are a bank, investment firm, or insurance provider, security will always be at the core of your operations. Unified Communications platforms provide enterprise-grade encryption, multi-factor authentication, and audit trails, simplifying compliance with financial regulations such as:
- FCA compliance
- GDPR
- PCI DSS
- ISO 27001
This ensures communication is secure, trackable, and compliant while maintaining operational efficiency. It also facilitates centralised archiving for future audits and investigations.
A better client experience
Clients expect speed, accuracy, and personalisation. With UC, your team can:
- Take client calls from any device
- Access CRM data mid-call
- Respond via email, chat, or video – whichever suits the client best
- Follow up quickly and professionally
It isn’t just about being reachable anymore; it’s about providing a consistent, high-quality user experience and strengthening customer engagement at every touchpoint.
Fewer complications, more collaboration
Financial services companies flourish through communication with departments, clients, or across locations. However, legacy systems often complicate matters unnecessarily, highlighting a prominent yet frequently overlooked pain point.
UC brings calls, videos, messages, and documents into a central hub, helping your team exchange information seamlessly, streamline processes, work together on time-sensitive projects, reduce email backlogs and communication delays, and collaborate in real-time using modern, fit-for-purpose collaboration tools.
In the finance industry, downtime isn’t just inconvenient. It’s damaging, and extended disruptions can cost clients and credibility. UC systems are designed to avoid these issues, allowing staff to:
- Stay connected during outages or office closures
- Maintain full communication capabilities remotely
- Keep services running with minimal disruption
No matter what, Unified Communications as a Service (UCaaS) keeps you resilient and responsive, offering flexibility and scalable infrastructure.
What happens if you delay upgrading?
Financial institutions delaying moving to UC risk:
- Increased exposure to data breaches and compliance failures
- Missed calls and slower response times
- Disjointed teams and slower internal communications
- Mounting costs from maintaining outdated systems
- Falling behind competitors using modern tools
It isn’t just internal systems at risk; the UK’s PSTN Switch-Off is fast approaching. By January 2027, all traditional copper-based phone lines will be decommissioned, and landline-based phone systems, fax lines, and broadband connections will cease to function.
If you do not transition quickly, financial institutions still relying on analogue systems will face disrupted communication, heightened vulnerability, and even complete service outages.
The Digital Switch-On is not merely about replacing the old; it is also about embracing the new. Adopters can benefit from faster, more flexible internet-based services such as VoIP and fibre broadband. Upgrading to Unified Communications ensures that your firm stays ahead of these infrastructure changes and avoids last-minute, costly transitions.
The future is unified – don’t get left behind!
Unified Communications signifies a fundamental shift in how financial institutions conduct their business. The impending Switch-Off highlights that the risks of delay—and the benefits of acting now—are more important than ever.
With the right support, UC can unlock smarter, more secure operations alongside a more robust, streamlined experience for clients and teams. At Stream, we have provided numerous businesses with connectivity and unified communication solutions for nearly 20 years. Contact us today to discover how we can assist you and explore our UC solutions to find the best fit for your business and your team.