Telestax Blog

CPaaS Critical as COVID-19 Drives Remote Banking

As branches shutter due to quarantine and social distancing initiatives, customers rely on remote banking, and many financial institutions are struggling to keep up.

With over a million confirmed global cases of novel coronavirus COVID-19, banks and financial institutions rely on effective communication solutions to share information, execute transactions, and provide myriad financial services. Communications service providers are working with their enterprise financial accounts to ensure uninterrupted service, but more can be done as branch offices close and a larger share of business moves online.

Online Overflow

Many bank branches are closed and others have restricted opening hours as a result of the coronavirus crisis. In Spain and Italy, where the pandemic has hit harder, there have been widespread branch closures, but also stricter curbs on movement. Customers are being encouraged to use online banking or remote banking, as telephone contact is also under strain with long wait times. Callers are urged to limit voice calls to the most urgent cases to free the line for more vulnerable people. 

Contact centers are experiencing “higher than average” call volumes, with hold times 20 times the seasonally expected rate, in some cases. In addition to traffic related directly to Covid-19, banks are also fielding calls due to trip cancellations, billing disputes and market volatility attributable to the virus.

Service Providers Step Up

As service providers lift data caps, struggling enterprise financial customers may find themselves seeking more than just bandwidth. 

With the move to an online-only model, even if temporary, financial institutions will need two-factor authentication (2FA) to protect the account security of users. They can also benefit from contact center applications like Call Queuing which routes calls to available agents in the order in which they are received. 

Turnkey communications platform as a service (CPaaS) applications like Telestax Restcomm Call Queuing enables agents to log in remotely and take calls using only a laptop and a headset, something that may be attractive to branch-oriented agents that are now working from home. Local and regional service providers with a Restcomm Cloud account can start providing these services immediately to their financial customers to help ease the burden. 

Moving Forward

As remote banking and other new resources are set up to meet the needs of impacted citizens, the communications industry can do more than ensure connectivity. With the power of CPaaS, local and regional carriers can help deliver the essential services needed to more effectively manage the crisis. By choosing Restcomm for these solutions (rather than an over-the-top vendor) service providers benefit from the bring your own carrier (BYOC) model, retaining traffic on their own network for additional control and service assurance.

If you have a current Restcomm Cloud account, log in now to begin offering applications like 2FA, Call Queuing, Number Masking, Message Exchange, or customized communications solutions that leverage programmable SMS and voice APIs. 

If you have questions on a specialized application or capability, reach out directly to your Telestax Representative or contact info@telestax.com

 

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