RingCentral for Financial Services

Through the use of SMS, IVR (interactive voice response), and chatbots, financial institutions are able to automate more complex transactions, reduce account servicing costs, and increase trust with investors, policy holders and depositors. SMS text messaging can be utilized to confirm transactions, transfers, or trades. They can notify borrowers of minimum payments, and alert them to suspicious activity.

IVR can provide secure and verified account servicing options for balance inquiries, transfers, bill pay, card activation, exception reviews, and more.

With the help of the RingCentral API, all the above communication methods can be fed securely to your communications surveillance and compliance systems. To meet regulatory and audit needs, the API allows conversations and events to be securely recorded, logged, and retained.

With phishing scams and social engineering, hackers are learning new ways to trick employees and clients  into providing account numbers, usernames, passwords, and other identifying information—allowing them to quickly access their accounts and financial information.

Using two-factor authentication (2FA) and one-time passwords (OTP), you can help protect your customers' identity and information by requiring confirmation from their mobile device via SMS, or providing a short code sent to their mobile that they must provide when logging in. This helps ensure your customer is who they say they are and quickly alerts them to attempts by others to log in to their account.

With our High Volume SMS solution you can easily send batch notifications or alerts to a high volume of clients.  This may include new research availability, market commentary links, transaction deadlines, blackout periods, special promotions, or links to required disclosures. SMS messaging is also appropriate in more immediate and urgent situations, such as technical outages, liquidity squeeze, and market downdrafts. With increasing volatility, having a reliable, cost effective alerting capability that reaches across your client base is a requirement. 

Through RingCentral, financial institutions are able to send mass volumes of SMS quickly, conveniently, and securely.

Chatbots can be created with RingCentral’s Engage Digital APIs to integrate with websites or other web-based locations to engage clients with general questions. Investment advisory firms are using chatbots to collect preferences and choices made by potential investors so the advisor’s recommendations are better informed. Also standard inquiries like business hours, new account types, current interest or exchange rates, can all be handled in this way. Additionally, if a question is posed that the chatbot has not been set up to manage, the bot can hand over the conversation to a real life agent to dig deeper.

Within the financial firm itself, there are many requirements for coworkers to stay connected. No matter where the team may be in the world—from the branch down the street to headquarters or international locations—those who are working from home, traveling, or stuck because of inclement weather can still communicate as long as they have a good internet connection. RingCentral’s team messaging application can be used for this purpose. Messages and attachments among teams can be shared easily and securely. Video or audio meetings can be scheduled, launched, and recorded as needed. Private messages can also be generated between team members for extra confidentiality. Phone calls, voice messages, electronic faxes, and task assignments can all also be done on this very versatile application—all delivered through the cloud and completely secure.

With over 250 pre-built integrations including support for Smarsh, Theta Lake, and RedBox your financial institution is able to quickly and easily backup, archive, and implement compliance monitoring and alerts with today’s top solutions.  This not only allows for your data to be archived as required by law, but for your institution to quickly identify potential issues, as well as be alerted securely through automated AI reviews of client calls, texts, fax transmissions, and team messaging interactions.