Team communication is the key to any well-functioning business, and banks are no different. In order for teams within banks to achieve higher results they must have the appropriate channels of communication.
Banks require a high level of collaboration between multiple colleagues and teams. Whether it’s sharing financial data requests, working collaboratively on a joint project, or simply building a sense of community within the organization, every successful bank, like every successful business, should have a clear internal communication strategy.
In the banking industry there’s an added layer of complexity given that banks work with highly sensitive financial information, and thus have an obligation to protect their clients’ data. In banking institutions, sensitive data and information are frequently shared internally between teammates in order to facilitate operations. Therefore, to perform to their highest potential, banking officers need quick and efficient access to any number of resources.
The Problem
Improving and Securing Internal Communication
Despite its clear importance, secure internal communication is frequently a challenge for banks. Banking officers often lack the tools to quickly reach out to colleagues for information, collaborate in virtual space on projects, or quickly send and receive large files. Relying only on email and basic chat features that come with certain email clients hardly address these pressing needs, and can lead to slowing down certain work processes. If a loan officer, for example, has to wait for hours to receive an email reply to a request to a colleague in another division for client information, the loan approval process could be slowed down significantly.
Apart from the need to facilitate better collaboration, banks also need to pay particular attention to data protection. The nature of the banking industry means that banks handle and process large quantities of personal information. Given increasing cyber-security risks, banks must take steps to protect this information and reduce their clients’ exposure to excess risk.
The concern for data protection is particularly important for European banks, or banks doing business with European clients, as the EU GDPR data protection legislation comes into effect in the coming months. These updated regulations on personal data have huge implications for the banking sector, and require new or updated approaches to data protection structures, including how data is processed and handled internally. Now is the perfect time for banks to take a step back to review, and if necessary renew, their internal communication structures with security in mind.
The question thus arises as to how banks can give their employees secure and efficient internal communication in order to protect their clients’ information, while at the same time facilitating team collaboration?
The Solution
Secure and efficient communication requires a holistic approach, and that’s where Brosix Instant Messenger comes in. Brosix is an IM program geared towards providing businesses with secure private networks that are customizable and come with full administrative features. This allows businesses to create a secure internal communication environment that meets their specific needs.
Communicating Effectively and Timely
Much like any business, banks should be working to incentivize more frequent and easier collaboration between colleagues. Brosix does just that with a wide range of collaborative features that allow colleagues to easily communicate, share information, and collaborate on tasks. To take one example, users can be grouped into chat rooms based on any criteria the administrator creates. This means that banks could have specific chat rooms for each division: investment banking, sales and trading, etc. This would give teams an open space for communication and facilitate easier collaboration.
Apart from chat rooms, Brosix provides a wide range of chat options and virtual collaboration features. Colleagues can remotely present ideas to each other using the virtual whiteboard feature, or take and send screenshots with just a few clicks. The possibilities are numerous, which makes Brosix a flexible tool for any bank looking to increase team communication. Apart from increasing collaboration, Brosix also focuses on providing the most secure internal communication network possible, something particularly important for banking institutions.
Encrypted Communication and Data Transfer
Given the nature of the banking business, and the fact that banks handle and process large quantities of sensitive data, any team communication channel should be highly secure. Brosix has this area covered, with a comprehensive security approach to their private team networks. This approach covers several key areas, including data encryption, secure communication channels, and secure servers and infrastructure.
In terms of data security, the top priority for banks, Brosix uses end to end encryption on all data sent over its communication channels. This means that all chats and messages are encrypted when sent, and decrypted upon receipt, protecting colleagues’ communication. Banking officers can discuss any aspect of their business with peace of mind that their communication will remain secure.
Perhaps most importantly for banking officers, there are unlimited in size peer-to-peer file transfers for large data files. These transfers, along with all other communication on a Brosix network, are fully encrypted using AES 256-bit encryption. This means that not only can colleagues send and receive unlimited in size and quantity files, but they can also rest assured that they will never fall into the wrong hands.
Conclusion
In order to achieve the highest results, banks should focus on increasing team collaboration. Through better communication tools, banking officers will be better positioned to serve clients, create innovative product bundles, and seek out other ways to offer cross-functional customer support. This increase in internal team communication should be done with security in mind, particularly given increasing cyber threats and the types of data that banks work with.
Brosix Instant Messenger can provide banks with private and secure internal communication networks aimed at both increasing and securing communication. Addressing both of these crucial needs with one affordable tool can lead to more satisfied employees and customers, reduced risk, and perhaps most importantly for banks, increased profits.
