Organizational resilience is a company’s capacity to respond and adapt to disruptions and risks through maintaining business operations, protecting employees, and its reputation.
A crucial piece of resiliency is the ability to scale personalized communications across customer channels.
During this crisis and for unknown risks ahead, an effective business continuity plan needs elasticity, flexibility, and scalability of your communications and customer engagement infrastructure.
The abrupt onset of COVID-19 exposed how vulnerable businesses are if they don’t have an elastic, flexible infrastructure that can scale quickly. Financial services firms who rely on on-premise systems and in-person interactions as the basis of their business are especially vulnerable to disruptions and loss of revenue.
The communication platform as a service (CPaaS) is gaining momentum as a way to fully own the development and deployment of a business’ systems enhancements and avoid the limitations of another vendor’s roadmap. In fact, according to IDC, the worldwide communications platform-as-a-service (CPaaS) market is forecast to grow from $4.3 billion in 2019 to $17.7 billion in 2024.
CPaaS leverages cloud technology, letting financial services companies develop and embed customer engagement channels without needing to purchase purpose-built applications. CPaaS connects calls, texts, and other forms of communication using geographically-distributed data centers around the world. To integrate communications capabilities into existing business applications, financial services companies can use cloud-based application program interfaces (APIs) from CPaaS vendors for faster and easier implementation, rather than build from scratch.
CPaaS relies on APIs as communication building blocks that offer the greatest amount of flexibility to adapt as business needs and customer preferences change. The flexibility to experiment is key—it lets companies iterate and keep pace with consumers as their expectations evolve.
When compared to off-the-shelf software-as-a-service (SaaS) solutions, APIs offer greater flexibility and control. They’re the easiest and fastest way for companies to target specific moments in the customer journey, adding incremental updates—and value—to the customer experience. Financial services organizations can pick which APIs best fit their use case to build the precise solution needed to suit customers and business needs.
Transforming how your business communicates with customers requires more than a customer engagement platform alone, though. Today, implementing and connecting customer engagement software is fully intertwined with the question of how to deliver an incredible customer experience.