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Q:

What is the role of communications technology in the Financial Services industry?

A:
In the world of global competition and shorter business cycles, financial services firms face a number of common challenges such as revenue growth and regulatory compliance. Due to recent developments in technology – such as IP telephony, Web services, and service-oriented architecture (SOA) – communications can play a pivotal role in enabling business strategies for financial services firms.
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EXTENDED ANSWER:
What is the role of communications technology in the Financial Services industry?


We are moving from a period in which communications was merely a utility with cost as the most important criteria into an era of Intelligent Communications – in which advanced communications capabilities can fundamentally impact a firm’s effectiveness and profitability.

Intelligent Communications is the result of embedding communications applications inside mission-critical business processes to deliver competitive advantage. Those financial services firms that adopt and leverage Intelligent Communications can improve profitability through increased revenue from new and existing customers as well as through greater efficiency and productivity.

New developments such as Web services and service-oriented architecture (SOA) minimize the need for custom code, making it much easier to tie together disparate systems and applications. They also lower both the skills needed and time required for implementation. These changes drastically alter the business case for many technology projects, enabling cost-effective and repeatable solutions that would have been impractical even a few years ago.

Learn more about Avaya Intelligent Communications and the Financial Services industry at http://www.avaya.com/financial.

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