It can be challenging to manage a small or mid-sized investment bank and wealth management firm in today’s digital age. Client expectations are rising, regulations are getting stricter, and the need for seamless collaboration is more important than ever. But with these challenges come opportunities – especially for firms ready to embrace cloud-based, integrated communication platforms.

Switching to an integrated communications platform is more than just about modernizing your tech stack – it’s a strategy for unlocking new efficiencies, improving client satisfaction, and positioning for growth. These platforms simplify operations, strengthen compliance, and help firms stay competitive, all while cutting costs and reducing IT headaches.

Let’s explore the key challenges the industry faces and how an integrated approach to communication can turn obstacles into opportunities.

Critical communication challenges facing financial firms

Financial services firms face mounting pressure to deliver seamless, secure communication while juggling outdated tools, evolving regulations, and growing client demands. Let’s break down the most pressing challenges:

Fragmented communications tools are a significant roadblock for 68% of financial services firms, according to a 2023 Deloitte survey. Fragmentation leads to inefficiencies, compliance risks, and operational silos that hinder collaboration.

Compliance and security gaps are well known issues for outdated and no longer supported phone systems and represent clear regulatory compliance and data security risks. A 2022 Thomson Reuters report found that 65% of financial institutions struggle to meet regulatory requirements due to obsolete communication infrastructure.

Limited IT resources is a common challenge for small to mid-sized firms, diminishing the firm’s ability to manage and secure their communication systems effectively. A 2024 PwC survey revealed that 68% of such firms grapple with insufficient IT resources, leaving them vulnerable to inefficiencies and risks.

Tepid client engagement that creates missed opportunities for deepening client relationships. Today’s clients expect more personalized, omnichannel communication. Yet, only 36% of financial firms feel equipped to meet these expectations, according to Accenture’s 2024 Global Financial Services Consumer Study. This gap creates a significant disconnect between the channels financial firms are using, and the channels their customers are asking for.

Operational inefficiencies from fragmented systems have a measurable impact: a 2024 Gartner study found that firms with poorly integrated tools experience a 20% drop in operational efficiency. In contrast, those adopting integrated communication platforms saw a 15% boost in productivity within the first year.

The data paints a clear picture: financial firms need a unified solution to streamline operations, enhance security, and meet rising client demands.

Solving financial communication challenges

For small to mid-sized investment banks and wealth management firms, the answer lies in an integrated, cloud-based communication solution. RingCentral’s RingEX, a Unified Communications as a Service (UCaaS) solution, is specifically designed to meet the complex needs of financial services professionals.

RingEX unifies essential communication tools into one intuitive platform, streamlining operations and enhancing collaboration. Here’s what it offers:

  • Enterprise-grade voice: Advanced call management, voicemail-to-text, and customizable call queues make managing client communication seamless.
  • HD video conferencing: Host large-scale meetings, client consultations, or team strategy sessions with screen sharing and recording capabilities.
  • Secure team messaging: Share files, manage projects, and exchange information in real time – essential for time-sensitive financial operations.
  • Integrated SMS: Send timely updates and alerts to clients while maintaining a record for compliance.

By consolidating these tools, RingEX reduces the complexity of managing multiple systems, minimizes IT overhead, and improves operational efficiency.

Key benefits of RingEX for financial firms

  • Unified communication: Teams collaborate seamlessly through voice, video, and messaging on a single platform, whether working remotely or in-office.
  • Client-centric engagement: Meet clients where they are – via calls, video meetings, or instant messaging – enhancing relationships and satisfaction.
  • Regulatory compliance: Features like call recording, data encryption, and archiving support compliance with regulations like MiFID II and GDPR.
    Integrated Workflows: Integrations with CRM systems and financial tools provide a unified view of client data, reducing manual tasks and errors.
  • Scalability and adaptability: As a cloud-based solution, RingEX grows with your firm’s needs, requiring minimal IT resources.
  • Cost savings: By eliminating the need for on-site hardware and consolidating tools, firms can lower expenses and simplify system maintenance.

RingEX is more than a communications tool—it’s a strategic investment in efficiency, security, and client satisfaction.

Expanding beyond RingEX: A suite of powerful tools

While RingEX serves as the core of RingCentral’s employee experience offering, the solution is only one pillar of the broader RingCentral integrated communications platform. Financial service firms can further enhance their operations by leveraging additional solutions tailored to the industry’s needs

RingCX: AI-powered client engagement

RingCX, a Contact Center as a Service (CCaaS) solution, revolutionizes client support by integrating AI and omnichannel capabilities. Key features include:

  • Omnichannel support: Seamlessly manage client inquiries across voice, chat, and email.
  • AI-driven routing: Direct clients to the best-suited advisor based on expertise and availability, reducing wait times and improving resolution rates.
  • Integrated experience: Smooth transitions between self-service options and live agents ensure consistent, personalized support.

Integrations and APIs

RingCentral’s Communication Platform as a Service (CPaaS) capabilities empower financial firms to embed communication directly into their workflows, such as:

  • Click-to-call: Clients can connect with advisors instantly through portals or apps.
  • Automated notifications: Keep clients informed with real-time updates on portfolio changes, trade confirmations, or market alerts.

These integrations are just two examples of how CPaaS can enhance engagement and streamline operations, creating a seamless experience for clients and advisors alike.

RingCentral Events

Host professional-grade virtual or hybrid events tailored for financial services:

  • Investor presentations and webinars: Deliver high-quality broadcasts with interactive features.
  • Breakout sessions: Enable personalized discussions during client education sessions or annual general meetings.
  • Analytics: Gain insights into attendee engagement and refine event strategies.

RingSense: AI-powered conversation intelligence

RingSense transforms client interactions into actionable insights:

  • Sentiment analysis: Understand client concerns or satisfaction levels.
  • Compliance monitoring: Flag potential issues while maintaining thorough records for audits.
  • Proactive opportunities: Detect life events or shifts in risk tolerance, enabling advisors to provide timely guidance. Identify cross-sell opportunities and compose follow-ups.

From enhanced client service to data-driven decision-making, these tools go beyond communication to empower firms at every level.

Conclusion: The future of financial communication

For small to mid-sized investment banks and wealth management firms, staying competitive requires more than just meeting current demands—it means anticipating future challenges and opportunities. By adopting an integrated communications platform like RingCentral and leveraging tools like RingEX, RingCX, RingSense, and RingCentral Events, financial firms can modernize their operations, enhance client engagement, and maintain regulatory compliance.

The benefits are clear: streamlined workflows, improved efficiency, reduced costs, and stronger client relationships.

The decision to modernize communication infrastructure is strategic and essential. With RingCentral’s comprehensive suite of solutions, financial firms can unlock their full potential and thrive in an increasingly connected world.

It’s time to transform the way financial services communicate.

Originally published Sep 08, 2025