The Nectar platform helps financial services handle their changing communication needs successfully

In a hybrid, multi-platform world, organizations of all sectors need a reliable, cost-effective tool to monitor their business communication and collaboration, both in and out of the contact center. However, some challenges and requirements in that department are unique to organizations from the financial sector. 

As a 15-year-old service and experience management provider, Nectar has provided service to some of the biggest names in the finance industry, many of which have been its customers for years.  

I sat with Joe Fuccillo, Nectar CTO and Co-Founder, to dig into these sector-specific challenges and discuss how the Nectar DXP platform allows to tackle them optimally.  

Monitoring a Multitude of Platforms

“Unlikeֹ most large enterprises, financial organizations work with an exceptionally large number of systems, as they’ve grown mostly through acquisitions,” Fuccillo explains.  

“So, it’s not uncommon to see Cisco, Avaya, Teams, and Zoom all in one organization. Not to mention the fact that unlike other types of organizations, banks have unique Trader Voice requirements, which adds to the complexity.” 

Taking all this into consideration, having a single solution that can monitor, troubleshoot and provide actionable insights for such a diversity of platforms becomes a huge challenge.  

“Vendor tools don’t provide insights, nor do they alert in a uniform way,” Fuccillo notes.   

“Nectar’s strength is in our ability to do just that. Our platform brings the premise world, the cloud world and the call recording world into one overarching story.“  

Full Network Visibility in a Work from Home Environment

Every organization today has to face the challenge of monitoring remote conversations. In the financial sector, this often becomes even more crucial, due to the immense monetary damage that a single poor call can cause. 

When issues occur in the office, that’s one thing. But what happens when they arise in a network we have no visibility into employees’ homes? 

“If you don’t have a tool in place that provides you the visibility you need, figuring out the cause can be very expensive. But if that person who’s experiencing issues is a revenue effecting, customer-facing worker – a trader, for example – that’s even more severe,” Fuccillo notes.  

To that end, Nectar DXP provides granular visibility into call quality across all networks and allows to set alerts for high-value users and specific locations. During the pandemic, these capabilities proved to be a true asset for Nectar’s clients. 

“Credit Suisse told us that Nectar was an invaluable tool during the pandemic,” Fuccillo shares. “They had our solution before, but it never took on such a meaning as it did once COVID started, because literally no one was in the office” 

Compliance, Compliance, Compliance

Another challenge that is unique to financial services is the strict security regulations they must live up to, including the incredibly large fines they have to face if they fail to do so. As part of those regulations, financial organizations are obligated to record transactions. 

“The problem is, an organization won’t know if their system failed to record something until after somebody asked for that recording. And then it’s already too late, and they get hit with the fine,” Fuccillo says. 

Nectar cater to that very need with what they refer to as “call recording assurance.”   

“In the past, customers had their engineers do a walkthrough every morning and pick up the phone to make sure it’s recording. With Nectar DXP, not only do we have all the recordings, but we can also replay them and test the quality.”  

There For Every Step of The Journey

Nectar has been serving their customers in the financial sector for years now, adapting the platform to their changing needs. 

“Take a customer like Deutsche Bank, for example. They started their journey with us 10 years ago on Avaya, and so much has changed since in terms of the platforms they use, but Nectar remained relevant to them,” Fuccillo says. “To see how excited they are about Nectar DXP today is amazing. And in the next five years, as they continue to change, we will be there with new technologies” 

Want to see what Nectar can do for your business?  Contact us here.  

*The original post can be found on UC Today here.