Communication technologies: Maximize productivity and improve regulatory complianceDavid JamesVoice over Internet Protocol
The evolving regulatory environment is challenging today's
mortgage brokers to improve productivity while addressing
regulatory requirements. Large brokerages have long had access to
in-house information technology expertise and resources, but small-
to mid-sized firms have typically had to get by with whatever
technology the designated staff could put together, adding to their
already long list of job responsibilities. The latest Internet
protocol technologies are delivering applications that help
organizations compete, increase productivity and meet regulatory
requirements.
There is a misconception regarding these applications. Many
small- to mid-sized firms have heard the term "Voice over Internet
Protocol" (VoIP) and thought that it was only for large enterprises
and came with a large price tag, or they thought of Vonage for
their home. In fact, VoIP is an enabler to deliver applications to
companies efficiently and cost effectively, even for small
businesses.
But how do you select the right blend of communications
applications for your office; and how do you make sense of the
options available? The simple answer is to do some research and
team with a communications company with expertise in your field and
size of business. A growing trend is to select a provider that
offers managed services - ones where typical information technology
functions are performed at a central location and applications are
stored on a central server - enabling a firm to boost efficiency,
improve compliance and electronic capabilities and grow the bottom
line with less of a need for in-house information technology
knowledge or support.
New federal legislation under consideration (the Consumer
Notification and Financial Data Protection Act of 2005) requires
that financial institutions "maintain reasonable procedures and
policies to protect sensitive consumer financial information." By
taking advantage of communications technologies such as fax to
e-mail, secure file sharing, off-site data storage, virtual private
networking, mobile technologies and call management features,
offices can increase operational efficiencies, reduce processing
errors and improve the protection of proprietary information.
Deciding which services work best for each office is best done
in consultation with the service provider, but here are a few
examples of what to look for and what these new services can
do:
Fax to e-mail
This takes inbound faxes, captures them as an electronic image and
attaches to an e-mail on a secure network. These faxes are received
as private e-mail attachments and can be processed, stored and
backed up as a normal e-mail would be. This approach protects
proprietary faxes from unauthorized access. In addition, it reduces
the number of lost or misplaced faxes.
Whale Mail
This enhances existing e-mail capabilities to allow the transfer of
large files without encumbering the sender or recipient's e-mail
system. It is an efficient service for remote access, such as when
meeting with a client offsite. The service e-mails a link, which
the user clicks to retrieve the data from a secure server.
Applications such as Whale Mail are increasing in importance as
more states move toward paperless closing processes.
Secure off-site data backup
This allows the regular, automatic backup of critical customer and
business data, perfect for ensuring against damaged hard drives,
lost or stolen laptops and on-site corrupt data. Off-site data
backup comes in different flavors. Some key questions to keep in
mind:
- Does it have a strong authentication protocol and the latest
encryption technology?
- How reliable are my provider's data centers?
- Does it contain a firewall, access control and hacker
defenses?
Virtual private network
This allows mobile staff members or remote offices to stay securely
connected to the corporate network. A managed virtual private
network is essentially a private tunnel through the Internet, set
up by a qualified managed services provider that allows remote
staffers to take advantage of high-speed secure connections to the
office network using laptops or home computers to access data as if
they were physically in the office. With mobile technologies, this
access can also be provided on handheld mobile handsets and
personal digital assistants.
Call management features
Call management features with VoIP can offer impressive
flexibility. For instance, it allows pre-scheduled after-hours call
routing to alternate numbers such as mobile or home numbers so that
no calls are missed. In addition, staffers can manage their own
calls (in real time), taking advantage of voicemail notification
features such as automatic paging, e-mail or a call to a mobile
phone.
Small- and mid-sized mortgage broker offices can now gain
significant competitive advantages by using the available Internet
protocol technologies. These are proven technologies that are
already in use around the world and the advantages to productivity,
reputation, customer service and the bottom line have the real
potential to take a business to its next level of success.
David James is the director of marketing and sales
operations for Cbeyond
Communications, a voice and broadband Internet provider that
serves the small-business sector. He can be reached by e-mail at
[email protected].
