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6 Reasons To Implement VoIP for Financial Institutions

January 10, 2019

On this blog, we've talked a lot about how companies that operate in highly competitive and fast-paced industries can use cloud communications to differentiate themselves. Hosted VoIP systems enhance client interactions by allowing your staff to be more accessible and responsive - in crowded spaces, exceptional service is a huge difference maker. Because of that, it's not surprising that a Hosted VoIP system can offer numerous benefits to companies operating in the finance space including investment firms, accounting firms, and wealth managers. Check out these six reasons to implement VoIP for financial institutions:

More Flexibility

While businesses across industries stand to benefit from more dynamic communications, the ability to connect whenever, wherever is especially helpful in competitive industries like finance. Because VoIP features are customizable, portable, and ready to integrate with existing CRMs like Salesforce, firms can tailor communications to fit the needs of their clients and staff.

Improved Client Service

Cloud-based communication also helps to prevent mix-ups and delays for important clients. Responding to client needs quickly and effectively can be the difference between retaining billing customers and losing them to competitors. VoIP enables your staff to address clients with ease through sophisticated hunt group specifications, data-collection integrations, and voice-assisted technology. 

More Effective Internal Collaboration

VoIP technology helps your team members access vital information and connect with each other no matter their location. UCaaS, a cloud technology that integrates communication channels, allows employees to manage their calls, email, instant messages and more out of one hub, which streamlines communication and promotes effective collaboration.

Improved Reliability

Because VoIP systems are hosted in the cloud, they stay up and running in situations where traditional landlines would fail. Even when offices lose power, cloud-based systems know to rout the calls to designated endpoints like cell phones or remote offices. This means that your staff will always be available to clients and one another, regardless of the conditions impacting your physical business location.

Advanced Features

Outside of making standard phone calls, on-premise phone systems are pretty limited in what they can accomplish. VoIP tech, though, allows businesses to explore multiple automated solutions, from basic voicemail-to-email security to advanced speech-enabled SaaS features like chitchat (shameless product plug, I know). 

Cost-Savings

In most cases, you need to break the bank to access superior business technology – that rule doesn’t apply to business VoIP. VoIP systems actually eliminate traditional telecom charges like costly long-distance fees and hardware maintenance contracts. And, because VoIP technology is charged on a per-user basis, it’s more scalable and is able to grow with your business.

To Wrap-Up

In such a fast-paced industry, your firm shouldn’t be limited by its communication technology. Moving communications to the cloud allows your staff to connect and collaborate more easily and effectively. If you’re not convinced yet, check out our free eBook that debunks some of the common myths about hosted VoIP.

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