How to Win Big in the Finance Industry with Hosted VoIP

How to Win Big in the Finance Industry with Hosted VoIP

Hosted VoIP can help your business, no matter what industry you’re in, get more done and become more productive. You gain access to features at a lower cost and with more capabilities than you would with another type of phone service. As such, you can put your VoIP plan to work in the finance industry and see real benefits for your organization. You can even get customized service and support that works with your organization’s individual needs. You aren’t stuck with a one-size-fits-all VoIP solution, since you can find a vendor with experience and expertise in your own industry.

Financial industry companies and organizations have some unique needs and concerns that impact the types of phone service they may be interested in and the features they are looking for. For instance, you may be more interested than some other businesses are in protecting your customer’s personal information, since as a financial institution you probably exchange a lot of personal data. Security and quality are often very important in finance industry phone systems and many businesses in this industry are interested in doing what they can to maximize these features. Many VoIP providers are able to cater to these needs, although you may need to shop around for the perfect plan.

If you’re ready to win big in the finance industry with your new VoIP plan, keep reading for basics and help getting started. Hosted VoIP has a lot to offer and plenty of different options for your organization.

Article Contents:

  1. More about Hosted VoIP
  2. Distinctive Features for Finance Industry Organizations
  3. Getting the Most from VoIP
  4. Further Ideas and Considerations

Different vendors have different levels of experience with the finance industry, so you’ll want to do your homework and ask plenty of questions.

1. More about Hosted VoIP

Hosted VoIP offers a great degree of options for your business. With hosted VoIP, someone else (generally your VoIP vendor) uses their own equipment to run your phone system operations, which you then remotely access with your phone system onsite at your organization. Instead of buying all of your own equipment, you use their equipment and use your phones and computers. Their servers run any cloud-hosted processes you need.

  • Private Branch Exchange (PBX): The server or servers that run your VoIP phone system functions and route your phone calls.
  • Onsite: Having your own servers to run PBX functions, you are responsible for maintenance but you also have total control over your system.
  • Hosted: With a hosted system, your PBX functionality happens in the cloud. You have less direct control of your system, but aren’t responsible for maintenance.

With these options, there’s a pretty good chance you can find a custom phone system that works for your business.

2. Distinctive Features for Financial Industry Organizations

Now, you probably don’t want just any phone system. You’re likely looking for a phone system that is designed around the ways the financial services industry operates. You’re looking for a system that meets your unique needs.

For the industry you’re in, these features may be particularly important to you:

  • Call Quality: If a customer has a bad call experience with you or perceives that your phone service quality is low, this may impact how they view your organization and they may be less inclined to want to do business with you again. It’s important that calls be as high-quality as possible, then, since these interactions reflect on your organization.
  • Security: Keeping calls secure is usually important for businesses, but it can be especially important whenever personal financial data is on the line (literally). As such, you’ll probably need a phone system with robust security features to protect your calls and keep data hidden from intruders. You’ll need safeguards to minimize risks such as hacking. You’ll also need a system that protects you somewhat from spoofing risks, because you don’t want your reputation soiled by someone impersonating your phone number.
  • CRM Integration: A customer relationship management (CRM) system designed for your industry and fully integrated into your VoIP system can help you connect on a personal level with your customers. You and your agents have data on each customer right in front of you during your call, so you don’t look unknowledgeable and you’re able to offer the right services and answer your customers’ questions effectively.
  • Portability: Use any office or even work away from the office, but keep your security. You can have any desk use the same extension, so you don’t have to worry about who is where and when. This makes it easier for everyone to just do their jobs instead of worrying about being in the right places.
  • Compliance: Many financial services organizations have a great deal of different regulations to comply with, so it makes sense to get a vendor that is able to provide compliant service and help you stay as compliant as possible.

3. Getting the Most from VoIP

To maximize your VoIP system, you can also use data analytics systems to get a better look at what is happening with your phone system and to plan ahead. Make changes when you need to, because VoIP has flexibility. You can plan-out how many agents you’ll need, for instance, to get the job done and move forward through a particularly busy time.

If you want to get more from your VoIP system, begin planning based on the data you have. With analytics, it’s possible to do. You can make personnel changes and system changes when you see what progress your business is making, and how. Remember to try to be open to changes and alternatives.

Your VoIP vendor can also help with this process. This is why you need to find a vendor that’s experienced with the financial services industry–you can benefit from their experience and learn some great best practices along the way.

4. Further Ideas and Considerations

If you’re ready to find a vendor and plan, follow these tips:

  1. Find a vendor with financial services industry experience.
  2. Ask the vendor if they can provide case studies detailing how they’ve helped similar businesses.
  3. Ask others in your industry who they recommend, or attend an industry conference or event and ask around.
  4. Search for reviews online from others in your industry and see what they have to say.
  5. If possible, ask for references from others in your industry. The vendor may have a few people to point you to.
  6. Don’t be afraid to try, if you’ve gathered enough convincing information that shows you’re probably working with the right vendor.
  7. Use our website as a guide if you have questions about VoIP or want to dig deeper into a specific topic.

Start your shopping process and don’t be afraid to be a little picky. This is an important decision that can have a strong impact on your business, so it makes sense to shop carefully and ask as many questions as you can. Don’t get bogged down by details and technical information, but you’ll probably have to learn a little bit about VoIP tech in order to get started.

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