Why Financial Firms Are Investing in Unified Communications

pencil and calculator on top of graphing paper
Profile picture of the author

Professional Businessman on the Phone

In the highly competitive financial services industry, every piece of technology implemented makes a difference in the client’s experience. Investing in a business communications solution that maximizes efficiency and creates a pleasant experience for clients is the key to expanding a firm’s portfolio and maximizing profits. Additionally, the next generation of talented financial planners, analysts, and brokers are entering the workforce and gravitating toward firms that embrace flexible and remote work options- and the tools that enable it.

While there are multiple reasons for a business to implement a Voice over IP (VoIP) solution for calling needs, forward-thinking firms are investing in Unified Communications (UC) solutions for a more diverse set of tools to increase collaboration and productivity.

Here are just some of the ways financial firms are using UC features to increase profits and expand their portfolio.

Personalized Client Experience

Potential clients make a judgment about your firm within seconds, and it begins with your automated phone system. The interactive voice response (IVR) or auto attendant UC feature can help you create a simple and logical menu for your clients to follow and can be used as a tool to reduce call volume by directing clients to the appropriate department or person. Customize your IVR with Switchvox’s professional voiceover prompts, play announcements or music, enable auto-payment, set up appointment reminders- the list of possible integrations is endless.

Financial firms handle multiple client accounts at a time, and keeping track of all that information can be a challenge. UC solutions allow for integration of the firm’s CRM (customer relationship management) systems and client databases, which prepares employees for the client interaction before they even answer the phone. When a client calls the firm with a financial question, a screen pop-up will show pertinent client information, which can include name, contact information, location, notes of prior discussions, and more. This not only personalizes the client experience, but it conveys the information required to get the client to the appropriate person right away. Clients expect top-notch service and communication from their financial advisor, so making the right impression and personalizing their experience is essential to building trust and maintaining a long-term relationship.

Always Available

The Switchvox platform is 100% web-based, which allows employees to access the entire feature set, from any browser, from any location via internet connection. Financial planners need to be available to clients beyond the convenient nine-to-five office hours, so a UC solution with mobile capabilities is vital. Available to all users is the Switchvox softphone app for iOS and Android, touting the same features and abilities of the desktop version. Switchvox Mobile allows on-the-go employees the ability to make calls from their mobile device and have their clients see their firm’s caller ID information pop up, not the employee’s personal mobile number. This helps keep a consistent, professional image for your firm while maintaining the privacy of employees. With the presence feature, employees can let everyone in the firm know where they are located or what their availability status is via the Switchboard, the Switchvox mobile app, or their deskphone. With call rules, they can personalize the order in which their phones ring, increasing the chance of being reached. For example, if Jake is in-and-out of his office all day, he can set incoming client calls to ring twice on his desk phone, then automatically transfer to his mobile phone. Or, if he is home sick and doesn’t want to be bothered, his “out for the day” status automatically adjusts his call rules to send all incoming calls straight to voicemail. Of course, all calls from VIP clients and upper-level management can be directly transferred to his mobile phone, any time of the day.

Documentation & Reporting

For client information storage and reference, emails and voicemails are handled in the same manner through Switchvox. Voicemails are automatically received and stored as .wav files, which can be accessed via business phone, mobile softphone application, or email- so nothing important is ever lost in the shuffle. If the voicemail contains important client or portfolio information, employees can simply store the voicemail files into the client’s folder just as they would with an e-mail.

Financial planners do a lot of independent work, but it’s important for managers to understand how their ship is being operated. For client and investment tracking information, Switchvox generates global call logs that provide firms with the information needed to save the firm and their clients money. Call reports can be generated on-demand or scheduled on a regular basis, and serve as a way for firm managers to ensure their goals are being met and clients are being taken care of. If Kelly is consistently sending her clients’ calls to voicemail, the manager knows it’s time to have a discussion with her and ensure clients receive the attention they deserve. On the other hand, if Joe is on the phone with clients for several hours, a discussion about time management and priorities may need to happen.

Call recording is also available through Switchvox, and is a valuable tool for any business dealing with confidential information, especially finances. Record conversations on-the-fly and keep an electronic copy of the investment details or verbal permissions in the client’s file.

In the financial services world, a missed phone call can be a missed opportunity worth thousands. UC solutions such as Switchvox provide your financial firm with the tools and capabilities needed to ensure your success in this highly competitive industry. While significantly reducing costs (up to 70%) , Switchvox helps improve client interaction and collaboration, recruit and retain top talent with tools that support flexible work options and mobility features, and provides the reporting capabilities that managers need to ensure their firm is performing at a high level and growing business. Also, every feature within Switchvox is included for every user, at no additional cost – and that’s a smart investment!

Stay Informed! Click to Subscribe Now!
Scroll to Top