How VoIP helps customers in the financial services industry

VoIP for financial services industry.

Customers rely on financial providers to help them navigate some of their most important decisions—investing in their future, buying a house, setting up a retirement fund, saving for their children’s education, filing their taxes, and so much more. These are monumental decisions and customers need more than service; they need personalized advice. 

However, most customers don’t feel they are getting the personalized advice they want. In fact, 79% of customers believe that their relationship with their financial services provider is more transactional than advice-based.  

Not only is this a lost opportunity for financial providers, but it also has a direct correlation on customer loyalty. Data shows that 40% of customers would be more willing to stay with their bank if they offered more personalized experiences.  

So why aren’t more providers offering these personalized experiences? The answer: they don’t have the right technology. 

The financial services landscape is changing 

This lack of technology is becoming even more apparent as FinTech companies disrupt the financial services landscape upending smaller financial providers by offering new tech-savvy ways to connect with customers. 

If smaller providers want to keep up, they need to modernize their communications and invest in a VoIP business phone system. 

How VoIP can improve the customer experience 

Below, we’ll explore all the ways a VoIP phone system, like b-hive by Broadvoice, can help enhance the customer experience leading to greater customer retention and loyalty. 

Serve customers faster 

When customers call needing financial help, they don’t have time to be passed off from department to department until they reach the right person. Maybe they are having an issue with their card or need help with their taxes. These are time-sensitive problems that require immediate attention. 

With IVR (interactive voice response) scripts, customers can reach the right department by simply talking to the computer system or using touch-dialing. This allows the customer to reach the right person sooner, helping to solve their problem quickly. 

Customizable auto-attendants also ensure customers are automatically routed to the right department without having to first talk to a receptionist, resulting in faster service. 

Eliminate lengthy wait times 

Data shows that a long hold time = a lower CSAT (customer satisfaction) score. So the longer you keep your customers on hold, the more dissatisfied they become.  

A VoIP phone system can prevent this from happening by using call routing to queue and distribute calls to all available team members, improving overall customer satisfaction and ensuring no customer stays on hold for too long. 

Solve customer issues quicker 

With a VoIP phone system, you can easily integrate your CRM data into your phone system so representatives can quickly access all customer information from inbound callers before they even pick up the phone.  

This allows you to solve customer issues faster and improves customer satisfaction by the customer not having to relay all the information from their past phone conversations. Additionally, agents can take notes on the fly for the next time the customer calls, creating a more personalized customer experience. 

Stay on top of all communications 

If a customer leaves a voicemail, it can be sent in text form to an email, allowing your customer agents to easily read it and respond to the customer more quickly. 

Communicate with customers how they prefer best 

Agents can connect with customers on whatever channel they prefer best—chat, text, video, or call— helping to enhance the customer experience by catering to each customers’ individual preferences. 

Never miss a call 

If employees are out or assisting a client at a different office, they can have their calls forwarded to a different office with a single click, so they never miss an important customer call. 

Protect customer data 

Ensure customer data never ends up in the wrong hands with enhanced security. Plus with 4G failover, local internet and phone outages will never impact your service so you’re always available to your customers. 

To keep up with the changing technology and keep your customers happy, it’s time to make the switch to a business VoIP system. Check out b-hive by Broadvoice today to get started. 

Be brilliant about the way you connect.

Our team loves to talk. Let’s chat about the VoIP solution that’s right for your business.

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