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How Cloud Phone Systems are Helping Financial Firms

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ShoreTel Cloud Phone System Financial Firms

After years of being rocked by both a global crisis and a raft of emerging technologies, financial firms are going back to basics and taking a customer-centric approach to their business. With communications at the core of their efforts, these companies can greatly improve the customer experience with a cloud-based phone system.

To attract new clients and gain a larger wallet share from existing customers, financial services businesses are emphasizing a customer-first approach, according to PwC. One way they can achieve this is by reducing complexity – standardizing IT and operations and simplifying processes. However, as CME Group notes, for these efforts to succeed, the technology underpinning them will have to be world-class and designed expressly with the client in mind.

A cloud-based phone system has the potential to exceed these expectations. Not only do they reduce complexity and provide greater flexibility and scalability, but – most importantly – they enable more personalized customer experiences.

There are four significant ways cloud-based phone systems can empower a customer-centric approach.

1. Single Number to Reach All Offices

Because they work from a single, centralized software platform in the cloud, an office phone line rings in the office and on a personal cell phone, so employees can be reached wherever they may be. This simplifies client interaction and brings greater mobility to each professional.

2. Personalized View of Customers

Call management features and integration into CRM applications give operators a highly personalized view of customer data. Based on a client’s call history, a receptionist can quickly identify the right person to take the call and route it accordingly. Speed is essential here – clients expect to be connected to their advisors almost immediately when they have questions. Cloud-based phones systems enable such rapid response.

3. Brand Consistency and Messaging

Repeated positive experiences build trust and loyalty among clients. Because cloud-based phone system can standardize communications across locations, customers will experience consistent messaging and quality of care.

For Halliday Financial, this was a distinct benefit. “The ShoreTel IP telephony system allows us to set up communications so we have a much more direct impact on the quality of the initial phone interaction with clients,” said Andrew Halliday, the firm’s president and chief operating officer. “We’re delivering a consistent message and consistent quality care.”  

4. Constant Process Improvement

Access to clear metrics are essential to continuously improving the customer experience, says PwC, which advocates ruthless performance management. With a cloud-based phone system, financial firms have the ability to evaluate call center performance in real-time and make quick adjustments to improve interaction with clients. Robust reporting features provide access to detailed customer and agent metrics, allowing managers to track wait times and interactions.

For financial firms pursuing a customer-centric approach, switching to a cloud-based phone system provides an unquestionable competitive advantage. By improving the quality of customer interactions from the very first call, it helps these firms develop a base of clients who are loyal and engaged.