In an increasingly competitive banking environment, customers desire nothing but the best. Banks must do everything within their capability to provide the best service possible. Since customer service can come in many forms, the banks have decided to focus on phone systems.
This is where the benefits of IP telephony come in with all the bells and whistles of internet-based communicative services. Financial institutions stand a better chance to improve their public communication with IP telephony than what they could have with circuit-based telephone network connections.
Banks and IP telephony – how they stand to benefit
Business happens fast when companies decide to move their communications to cloud systems. Financial service firms also reap the benefits of innovative cloud communication to improve their overall services and communication process.
Even though there are many ways in which banking can benefit from IP telephony, these are some of the most common ways this technology has affected banking:
1. No tolls and MAC charges
One of the common problems that many banks face even today pertains to adding, modifying, or removing an existing phone line (MAC) as the service provider has to be contacted in every case. Phone companies charge based on each MAC and keep the bank waiting as they work according to their schedule.
This issue can be eliminated with IP telephony as the entire network can be setup in the cloud and scalable on-demand. There is no need to contact the service provider. Nor wait for them to perform their due diligence for the communication systems to start functioning again.
2. A decentralized approach
Since IP telephony features through the use of the Internet, banks are no longer limited to relying on the centralized WAN system to communicate. Now, financial service institutions can reap the benefits of a decentralized software-based PBX that is always functional. This is contrary to the centralized PBX units that were installed in different locations.
3. PBX-like feeling in every branch
Banks and IP telephony go together very well to represent and provide an experience similar to having a PBX in every branch. Except here, with IP telephony, Voiceover Internet Protocol, or VoIP, everything can be managed from a centralized location. As a result, banks can cut down on branch-to-branch calling fees. This gives employees a lot of useful functionalities that were previously inaccessible.
Users choose between listening to voice messages on their phone or computer because email and voicemail are integrated. Thanks to an advanced GUI interface, phone systems can be reconfigured quickly. Meaning, it completely eliminates the need for contacting the phone company for any alterations in MACs.
What’s the Mitel Banks and IP telephony advantage?
Millennia and our Mitel Phones help take the concept of IP phone systems further. While bringing an all-in-one information center for email, phone, and voice messages to our customers. Thanks to the unique distributed architecture, deploying and managing voice communication systems have become much easier. Not only is the entire process faster, but modern technology also provides chances for better scaling.
Service representatives get instant access to a variety of banking information including, account history, transactions, and others due to the advanced CRM and ERP applications. This can significantly amplify process and boost the efficiency of the staff.
The concurrence of Banks and IP telephony facilitated by Millennia & Mitel also comes with top-level customer sales and service. This can help in dramatically reducing costs associated with maintenance, voice trunk sharing, traveling, and so much more.