Vonage vs. RingCentral for Business VoIP
The Best Business VoIP for Financial Service Providers of 2019
VoIP offers benefits for all types of businesses, particularly consumer-facing businesses like financial services providers. Cutting the cord on your company’s phone line won’t just save money. A VoIP system also offers a surefire way of upgrading your security and getting closer to your customers. Whether your business is banking, lending, auditing, or any other type of financial service, your bottom line relies on keeping your customers secure and satisfied.
How Does VoIP Help Financial Services Providers Deliver for Their Clients?
Whether your business is consumer finance or corporate finance, VoIP offers several ways to help improve your customer relations. The most obvious reason is call quality. There’s nothing people stress more about than money, and the last thing you want when you’re dealing with a stressed client is to have the call cut out. The best VoIP systems offer clear quality and guaranteed 100% uptime. As long as you have a reliable internet connection on the premises, you’re guaranteed a reliable VoIP phone connection too.
Another important thing to consider is security. Landlines and mobile phones put you at risk of tampering and eavesdropping. Because VoIP runs over the internet, the best providers ensure all calls are encrypted. If your business is financial services, it’s safe to assume you use the proper technology to encrypt the information customers send you over the internet. VoIP offers the same encryption and security capabilities for your phone lines and other forms of communication.
A cloud-hosted VoIP system is much more than just a phone line. It’s also a piece of software that can be updated to incorporate any feature, including tools that can help you get closer to your customer. The latest buzzword in VoIP is unified communications. UC, as it’s also known, integrates all your communication channels—such as voice, video, messaging, data sharing, voicemail, and fax—into one system. Other examples of useful VoIP customer tools include: auto attendant, voicemail transcription, call notes, and call recording. Whatever you need to improve your customer relations, VoIP can facilitate it.
Top 5 VoIP Providers for Finance Companies
Vonage Business is the market leader in VoIP for business. It offers packages to suit all types of finance businesses from small accounting firms to large banks. Vonage Business saves companies an average of 36% off their phone bills when compared to landlines. But it’s not just about the price; Vonage also offers a stack of features to help your business deliver the best customer service possible.
Vonage Business highlights include:
- 40+ standard business features, including call recording, virtual receptionists, and voicemail transcription.
- Orange-glove setup, in which Vonage sends a dedicated team to assist with smooth on-boarding.
- More than a dozen third-party integrations, including Salesforce, Amazon Chime, Office365, Google Apps, Microsoft Dynamics, Clio, and Zoho.
- Vonage CX Cloud, an advanced omnichannel cloud contact center solution; this includes real-time insight into caller sentiment, visual interactive voice response, and advanced analytics and metrics.
- Highly secure system including encryption of calls and data.
- 24/7 customer service to help with any technical issues.
RingCentral is a reliable VoIP provider best-suited to large enterprises like banking corporations. Its cloud-hosted infrastructure and pricing packages are designed for scalability. Large banks and financial institutions can sign up for the enterprise-grade package to get a dedicated support team offering 24/7 personalized assistance.
RingCentral highlights include:
- 100+ business features, including single sign-on, voicemail transcription to text, call recording, and fax integration.
- 10 third-party CRM integrations led by Salesforce and Zendesk.
- Additional call center features including interactive voice response, automated call distribution, and outbound features such as preview dialer and predictive dialer.
- Option of setting up toll-free numbers for inbound calls.
- Secure, encrypted communications to protect you and your customers.
- 24/7 customer service including premium support for enterprise clients.
8x8 offers a cost-effective efficient VoIP option for small and mid-sized consumer finance businesses. While other VoIP providers charge their customers based on number of users, 8x8’s packages are based on number of features—and all support an unlimited number of users. 8x8 is very user-friendly, with an intuitive dashboard and tutorials that you can share with employees. It offers round-the-clock support, making it useful for companies that can’t afford a large IT department.
8x8 highlights include:
- Basic package includes numerous CRM integrations such as Salesforce, Netsuite, and Zendesk.
- Priciest package gives you full inbound and outbound call center, making it good for high-volume banks and lenders.
- Offers contact center solution, including features like web callback to increase customer conversions and speech analytics to help analyze customer interactions.
- Pricing structure favors business growth and scalability.
- Promises 100% uptime and clear audio quality.
- 24/7 customer service, regardless of business size and price package.
Grasshopper is a VoIP solution for small businesses that want to show off their professionalism. This cloud-hosted system is easy to set up and doesn’t require any equipment, making it good for small finance firms looking to grow. Small finance companies generally need inbound calling much more than they need outbound calling. It’s a good thing, then, that Grasshopper only offers inbound calls, stripping out unnecessary features to help your business cut costs.
Grasshopper highlights include:
- Low-cost pricing plans without contract tie-ins so you can scale up easily.
- Run the system through existing phones, saving money on headsets and handsets.
- Includes basic VoIP features like auto-attendant, call transfers, and call queuing.
- Auto attendant and call handling can be set to work out of hours, saving your business from having to pay employees to be in the office 24 hours per day.
- Mobile app includes the full suite of Grasshopper features, making it good for finance businesses with a large number of remote or mobile employees.
- Strong, personalized customer service.
Jive has VoIP solutions for finance companies of all sizes, although it works mainly with SMBs that don’t have large IT staff. Jive is easy to set up and doesn’t require any equipment aside from hardphones or headsets. Jive’s pricing structure is built for customization, starting with 80+ features and the option of adding more advanced features as per business needs.
Jive highlights include:
- Open API, letting your business connect home-grown applications to the communications system.
- Numerous built-in integrations including Outlook, Salesforce, and Maestro.
- User-friendly dashboard and portal that don’t require high degree of technical knowledge to use.
- Advanced, real-time reporting features to help understand what your customers are looking for and how your agents are performing.
- Time-based routing and custom schedules to accommodate for customer traffic during evening hours, weekends and holidays.
Choosing the Right VoIP Provider for Finance Companies
Consumer finance businesses are a diverse bunch, and so are VoIP service providers. That’s why the first thing you should think about before picking a VoIP provider is your own business. If you’re searching for a VoIP provider for a large enterprise, you may want to compare providers by their reliability, ability to handle large call volumes, and level of technical assistance. If you need a VoIP system for a small finance business, then you may prefer a provider that offers only essential features at a discounted price.
Whether you’re a small lender, a mid-sized credit union, or a large bank, there are a few golden rules when it comes to comparing VoIP providers. First, always look for the pricing package that suits your business; second, consider the level of security and encryption; and third, your VoIP provider must be able to guarantee 100% (or at least 99.9999%) uptime.