• 													Find out how SIP can help
    in FSI productivity

  • Find out how SIP can help
    in FSI productivity

SIP helps the FSI industry to be more productive
March 2017
Communications is not just the telephone


Without a doubt, the telephone is one of the most useful invention ever. It is the cornerstone of great communications and has been the focal point for excellent customer experience. Even in today’s digital world, the “phone conversation” is still a staple. However, communications today extend beyond just the telephone. Conversations now take place across a myriad of devices and media.

Nowhere is it more important than in the high rolling world of financial services where excellent customer service takes precedence. Customers want to have convenient and personal experiences when interacting with the company. Despite advances in digital communications and the availability of many means of communicating via instant messaging, chat, and even mobile apps, most customer still prefer to speak with a real human being. This is why a highly reliable phone system is of absolute importance for a bank or financial institute. With SIP, there are many options available and gives the institution a plethora of choices when it comes to communications.

SIP adds functionality to enhance customer experience


SIP is a communications protocol used by applications such as Skype and SmartUC which can transmit voice and video over the internet. This is a big step forward as it means that today, a customer can start their interaction with a bank via the website, and then, with a single click, get a customer service representative on the phone.

But the most important part of this experience is that the customer service representative is able to receive all the information about what the customer was doing on the website, which sections they were attempting to access, and hence, shorten the preamble with the customer. The end result is a much better customer experience. One of the key applications for SIP in the financial industry is to enhance inter-branch communications. SIP has an advantage over other communications solutions because it not only allows for voice communications, but also instant messaging, call transfer and other advanced telephony features. Some financial institutions have increased their cross sell closure rate simply because of the availability of financial experts in remote locations to advise customers.

SIP to the rescue


Financial institutions can enjoy a more robust communications solution as SIP allows for advanced features such as PBX call recording to meet compliance requirements, dual homing for disaster recovery in the event of a branch location losing its ability to operate.

Most of today’s interaction takes place over telecommunications. The sheer volume of telecommunications means that the FSI industry spends a significant amount of time and money ensuring that their telecommunications systems and services are the best.

SIP allows banks to enhance their telecommunications services both internally and externally. Cost savings using SIP has been well documented, but beyond that, SIP offers more flexibility, extensibility, and easy integrations compared to traditional phone systems.

For FSI companies, it is time to realise the cost savings that SIP can afford, and at the same time, begin to offer more productivity services both for internal use as well as to enhance interactions with customers.

When considering the switch to SIP, FSI companies need to consider factors such as cost savings, convenience and scalability. With a service provider like StarHub, their extensive experience across multiple installations ensure that transition would be seamless and the menu of services would be comprehensive. Contact your service provider today to learn more about how you can benefit from SIP.


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