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Benefits of Using VoIP Phone Systems in the Financial Services Industry

By Higher Information Group | Financial

With more members of your office working remotely or on the go at least part of the time, it’s more important than ever to have a reliable phone system that’s completely portable. A VoIP phone solution allows you to connect and communicate with clients, or team members wherever you are, without being tied to a traditional landline.

When you use a traditional landline phone, your number is tied to your location. A VoIP (Voice Over Internet Protocol) phone system operates over the internet instead of traditional phone lines. With a VoIP phone system, the service goes where you go as long as you have an internet connection. It’s not dependent on a physical line. This is a major benefit for financial businesses and ensuring an excellent customer experience!

Other benefits of a VoIP phone system for financial services firms include:


A VoIP phone system costs less than traditional phone service. Your practice pays a low monthly per-user fee, unlike a traditional service that, on top of your regular monthly bill, charges you every time a technician fixes a faulty line or troubleshoots a problem. These visits can add up and impact your bottom line.


A cloud-based VoIP service allows you to make calls and important decisions from anywhere in the world. Whether you are in the office meeting clients, or traveling for business, with VoIP, you can access work phone lines and features that were traditionally only available while in the office. This means team members can stay productive and accessible regardless of their location.


With a VoIP phone system, there’s no need to purchase additional lines or dedicated software as your practice grows. VoIP software makes it incredibly easy to add new users.

Easy Integration

VoIP easily integrates with a wide variety of existing business systems – even secure solutions in the financial tech industry. Employees love it when they’re able to connect with tools they’re already using.

Simplified Video Conferencing

It’s super easy to share media (Think images, video, PowerPoint presentations, etc.) during your phone or video calls. Yay for being able to multitask during calls!

Advanced Features

VoIP phone systems offer features that are often not available or too expensive on landline systems. Things like voicemail, call queues, and custom music while on hold.

Easier to Fix

No need to call in a technician. Most VoIP-related issues can be fixed remotely and in a matter of minutes.

Better Reliability

Traditional phone lines are vulnerable to outside mishaps, like the weather.

Better Sound Quality

When using a VoIP phone system, you’ll experience incredible audio clarity with every call.

Increased Security

Things move quickly in the financial services industry and you understand the importance of privacy and security. VoIP can guard against business security threats, such as fraudulent phone calls, by leveraging IP technology advancements, such as encryption and identity management.

These are just a few of the reasons businesses of all types and others in the financial services industry are switching from traditional telephone systems to VoIP systems.

Our technology experts are available to answer questions and help you determine your options when it comes to the right business phone system for your organization. Contact us to schedule an assessment or learn more.

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