It’s 2024, and you still complain about that old, naive phone system.  It’s not fair. Be smart and make your change. 

Upgrade to a virtual phone number system and boost your banking and financial system with its power-packed feature that meets your communication needs.

Virtual phone numbers improve communication, enhance security, and increase operational efficiency in banks. 

Provide convenience to customers with virtual numbers. And deliver superior customer service, streamline communication processes, and provide a positive banking experience for customers.

Let’s ignite the topic and explore the role of virtual phone numbers in banking and financial services.

What are Virtual Phone Numbers?

Virtual phone numbers, also known as cloud-based phone numbers, are used to make and receive calls over the Internet without being tied to one physical location, allowing you to connect seamlessly and engage with wider customers effortlessly.

Virtual phone numbers are known for their flexibility, enabling you to have quality phone calls and enhance the contact center experience. You can interact with your clients from anywhere, according to your convenience. You just need to connect to the Internet and establish your presence remotely.

Rather than a traditional phone number, it offers a wide range of features and can upgrade your business to reach large customers with its effortlessly.

Virtual numbers are less expensive than traditional SIM-based phone numbers and still provide a wide range of features, such as global calling, SMS, call routing, call forwarding, call recording, and more.

A VoIP phone system is a digital communication solution that fulfills the requirements of a digital banking system, helping to reach customers easily and is more cost-effective.

Here’s a comparison table between virtual phone numbers and traditional phone numbers:

Virtual phone numberTraditional  phone number
Operates over the internetRequires physical landline and hardware
Flexibility: Can be used anywhere with internet accessTied to specific physical locations
Cost-effective High cost
Wide range of features, such as call routing, IVR, and call recordingBasic calling features 
Facilitates global reachLimited international reach
Quick and easy setup process, often done onlineLonger setup time due to physical installations

The Role of Virtual Phone Numbers in Banking and Financial Services

role of virtual phone numbers in banking and financial services

Virtual phone numbers play a significant role in enhancing the efficiency of banking and financial services. It serves convenient customer service and improves the effectiveness of contact center management.

VoIP phone systems replace traditional banking methods and updates digital banking, which increase operational efficiency and the value of customers experiences. We can observe that, nowadays, the way banks deliver digital services can be hugely influential in enhancing the overall satisfaction for customers.

Virtual phone numbers enhance banking services more efficiently by tracking call volumes and using added analytics features to provide data about customer interactions, which can be used to manage operations and call volumes in the future.

Virtual numbers allow customers to perform basic banking activities through phone calls without having to attend the banks physically, like checking account balances, transferring funds, and other activities.

Banks can take advantage of  VoIP numbers to reach out to their customers remotely and establish their presence anywhere without having a physical meeting seamlessly..

Here’s how virtual numbers play an important role in improving banking and financial services:

1. Improve customer service

Having a virtual number for customer support improves quick response and provides 24/7 customer service that automatically improves customer service and increases experience. Clients will be able to contact the bank’s support agents with ease to make inquiries or seek account updates.

2. Security measures

Virtual phone numbers can be the best options for a secure connection, allowing users to have safe and secure banking and financial transactions. Virtual phone numbers use strong security systems, which effectively address the safety issue and help increase security in general.

3. Global reach and accessibility

Financial institutions can now better serve customers by using virtual phone numbers, reaching a much wider audience than using traditional phone systems. You can contact your bank customer support from anywhere to resolve your quires.

4. Cost-effective 

Virtual phone numbers are a great way for lenders and other financial institutions to cut costs related to cell phone subscriptions. Organizations can reduce costs for communication and dependability by doing away with long-distance rates and minimal infrastructure expenses.

5. Communication enhancement

Financial institutions and banks are completely changing the aspect of communication by introducing virtual phone lines, which are helping to ease communication over the Internet between clients and businesses.

Benefits of Virtual Phone Numbers in Banking

Virtual phone numbers are more accessible for those who are always on the go or have no fixed address. This means you can handle your banking remotely, regardless of your location.

Virtual phone numbers offer numerous benefits in banking and financial services. For security, convenience, and effective customer service, make it the top priority to choose a way to connect virtually rather than a traditional landline phone system.

Here are some benefits of VoIP numbers in banking:

1. Enhanced Security

Virtual numbers eliminate the risk associated with SIM swapping because they do not use physical SIM cards. They also provide enhanced security measures, alternative authentication methods, and more. This helps to protect your information and prevent unauthorized access to your accounts.

Virtual phone numbers provide two-factor authentication (2FA), which is secure and adds an extra layer of security beyond passwords; this increases the security levels of the account from unauthorized access.

Virtual numbers are the best way of keeping users’ personal phone numbers distinct from financial institutions, which helps to maintain the risk of losing their privacy.

2. Improved User Experience

Through virtual phone numbers, customers can easily get in touch with bank agents whenever they want to use their smartphones or computers and take advantage of the services, which are more convenient for clients.

Advanced features of virtual numbers allow you to carry out all your personal and business banking activities, which will keep you private and streamline the management of business calls.

The flexibility of virtual phone numbers enables clients to control their banking activities from anywhere with any device.

3. Increased efficiency

Having virtual numbers can significantly increase efficiency for both banks and their clients, leading to cost savings and enhanced customer experience and satisfaction. 

The features in virtual numbers can uplift the workflow and can easily analyze the agent’s performance, helping agents tackle day-to-day calls and leading to getting more work done in less time. 

With virtual numbers, you can reach more people, improve acceptance rates, allow agents to work better, and boost business communication. The flexibility and effective pricing with reliable support and improved call quality ultimately enhance the overall banking efficiency.

The Future of Virtual Phone Numbers in Banking

role of virtual phone numbers in banking and financial services
Internet Banking Online Payment Technology Concept

Digital banking uses virtual phone numbers as a convenient tool to provide secure banking transactions, customer convenience, seamless communication, and privacy separation.

Experience the future of communication with an advanced cloud-based system. 

Virtual phone numbers ensure seamless connectivity, secure banking and financial service, customer comfort, smooth communication, and privacy protection.

VoIP integration with Fintech makes it more convenient and essentially maintains clients’ security while making their financial processes less complicated. 

Advanced technologies like the AI-powered virtual assistant and IVR, offer great convenience for banking services is a notable capability. Stay endlessly connected with clients and experience smooth interactions.

VoIP phone numbers are the way to reach customers easily and provide them with education on cybersecurity and how to use online banking safely.

Top 5 Virtual Number Providers for Banking and Financial Service

Start connecting effortlessly through a virtual phone number without any issues. VoIP systems are known for their flexibility and features, which dominate the childlike traditional SIM-based phone system.

Because of their advanced features, virtual numbers play a significant role in banking and financial services. 

As you can see there are numerous virtual number providers, and you can choose a virtual number based on your specific needs.

Let’s explore the top 5 best virtual number providers for banking and financial services.

ProvidersPricingFeatures Customer supportSupported platforms
DialaxyStarts at $20 /month100+ innovative features, call routing, text-to-speech, call recording, call queuing, call filters, integration, SMS, and more.24/7 customer support (chatbot, call support, expert consultation, online ticket, email support) iOS, web-based, desktop, android
AVOXIStarts at $19.99 /monthAuto attendant, call recording, voicemail transcription, and others.24/7 customer support (chatbot, call support, online ticket)Web-based, iOS, Android, Desktop
CallhippoStart at $16 /monthMulti-level IVR, call forwarding, call monitoring, power dialer, and more.24/7 customer support (chatbot, call support, expert consultation)Android, iOS, web-based, desktop
8X8Starts at $15 user/monthCall recording, call analytics, auto-attendant, voicemail, call transfer, call forwarding, etc.24/7 customer support (chatbot, call support, online ticket)Web-based, iOS, Android, Desktop
RingCentralStart at $20 /monthIVR, automatic call recording, SMS, voicemail-to-email, call forwarding, extension, unified inbox, and more.24/7 customer support (chatbot, call support, expert consultation)Web-based, iOS, Android, Desktop

FAQs

Where can I get a virtual phone number?

Several VoIP number providers in the market offer a wide range of features, so you can choose according to your specific needs. You can get a virtual phone number from various providers, such as Dialaxy, Nextiva, Dialpad, 8X8, and others.

Are virtual phone numbers completely secure?

Virtual numbers can offer enhanced security features compared to traditional phone lines but aren’t completely secure.

How do I get a virtual phone number for banking and financial services?

Get a virtual phone number for banking and financial services with Dialaxy. Here are simple steps to get a virtual number from Dialaxy:

Step 1: Visit Dialaxy’s website

Step 2: Create an Account

Step 3: Select the “Country” 

Step 4: Select your preferred type of phone number

Step 5: Select a plan and complete the payment

Which virtual number provider should I choose for banking and financial services?

When choosing the virtual numbers for banking and financial transactions, it is essential to prioritize security, reliability, regulatory compliance, and features tailored to specific needs. Additionally, factors such as customer support, pricing, plan, reputation, etc, should be considered.

Prasanta Raut

Prasanta is the founder and visionary CEO of Dialaxy. He is on a mission to redefine the landscape of SaaS solutions, infusing creativity and ingenuity into every aspect of Dialaxy’s offerings. His fervent dedication to simplifying sales and support processes drives Dialaxy’s forward momentum, delivering unparalleled value to businesses of all sizes. Embark on a transformative journey with Prasanta and Dialaxy as they pave the way for a new era of sales and support excellence.

Prasanta is the founder and visionary CEO of Dialaxy. He is on a mission to redefine the landscape of SaaS solutions, infusing creativity and ingenuity into every aspect of Dialaxy’s offerings. His fervent dedication to simplifying sales and support processes drives Dialaxy’s forward momentum, delivering unparalleled value to businesses of all sizes. Embark on a transformative journey with Prasanta and Dialaxy as they pave the way for a new era of sales and support excellence.