{"id":48055,"date":"2021-06-15T08:58:19","date_gmt":"2021-06-15T15:58:19","guid":{"rendered":"\/us\/en\/blog\/?p=48055"},"modified":"2024-08-14T08:37:20","modified_gmt":"2024-08-14T15:37:20","slug":"with-ringcentral-this-top-financial-services-firm-found-a-number-of-ways-to-save-money","status":"publish","type":"post","link":"\/us\/en\/blog\/with-ringcentral-this-top-financial-services-firm-found-a-number-of-ways-to-save-money\/","title":{"rendered":"With RingCentral, this top financial services firm found a number of ways to save money"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">An award-winning provider of wealth management technologies and products, <a href=\"https:\/\/www.envestnet.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Envestnet<\/a> has created an innovative platform that helps independent advisors gain a holistic view of their clients\u2019 financial lives. Using Envestnet\u2019s suite of business-intelligence applications, advisors can benefit from what the company calls \u201cunified advice,\u201d empowering them to make better-informed recommendations based on each client\u2019s unique financial circumstances and goals.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The company\u2019s innovative solutions have proven so successful across the wealth management industry that today, more than 100,000 advisors use Envestnet\u2019s technology to inform their financial guidance for more than 1,000,000 investors around the world. In fiscal year 2020, Envestnet surpassed $1 billion in adjusted revenue\u2014with more than $1 trillion in assets under management.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For years, Envestnet has been building on its dominant industry position by regularly acquiring other financial-services firms. And although these acquisitions have been helpful for extending the company\u2019s reach, product portfolio, and bottom line, over time they also created a major operational challenge.<\/span><\/p>\n<div class=\"rc-bottom-cta rc-bottom-cta__landscape\" style=\"background-color:#FF8800;flex-direction: row-reverse;\">\n<div class=\"bottom-cta-img\">\n\t\t\t\t\t<img decoding=\"async\" width=\"930\" height=\"700\" src=\"\/us\/en\/blog\/wp-content\/uploads\/2020\/11\/Emoji-hero.png\" class=\"responsive-image\" alt=\"RingCentral ...\" \/>\t\t\t\t<\/div>\n<div class=\"bottom-cta-copy\">\n<div class=\"rc-bottom-cta__text\" style=\"color:ffffff;\">\n<h3\n\t\t\t\t\t\t\t\tclass=\"rc-bottom-cta__title headline-copy\"\n\t\t\t\t\t\t\t\tstyle=\"\"\n\t\t\t\t\t\t>RingCentral unifies Envestnet\u2014and adds massive efficiencies <\/h3>\n<\/p><\/div>\n<div class=\"rc-bottom-cta__btn-wrapper\" style=\"\">\n\t\t\t\t\t\t<a\n\t\t\t\t\t\t\t\tclass=\"btn btn-primary btn-lg rc-bottom-cta__link\"\n\t\t\t\t\t\t\t\ttitle=\"Read the Case Study\"\n\t\t\t\t\t\t\t\thref=\"https:\/\/www.ringcentral.com\/whyringcentral\/casestudies\/envestnet.html\"\n\t\t\t\t\t\t\t\tdata-dl-name=\"Read the Case Study\"\n\t\t\t\t\t\t\t\tdata-dl-element=\"button\"\n\t\t\t\t\t\t\t\tdata-dl-additional-info=\"bottom cta banner\"\n\t\t\t\t\t\t\t\tdata-no-auto-dl=\"true\"\n\t\t\t\t\t\t\t\tstyle=\"\"\n\t\t\t\t\t\t\t\tonmouseover=\"\"\n\t\t\t\t\t\t\t\tonmouseout=\"this.style.backgroundColor='';this.style.borderColor='';this.style.color='';\"\n\t\t\t\t\t\t>Read the Case Study<\/a>\n\t\t\t\t\t<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<h3 class=\"heading h3\"><b>A telephony infrastructure that failed the cost-benefit analysis<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Jace Jones, Envestnet\u2019s Service Desk Manager, explains that the company\u2019s previous phone system was extremely difficult to administer, lacked key features the company needed\u2014particularly to support its call center operations\u2014and was prone to regular outages.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">With such a problematic phone system, Envestnet\u2019s IT team wasn\u2019t comfortable integrating newly acquired businesses into the company\u2019s telecommunications environment. \u201cWith each acquisition, we were picking up new phone solutions and different carrier relationships, and it became more and more difficult to stay united as one company,\u201d recalls Jace. \u201cIt wasn\u2019t even easy to find a colleague\u2019s phone number in a central directory\u2014because we didn\u2019t have one.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Additionally, given how important phone-based customer support is for financial-services organizations, Envestnet\u2019s limited contact center capabilities were of particular concern to the company.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cWe have a unique and relatively complicated call center setup,\u201d Jace says. \u201cWe have one team of agents helping our advisors, another supporting our salespeople, and a floating team ready to help out whichever group needs it. Our old system wasn\u2019t flexible or sophisticated enough to let us adjust call queues quickly to help out agents who were getting overloaded with call volume.\u201d<\/span><\/p>\n<h3 class=\"heading h3\"><b>RingCentral\u2019s unified solution adds a wealth of operational improvements<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">When they migrated to RingCentral, Envestnet finally solved the issue of unifying the growing organization around a common communications platform. With RingCentral Office and RingCentral Video, the company now has a single cloud solution for business phone, video conferencing, online faxing, and other communication services\u2014which employees can access anywhere.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As Jace notes, even as Envestnet acquires businesses and adds new employees around the country, the organization is operating more than ever like a united team. \u201cWith RingCentral, the thousands of employees across our company were now on the same telephony platform and in one centralized directory. That\u2019s really helping us to feel like one team, one company.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">And when Envestnet\u2019s support team moved their roughly 80 support agents onto RingCentral Contact Center, the company found it had a more efficient and sophisticated <a href=\"https:\/\/www.ringcentral.com\/call-center.html\">call center<\/a> operation than ever.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cRingCentral Contact Center is great because it lets us easily set up rules to direct calls to specific agents anytime volume hits a certain amount, to prevent any team from getting overloaded and keeping clients waiting,\u201d says Jace. \u201cAlso, because Contact Center is integrated into the rest of our RingCentral platform, it\u2019s easy for agents to transfer a call to someone in another department, or even for employees in other departments to transfer calls to support.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Jace adds: \u201cWe just couldn\u2019t do these types of things with our old phone infrastructure because the systems weren\u2019t connected. Now, it\u2019s just a matter of a click or dialing an internal extension because everyone is on the same platform. We\u2019ve even been able to add our receptionist as a backup on our Contact Center call queues in case of overflow. Things like this are really helping us run more efficiently and better serve our clients.\u201d<\/span><\/p>\n<h3 class=\"heading h3\"><b>The company has also lowered its telecommunications costs<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Envestnet is also finding that RingCentral helps reduce the company\u2019s telecommunications costs in a number of ways. As Jace explains, the biggest savings has come from being able to consolidate the company\u2019s previous apps and vendors for phone and online meetings into a single bill. But after his team deployed RingCentral\u2019s unified communications platform, Jace discovered another source of savings.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cI didn\u2019t even think about it at the time we were rolling out RingCentral, but now we had a new digital fax service built into our phone solution,\u201d he says. \u201cThat saved us money right away, by letting my team get rid of our old fax service as well as our in-house fax server and its antiquated software.\u201d<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>An award-winning provider of wealth management technologies and products, Envestnet has created an innovative platform that helps independent advisors gain a holistic view of their clients\u2019 financial lives. Using Envestnet\u2019s suite of business-intelligence applications, advisors can benefit from what the company calls \u201cunified advice,\u201d empowering them to make better-informed recommendations based on each client\u2019s unique &#8230;<\/p>\n","protected":false},"author":1070,"featured_media":48058,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,18836],"tags":[],"class_list":["post-48055","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-customer-experience","category-financial-services"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v19.3 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>With RingCentral, this top financial services firm found a number of ways to save money | RingCentral Blog<\/title>\n<meta name=\"description\" content=\"An award-winning provider of wealth management technologies and products, Envestnet has created an innovative platform that helps independent advisors\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ringcentral.com\/us\/en\/blog\/with-ringcentral-this-top-financial-services-firm-found-a-number-of-ways-to-save-money\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"With RingCentral, this top financial services firm found a number of ways to save money\" \/>\n<meta property=\"og:description\" content=\"An award-winning provider of wealth management technologies and products, Envestnet has created an innovative platform that helps independent advisors\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.ringcentral.com\/us\/en\/blog\/with-ringcentral-this-top-financial-services-firm-found-a-number-of-ways-to-save-money\/\" \/>\n<meta property=\"og:site_name\" content=\"RingCentral Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/ringcentral\" \/>\n<meta property=\"article:published_time\" content=\"2021-06-15T15:58:19+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-08-14T15:37:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.ringcentral.com\/us\/en\/blog\/wp-content\/uploads\/2021\/06\/Envestnet.png\" \/>\n\t<meta property=\"og:image:width\" content=\"930\" \/>\n\t<meta property=\"og:image:height\" content=\"700\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Marianna Levyash\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@ringcentral\" \/>\n<meta name=\"twitter:site\" content=\"@ringcentral\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Marianna Levyash\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/newrcblog.wpengine.com\/us\/en\/blog\/with-ringcentral-this-top-financial-services-firm-found-a-number-of-ways-to-save-money\/#article\",\"isPartOf\":{\"@id\":\"\/us\/en\/blog\/with-ringcentral-this-top-financial-services-firm-found-a-number-of-ways-to-save-money\/\"},\"author\":{\"name\":\"Marianna Levyash\",\"@id\":\"https:\/\/newrcblog.wpengine.com\/us\/en\/blog\/#\/schema\/person\/0a4e8797822181452f21180f66591e5c\"},\"headline\":\"With RingCentral, this top financial services firm found a number of ways to save money\",\"datePublished\":\"2021-06-15T15:58:19+00:00\",\"dateModified\":\"2024-08-14T15:37:20+00:00\",\"mainEntityOfPage\":{\"@id\":\"\/us\/en\/blog\/with-ringcentral-this-top-financial-services-firm-found-a-number-of-ways-to-save-money\/\"},\"wordCount\":876,\"publisher\":{\"@id\":\"https:\/\/newrcblog.wpengine.com\/us\/en\/blog\/#organization\"},\"image\":{\"@id\":\"https:\/\/newrcblog.wpengine.com\/us\/en\/blog\/with-ringcentral-this-top-financial-services-firm-found-a-number-of-ways-to-save-money\/#primaryimage\"},\"thumbnailUrl\":\"\/us\/en\/blog\/wp-content\/uploads\/2021\/06\/Envestnet.png\",\"articleSection\":[\"Customer &amp; 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