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RingCentral Supports Mortgage Banker’s Nationwide Growth While Slashing Wasteful Internal Emails

Summary
Needed a phone solution that would work easily on day one, scale easily later.
Cloud-based RingCentral enabled easy office expansion and frictionless growth.
Continuing to benefit from RingCentral’s ease of use and cost-effectiveness.
Company profile
Company profile:
Wyndham Capital Mortgage is a mortgage banker licensed in 46 states. The company has funded more than 20,000 loans, representing several billion dollars in loan volume.
Year founded:
2001
EMPLOYEES:
315 employees
Headquarters:
Charlotte, NC

Wyndham Capital Mortgage provides residential mortgage loans through an online, direct-to-consumer lending model. The model is backed by a focus on integrity (A+ rating from the BBB), world-class technology, and proprietary loan processes that have completely eliminated paper documents (earning the company a Green Lender Award). This formula, along with in-house teams for processing, underwriting, closing, funding, and finding competitive rates, has driven nationwide growth and made Wyndham one of the fastest-growing financial services companies in the country.

Matthew Lehnen, Vice President of IT at Wyndham, had this growth in mind when he decided to look for a new communications solution. It wasn’t a lack of functionality in the previous hardware-based, on-premises phone system that drove the decision. Lehnen says it was “feature-rich.” But between the capital costs of expanding it when necessary and the difficulty of scaling phone service to new sites, it didn’t support Wyndham’s growth. Nor did it fit into Lehnen’s transition toward a more virtualized IT environment with an increasing use of SaaS.

A thorough selection process focused on cost and functionality

Lehnen chose RingCentral after evaluating a number of UCaaS solutions according to cost, ease of provisioning new sites, and how well they stacked up against the previous system’s feature set. “We evaluated every feature we cared about,” Lehnen explains. “RingCentral covered everything we needed in a phone system, plus it comes with faxing, video meetings, and team messaging at no additional cost.”

Lehnen’s evaluation of cost showed that RingCentral would save the company money over time by eliminating the tremendous up-front cost of purchasing new hardware from time to time. He appreciates that RingCentral’s cost is per user, which replaces “the stair-step cost model” with a linear one. “It’s a predictable, scalable cost model,” he adds.

Setting up a new user in minutes is simple

RingCentral met Lehnen’s requirement for scalability by greatly simplifying the process of providing phone service to new users and new locations. Once a new site has internet access, “we can set up new users in minutes,” Lehnen explains. “Once they hook up their softphone, they are instantly connected to our phone system.”

Users take advantage of the RingCentral Phone™ mobile app to have a consistent presence with customers even when they aren’t in the office. “A customer sees the same caller ID and gets the same voicemail, no matter where the employee is working, and that’s huge for us,” Lehnen adds.

RingCentral Glip™ reduces internal email volume by 20%

Separate from the RingCentral deployment, Lehnen performed a study to evaluate the company’s use of email. “I could see that we were plagued with email, so I ran the stats and found that we were at a 3:1 ratio of internal email to correspondence with customers,” he says. He could see that some of it was generated by internal systems sending messages automatically, and he took steps to minimize that where he could. But he also saw that a lot of that volume was due to large email chains in order to discuss simple items or non-business topics, such as where to eat lunch.

“There’s an overhead to email,” he adds. “It transverses the network. It requires storage, and conversational discussion can bury critical business messages.” The company had tried a third-party instant

messaging system as a way of cutting down on email but the system was not user-friendly and not widely adopted.

After deploying RingCentral for telephony, Lehnen phased in RingCentral Glip, a team messaging solution that supports text, voice, and video communications and includes file and screen sharing. Since deploying Glip, Wyndham’s email traffic decreased by 20% in one month, resulting in more time for reaching out to customers. The ratio of internal email to correspondence with customers dropped to 1:1.

“It has gotten really good traction,” Lehnen says. “Users like Glip much better than the previous system. It is much better than email for quick conversations. But the more important benefit is in how it lets managers communicate and engage better with their teams.”

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