Ask any entrepreneur, and they’ll say the same thing: growing a financial technology company is no walk in the park.

From supervising daily operations to securing the proper licenses to operate, entrepreneurs must wear multiple hats to ensure their company survives and thrives amidst tough and often established competition.

That being said, there are many ways entrepreneurs can devise strategies to minimise burnout while running their business, while simultaneously remaining resilient and capable of growth. One such way is by investing in the right software tools to improve your company’s operations.

One of the best tools that companies can invest in, in particular, is an inbound phone number. In Australia, 1300 numbers are a powerful asset that businesses can use to enhance their customer communications. These numbers differentiate themselves from traditional phone numbers in a variety of ways.

If you want to learn more about the difference, then you’re in the right place. We’ll explore the role of 1300 numbers in customer support and how they can benefit your fintech business.

Let’s jump right into it!

What is an inbound number?

If you’re unfamiliar with an inbound number, then it’s essential to understand the design and purpose of this communication tool first.

An inbound number is a dedicated business phone number that receives customer calls and redirects them to the right representative or office within the company.

It’s a contact point that customers from across the country can call, and in Australia, this can come in either a 1300, 1800, or 18-number format. Each works similarly, but has key differences that distinguish them.

• 1300 number: An inbound number where callers pay a local call rate while the business covers the remaining cost.
• 1800 number: An inbound number where the business pays the entire call cost.
• 18 number: A premium inbound number with six digits total, but it works similarly to a 1800 number. This number type has more aesthetic and branding advantages than an inbound number.

This number differentiates itself from personal phone numbers as it’s capable of handling multiple callers due to its ability to accept multiple lines. This isn’t the case with traditional phone numbers, as they can only accept one caller at a time.

For growing fintech companies, inbound 1300 numbers allow them to handle simultaneous inquiries without customers ever receiving a busy tone. This is crucial during the growth stage, as this can influence customer satisfaction and handle high demand.

5 Roles of 1300 Numbers in Customer Support

So what exactly do 1300 numbers offer to the average fintech business? Several things, in fact. Let’s look through some of the most prominent ones.

1.    Centralises All Customer Inquiries

One key function of a 1300 number is its ability to centralise customer inquiries. If you have multiple branches across the country, having one inbound number ensures that your number is easily accessible and reachable by inquirers from different parts of the country.

It’s not uncommon for companies with several branches to have multiple numbers. However, this can be problematic as it can lead to confusion among callers who may want to call only companies within the same region. In turn, this can lead them to contact your competitor instead, reducing your revenue ceiling in turn.

With an inbound number, on the other hand, you can ensure consistent access and sweeping interest for callers across the nation. Additionally, this makes it easier for you to supervise a customer support team, as you can train and oversee them all in a single location, like your fintech business’s headquarters.

2.    Enhances Call Routing Efficiency

Another perk of inbound numbers for fintech companies is their ability to direct callers to the right team automatically.

As a growing startup, delegating responsibilities can be quite hectic, and this is especially true when you don’t have a dedicated team handling customer inquiries through the company’s telephone.

However, with an inbound number, you can direct callers to a receptionist and have that agent appropriately route the call to the individual they’re trying to contact. This can be achieved at scale as well, particularly when you’re hiring multiple customer support agents to answer queries.

Instead of having no system in place for call redirection, an inbound number sets your company up to have a proper system in place. In turn, this can reduce bottlenecks and make your staff more productive and focused on their individual operational requirements.

3.    Scales Seamlessly With User Growth

Another role of 1300 numbers in supporting customer support operations is its ability to scale when you need it to. When your fintech’s user base expands, so does the volume of inquiries. A standard phone number won’t be able to keep up with this demand the way a 1300 number can.

What sets this inbound number apart is its inherent ability to scale. Companies simply have to add more agents or redirect calls to additional departments, and the system can automatically distribute incoming calls to these resources.

Furthermore, these inbound numbers can also be upgraded or downsized on an as-needed basis. This makes it easy for fintech companies to adjust their support capacity during peak seasons, product launches, or quieter periods without overhauling their entire communication setup.

Whether your company is growing rapidly or in defence mode, inbound numbers can scale or downsize alongside your needs, making it a flexible tool that won’t be a major cash drain that offers too much or too little at a given time.

4.    Strengthens Business Branding

Another subtle but essential function of 1300 numbers is its ability to elevate how your fintech brand is perceived. Businesses using generic phone numbers as their official line come across as unprofessional and untrustworthy. This can influence a customer’s decision to deal with your business or take it elsewhere.

On the flipside, having a national business number gives customers the impression that you’re a legitimate and established brand. This is because the number is often associated with big businesses. Even if your fintech company is still in its initial stage of growth, having a 1300 number can be a big boost in its perception and reputation.

In turn, this can lead to increased interest in your brand and a larger pool of potential customers who feel more confident engaging with your fintech company.

5.    Provides Useful Metrics

A valuable way an inbound number can help improve your fintech company’s customer support operations is by providing detailed performance data.

These numbers aren’t only numbers; they have built-in dashboards and reporting tools that give a glimpse into the performance of your agents and customers. For instance, this phone line can track patterns like peak call hours, average wait times, abandoned calls, and agent response efficiency.

With this information, your fintech company can make more informed decisions and create training systems that can help improve the overall customer service experience. The data can be used to refine strategies over time as well, helping support customer service operations as you expand your company.

We hope that we’ve provided you with enough insights to convince you to hop on the inbound number hype train. All the best in scaling your fintech startup!