June 3, 2015

J.P. Morgan Chase hanging up on voicemail, saving money & time

While this is not the first large company to cut voicemail out of their business plan, this is certainly one to pay attention to. The nation’s largest bank, J.P. Morgan Chase has officially cut voicemail for a large group of its employees…

According to the bank’s consumer chief Gordon Smith at a financial conference Tuesday, the $10-per-month service per person has become obsolete for many.

“We realized that hardly anyone uses voicemail anymore… we’re all carrying something in our pockets that’s going to get text messages or e-mail or a phone call to you instead,” he said.

This action came straight from Chairman and CEO James Dimon. The effort cuts down company expenses by $2 billion by 2017, which Mr. Smith laid out during an investor presentation made in February.

Dude_phone

Starting with about 136,000 employees, their voicemail is replaced by a generic message that says the person is not currently available, and to try back at another time. – And this really reinforces what most people would agree with on the street. People do that on their own anyways without being prompted to simply hang up and try again – instead of creating another method of follow-up. 

In December 2014 as a result of a congruent business & operational efficiency opinion, Coca-Cola pushed people to use the employee’s email or cell phone number upon no answer.

“Employees were given the option to turn off their voice mail systems at the Atlanta Office Complex and our Coca-Cola Technology Plaza, and only 6 percent opted to keep the voice mail,” the company wrote in an email.

Key Coke spokespeople say that starting out, the savings in the first year would total just about $100,000. Upon cost-reduction plans coming from businesses now in 2015, this is now a jump companies say is worth taking. 

“We’ve laid out pretty good plans around branch automation, what we’re doing with digital and mobile…the mortgage servicing space,” Smith of J.P. Morgan Chase said. “The vast majority of [the expense savings] are just where we want them to be.”

Eliminating tasks for employees ulitmately by cutting out voicemail is intended to improve operational efficiency. Since there is always a lag in response-time with voicemail, eliminating this method is actually looking to improve customer service rates and response times. This is truly a win-win when you think about it – saving money AND time? Why aren’t more companies doing this? It is possible that some companies would prefer to have a central place to manage most of their incoming requests. 

Zingle Business Texting software is one of these solutions, providing a low-cost central inbox for those text requests & conversations. Organize your contacts with custom fields, use the built-in analytics with business intelligence and even automate the common and simple requests – to save you time. Trackable customer data. Don’t take our word, take Coca-Cola, J.P. Morgan Chase, and the Wall Street Journal’s word for it and try it today. Who will be the next big company to move forward and #DitchVM? Keep reading the Zingle Blog to stay up to date. 

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Find the original story here:
http://blogs.wsj.com/moneybeat/2015/06/02/in-bid-to-cut-costs-j-p-morgan-hangs-up-on-voicemail/
 
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