Any organisation in the finance and banking sector knows how important it is to provide quality customer service and support through a variety of different channels – not only to improve customer satisfaction but also to build brand loyalty and strengthen competitive edge.
The usage of mobile, social and video chat as interaction channels has gained ground rapidly among customers. But many organisations are still not making the best use of these channels, instead directing customers to self-service and using voice as the primary channel, which often results in high customer frustration.
Exceeding customer expectations requires the right mix of personal service, quality interactions and quick resolution of problems. With the right video collaboration solutions, your organisation can better manage the customer experience through offering personalised interactions, increasing responsiveness and improving satisfaction.
There are a number of ways in which financial organisations are currently making use of video collaboration technology to improve the customer experience and build stronger relationships between them and their customers.
In the future, it will be normal for bank advisers to effortlessly communicate with their customers through video to provide expert guidance and video consultations.
Many businesses have found that offering a series of product explainer videos or walkthroughs helps to engage potential and existing customers alike in a way that lengthy, unengaging brochures simply don’t. Similarly, using video to create welcome messages for new customers, and walking through the practical essentials of the service they have signed up for, helps ensure customers feel they are being taken care of. This is very important when they are putting their money in your hands. Some bank branches are beginning to incorporate video into their in-branch banking machines, equipped with video and audio capabilities that enable customers to carry out their transactions with a live teller.
Although still a long way off, the trends in online banking and video collaboration point towards the growth of “virtual banking.” A virtual bank branch goes beyond simply enabling customers to conduct their day to day online banking requirements, and will embrace live chat and video messaging, online authentication, shared screens and collaborative documents & form-filling to provide all the services that the traditional high street branch provides but with the convenience of being open for business 24/7. Where online banking is merely an extension of the physical branch, the virtual branch is so much more, providing all services the customer may need. Perhaps the biggest hurdle to acceptance of the virtual branch is privacy concerns – there are some aspects of personal banking that customers are still more comfortable dealing with face to face rather than over the Internet. Yet as technology advances and adoption increases, virtual branches are looking more and more likely to be the future of the banking.
For more information on how video conferencing technology is shaping the financial and banking industry, download our whitepaper Video Collaboration in the Financial Sector. The whitepaper looks at some of the biggest technology trends in this industry as well as the key considerations financial organisations should take into account when implementing video collaboration solutions.