As industries across the globe grapple with the realities of an increasingly digital world, financial service providers face unique challenges in meeting customer expectations.
While automation and AI offer solutions to ease the simplest services, those solutions also decrease the personalization that may still be required to adequately serve clients and customers.
A wide-ranging demographic—from young “digital natives” who expect to do everything online, to boomers who prefer personal contact—requires a wide-ranging suite of solutions. How can financial service providers maintain or improve the customer experience (CX) in this new world?
A secure, high-quality videoconferencing platform can help financial service professionals continue to deliver a top-notch customer experience. Here are four advantages that videoconferencing can bring to financial services:
1. Supplement digital with a human touch
Digital financial service options have been increasing for some time, but the COVID-19 pandemic accelerated the adoption of these services significantly. An Accenture study found that 50 per cent of banking customers interacted with their bank via an app or website at least once per week after the pandemic, compared to 38 per cent in 2018.
But even as these digital services increase, trust in financial services is falling, suggesting that a lack of human connection could be weakening the personal connections banks have with customers. Introducing the human element back into banking could restore some trust, and videoconferencing is a simple, accessible way to do that.
According to the Accenture study, 46 per cent of banking customers would consider scheduling a videoconference even after the pandemic, and 35 per cent of customers would prefer video to a face-to-face meeting. Adding videoconferencing options to already-popular digital services can be a way to bring a human touch back to financial services.
2. Streamline complex services
Even with the advent of AI and automation, many financial products and services still involve a level of complexity that might require a personal touch. For example, consider that the average U.S. mortgage requires 46 days, 30 touchpoints and six unique roles to complete.
Videoconferencing allows service providers to streamline that complex process by guiding customers through paperwork via video rather than requiring them to travel to an office to complete paperwork.
Videoconferencing can also improve the customer experience when a number of options have to be evaluated. If an in-person meeting isn’t realistic, videoconferencing can allow financial service providers to use visual elements to explain products and personalize plans.
3. Improve long-term relationships
Customers aren’t the only ones who benefit from videoconferencing. As employees across industries ask for more flexible work options, financial services companies will likely expand hybrid and remote work models as well, in part to improve employee retention.
In one instance, a bank doubled retention of its tellers—from 18 months to three years—when it introduced the option for remote meetings. Employee retention translates into long-term customer relationships. With videoconferencing options, long-term relationships can grow without the need for in-person meetings.
According to a Forbes Insights survey, 93 per cent of executives surveyed agree that videoconferencing improves team effectiveness, while 93 per cent agree that it boosts individual productivity.
4. Provide end-to-end security
Digital scams are becoming more common. It’s becoming more difficult for consumers to distinguish between real requests from banks versus fake ones. That uncertainty can leave consumers hesitant to offer up confidential information on financial institution websites.
By implementing videoconferencing tools with end-to-end security, customers can exchange information with financial service providers in a face-to-face exchange or via secure chat. Videoconferencing tools bypass the security concern of clicking on links from e-mail or text or providing private information over e-mail.
Use cases for videoconferencing:
Videoconferencing can improve the customer experience in the financial sector. Here are some ways you can make that happen:
- Loan applications: Loan applications are complex, and banking customers frequently want support during the process. Video options allow banks to play an advisory role, similar to the way they would in an in-person meeting, and streamline the loan application process.
- Business banking: Video can help to deliver personalized advice on business banking. For example, when it comes to integrated services like payroll and accounting, video helps banks advise customers on the best way to proceed. Being able to talk with an advisor remotely can save customers time and money.
- Retail banking: According to a report from Gartner, more than half of retail banking customers want to be able to digitally manage their finances. In the past, relationships with customers and bankers at a local bank were important, but now customers are willing to change to a different bank in order to get a better rate. Using face-to-face video allows for better interactions including building long-term rapport and loyalty with customers.
Learn more about how videoconferencing can improve your customer experience.