Almost every industry can benefit from integrating video into their communications strategy and/or customer service processes. For the financial sector, the video channel achieves closer and more personal conversations with customers. Without a doubt, it is a remarkable differentiator from its competitors. Today, Video banking is key to generate a better customer experience, longer, loyal and lasting relationships.
Many studies state that the greatest challenge facing banks today is to satisfy increasingly demanding customers and to retain their loyalty in the era of digitalization. Because the demands on the control and response capacity of the institutions increase over time. And this is not surprising.
Therefore, here are 3 tips to take that leap in the model of bank-customer relations, which will allow you to create valuable personal interactions with your customers.
1. Go digital
It is no longer the time to wonder whether or not it pays to offer digital banking services.
A survey conducted by Adobe states that three out of five customers (59%) would not go to a financial institution that did not offer digital banking services.
This statement is even more true for millennial or Generation Z customers. Today, customers base their decisions on the digital experience offered by their institution, which makes it the main aspect to improve from traditional banks.
Now, it is essential to be certain that customers have the opportunity to interact with your bank at all times through channels that are more comfortable for them, all connected, to offer a great customer experience on a constant basis. For example, integrating a video channel into a bank’s App or Web is a very good idea. This promotes engagement and customer service, and real-time, eye-contact conversations work miracles!
For this, make sure you have a disruptive technology that allows you to add value. Well, video conferencing technology works well for simple queries. However, CPaaS is considerably more flexible and can integrate video into a wide variety of applications and workflows.
2. Betting on mobiles
The shift to mobile banking has become even more natural at the request of the customers themselves after the health crisis in March 2020, from which payment without a card, or contactless, began to gain importance. In many countries increased the limit for contactless payments from 25% to 400%.
And one thing is clear when it comes to mobile and contactless technology: voice communications are no longer used solely for making calls. People find it much more natural to speak than to write, so consumers have adapted and have welcomed many of the services that offer voice capability.
That’s why video is the future of user participation and can drive the adoption of your App. The video channel is the most accessible way to authentically interact with businesses. But mobile video is a challenge. The wrong technology can create frustrated users. That’s why you need to make sure that the SDKs you implement are specifically tailored for mobile devices, enabling you to deliver a high-quality experience, wherever your users are.
3. Betting on the personal
Throughout history, banks have focused heavily on their personal relationship with customers, which has allowed them to sell a variety of products and offer comprehensive services to each customer. Face-to-face customer service has always been one of their strengths. However, in order to offer the same level of personalization in a digital environment, it is necessary to change the approach and strategy.
To offer personalized experiences, it is necessary to know the whole customer journey and
to offer the client the most appropriate options so that he can choose the one that best suits his needs.
This is where Video Banking plays a vital role. Today, due to social distancing measures and teleworking, bank advisors need remote communication tools that allow them to interact with their customers digitally, through various channels and media, such as videoconferencing.
What is VidyoPlatform?
VidyoPlatform is an API platform for embedding multipart video into the web, mobile, and native applications. It’s the way to provide customers with rich communications in a single sprint. It is designed for developers to easily integrate group video communications without the need for them to become video experts.
VidyoPlatform can be applied to almost any type of digital workflow in applications and devices. This includes specialty hardware used in financial services, healthcare services, and other industry sectors.
Ultimately, customer-bank relationships are no longer based solely on physical presence. While customer service advisors or representatives are dedicated to doing what they do best, i.e., providing customer service that promotes customer loyalty, technology takes care of everything else.
Therefore, do not hesitate and take that leap to the Telebank by including a video channel in your applications or website. This will allow you to provide an additional channel, from anywhere and through any device, generating more consistent experiences and more stable relationships.
If you want to know more about how to implement an effective Video banking strategy, we invite you to download this Guide.