In recent years, banks and credit unions have achieved a reduction in their costs by moving customers from branches to other channels. This includes ATMs, contact centers, and digital channels. However, this change has come at a price: Mistrust, lack of loyalty, and dissatisfaction from their customers. How can this trend be reversed? Using a Video Banking Platform restores the human touch, builds trust, and increases top-line revenue.
People still prefer the peace of mind of face-to-face interactions especially with banks or financial institutions. Despite this, these interactions are not always feasible. Due to schedules, timing, availability, etc. However, this does not mean that it is not possible to provide the benefit of ‘personal’ contact.
This is where the video plays an essential role in customer experience in the digital age. A user can be at home or even in a branch office and have the possibility to talk to a remote specialist. Where this specialist can be doing their somewhere else, for example, the home or office. Making eye contact with someone who can solve your situation is what promotes a higher level of trust, understanding, and customer satisfaction.
Consumers are opting for video communication – Banks should too
Customer commitment and trust are the lifeblood of financial services, but today they come at a high cost. Historically, retail banks have relied on branches and call centers to attract customers and meet their sales objectives. The digital channels, although growing rapidly, were thought to be the domain of low value, low-cost transactions.
This model no longer works for two reasons:
- Pedestrian traffic in the branches is decreasing. No matter how well banks delight customers, fewer and fewer people are coming to their branches.
- Customer expectations are growing. Branch opening hours from 8 AM to 5 PM are no longer adequate. Consumers expect to be able to transact 24 hours a day, 7 days a week. Banks must offer more to earn customer loyalty.
Video calling is now ubiquitous, as evidenced by the widespread adoption of consumer video communication services. Increasingly, users expect video to be added as a simplified interaction channel for high-quality consumer engagement and support.
The financial services industry has begun to accept video as a means of adapting to these changing user behaviors and expectations. Why? Without a doubt, video helps create a more personal form of service, whether the customer is in a branch or not.
Customer Engagement Solutions with Vidyo
Vidyo has developed the best solutions to meet the needs of banks looking to integrate video into their experience. Millions of users around the world connect visually every day with Vidyo’s security, scalable technology, and cloud-based services.
By integrating Vidyo’s solutions into their workflow, banks have experienced the following return-on-investment benefits.
- Increased first-call resolution
- Increased customer satisfaction
- Improved cross-selling and up-selling
- Improved closing rates
- Reduced staffing requirements
Clearly, today’s consumers have high expectations of their interactions with businesses. This is why video consumption has created an expectation that a video channel must be available to engage with business today. Now, banks are beginning to make this shift in customer service delivery by enabling their video experience, and the trend continues to grow. Vidyo is at the forefront of helping banks make this transition beneficial.
If you would like to explore this topic further and define your Video Banking strategy now, we invite you to download this Guide. Remember that if you require more information, you can always contact us to provide you with a solution tailored to your needs.