4 Benefits of Live Video in Enhancing Customer Banking Experience
Smartphone and tablet user bases are increasing rapidly, and because of the millennial market development which sees mobile banking technology, as well as online services, becoming more accessible to users, consumers now can conduct their personal banking anytime and anywhere they wish. By using smartphones, it enables a new payment paradigm and also creates a more personalized customer service experience. That is why the conventional banking-trend is changing and 2015 was the first time in the United States mobile bankers exceeded branch bankers. In 2015, 1 in 10 adults in the US was using mobile banking for the first time, making it 25 million of new mobile bankers.
Based on a study by Marcial Nava, Nathaniel Karp and Boyd Nash-Stacey in 2014, around 94% of millennials conducted their transactional banking entirely online. The catch though is that, despite technological advancements, consumers still want humanized interaction when it concerns their money. It is because online banking remains a sensitive platform as it involves private information and wealth. As a result, consumers face trust issues while transacting with a lack of human interaction via a mobile interface. That is the reason why they want a more personalized customer experience.
For banks to meet the changing demands of customers and succeed in the midst of digital disruption, live video in customers’ personal banking journeys will be a golden opportunity. In fact, 93% of banking providers in a survey done in 52 different countries said that they believe customer satisfaction would improve if a high-quality video banking service for mobile devices were to be implemented. These are strong reasons why live-chat should be embedded into the customer banking experience:
- Banks can differentiate themselves with personalized customer experience. In a survey done by Accenture Banking in 2016, it is found that customers experienced little face-to-face interaction with their banks and 79% of consumers see their banking relationship purely a transactional one (1) and would likely to change to other banks for better rewards like cash back and high yields (2). These convince us that embedding live video in the customer banking experience can be considered an effective and innovative method to keep the customers with us and avoid losing revenue for banks.
- Shorter time to resolve customer queries. A feature like a video conferencing may help bankers respond instantly to customers’ queries and guide them at anytime they go through complicated transactions online. Therefore, it allows the bankers to provide customers with a real-time experience, building trust towards the service provided. According to a survey conducted by customericare.com (“Live Chat for Banking: increase Trust with Video Chat”), 7 in 10 consumers and 92% of bankers find it convenient to communicate using virtual technology. Most of them would like having access to their accounts online but would not go for complicated transactions without guidance.
- Increased opportunity for upselling and cross-selling of a product. When a good customer service experience is established, resolving issues becomes faster and leads to customer satisfaction. A satisfied customer tends to have a better and even bigger transaction, and additionally, they can spread good words about how well the bank is treating them.
- Increased engagement keeps customers on your side and provides them with a highly-personalized service. By inserting interactive live video into websites and mobile banking, it enables face-to-face interactions between a customer and a bank representative remotely. This adds a human element to an online and on-demand experience all at a touch of button.
- Contextualized interactions with rich customer data. It implies that every interaction can be used as an opportunity for improving a product or service.
It appears that live videos seem promising to be the ultimate tool for the banking industry as it not only helps in enhancing customer service but also in improving efficiency since customers can convey their preferences directly and in an easier manner to the bank. However, not every business may have enough resources to remain up-to-date with the latest trends. Drop us a note at [email protected] for a free consultation on how we can help you set up live-videos in your financial and mobile banking applications, with high security, to improve your enterprise’s customer satisfaction and experience.