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Some Rules to Follow Before Entering Live Video in Fintech

Are you working in a financial institution such as in the insurance industry, a bank, or mortgage? Then you must have been aware of the fact that for the last decade, innovations in the financial service industry has focused predominantly on customer experience. According to Juan Gonzalez, Frost & Sullivan’s Research Manager for its Digital Transformation business unit, for the last decade, many resources designed to improve the experience of bank and financial entity customers have focused on front office processes. They realized how important is to improve back office processes to increase productivity, efficiency and ultimately the level of customer satisfaction with the entity providing them services. And today, as financial technology is growing continuously, customers are demanding financial services companies to have a more efficient and frictionless process, that makes them need to differentiate themselves from other rival companies. It is challenging since nowadays customer experience has been conducted mostly online and the financial institution should prepare a more personalized service.

Based on market research conducted by GfK results from consumers with over $10,000 in savings, 1 in 5 savers said they were likely to change their primary banking relationship if they can have a more personalized experience when using a financial service. Customers demand solutions that help them save money either for particular purchases or planning for the future. However, with today’s technological innovations in mobile, cloud, social and also many financial services such as credit cards, loans, and deposits going online, these can go a long way towards goals for embracing potential and current customers. Even the best applications might fail if they can’t meet customer expectations.

Therefore, as stated in the previous article about how live video can become a golden opportunity to enhance customer experience, we know that the trending technology for live video right now is WebRTC. In short, WebRTC is a standard for inserting Real Time Communications (RTC) –which are voice, video, and messaging– all within mobile applications. Now, after embedding advanced technology in our applications, the next task for us to explore is: How do we deliver the human touch when your customers interact with your services through mobile apps, website or messaging bots?

There are a few rules that companies must follow in order to make the live video customer experience produce tangible and successful outcomes. These are:

  1. Embedded. Live video chat must be seamlessly embedded into any customer experience flow so that it triggers at the right moment and brings context to the conversation. The customer does not need any download and plug-in before using the live video feature.
  2. Mobile. Because consumers demand personalized customer experiences on the go and on-demand, live video must be available to everyone, anywhere and on any device. Also, it is important that companies should offer intuitive apps, self-service capabilities, and automated assistance for increasingly sophisticated services.
  3. Secure. Financial services companies must guarantee that every communication in live video are transmitted and stored securely while protecting the privacy of all participating parties. Companies should be able to maintain customer trust by securing without compromise all customer data and transaction.
  4. High-scaled. Financial services companies have to offer high-quality live video– the technology should power the live video to support all users to maintain quality and reliability of the company’s services.
  5. Good record. Apart from using live video to maintain quality service delivery, financial services companies should use live video interactions for compliance purposes.

Try it yourself!

If you are a part of a financial services institution and want to create the right culture and support social and creative solutions while at the same time managing costs and develop new efficient systems, live video might be the answer.

To learn more about embarking new technology in your financial companies, drop a note at [email protected] and see what we can offer you.

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