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7 Ways to Improve the Digital Banking System with Video Chat

September 21, 2021
 - 
12:00 am
 EST

Digital banking is quickly becoming the default way people interact with banks and financial institutions. Younger generations, especially, are very comfortable with doing their banking on their phone, and almost never see the inside of a branch.But that has one major drawback: the digital banking system can easily become impersonal and hard to use. That’s why many banks use technologies like video chat. Video chat has many benefits that help improve overall customer service for banking customers.Here are seven ways video chat improves the digital banking system.

1. Make banking customer service more personable

This is really important. The efficiency of doing banking over digital means needs to be coupled with the trustworthiness of actual humans being ready to service customers when needed.Video banking makes this possible without hassle — agents can easily jump from live chat to video chat or invite customers to a video chat when necessary. Seeing a friendly face can ease the customer’s mind and make their experience more personalized.

2. Help resolve issues more quickly

Imagine that customers receive a bill that they want to complain about or get an error message on their laptops or have trouble completing loan forms. Instead of having to explain to the agent what’s happening, they can simply show it via video chat.This helps agents understand the issue more quickly and resolve it in real time. You won’t have to open tickets, send back-and-forth emails, or make the customer wait for support.

3. Build trust

The whole digital banking system needs trust to work well. If customers don’t trust you, they’re unlikely to fully commit to you. Seeing agents can help nurture relationships of trust, as customers will know an actual human is trying to help them instead of an automated message or a machine.Also, video chat from platforms like Acquire is secure and helps ensure that personalization won’t come at the cost of data protection. Both agents and customers can verify each other’s identity via video chat much easier, as well.

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4. Enhance the private banking experience

Customer support is one thing, but every banking institution knows that advising customers (and especially in real time) is the best way to ensure revenue and loyalty. Important things such as investments, financial health, wealth management, and more, often require face-to-face conversations. It’s not enough for customers to read your terms and conditions, your FAQs, or other pages.Video chat makes this easy, as advisors can hop on video calls with customers even without appointments. The process is far quicker and the whole digital banking system benefits from these personable interactions.

5. Expand your reach

Now that banking is getting more and more digital (consider that 53 percent of European banking customers do not use physical channels at all when researching and buying products), it stands to reason that you’ll often get customers from areas that aren’t serviced by physical branches. Does this mean your customers need to travel to visit a financial advisor or to put a face to your bank’s name?With video chat, the answer is no. You can provide service to anyone from any place without them ever having to come to your physical locations. The same goes for business customers who travel often; they’re always close to their advisor even if they’re on the go.

6. Increase sales

Video calling isn’t just beneficial for existing customers, it’s also there to help you bring more customers in. By using video chat, you establish a connection with customers more quickly. And, representatives can better gauge body language and facial expressions to understand customer feelings and concerns.For example, if a customer looks indifferent to certain financial products, but their expression shows they’re intrigued with one specific product, the representative knows where to focus their selling efforts.

7. Improve your brand

The impact of any tool to your brand shouldn’t be underestimated. Financial institutions that provide video banking can be seen as more cutting-edge and in-line with the daily lives of their customers.Moreover, most banks currently offer video calling options anyway. If you don’t or if your video chat isn't easy to use for your customers, you risk lagging behind your competition. On the other hand, if you implement video banking through efficient software, you’ll get ahead of the game.

Go omnichannel: integrate all the tools you need

Video chat rarely works on its own. It’s usually part of a larger customer experience platform that improves the digital banking experience as a whole. For example, integrating video chat with live chat, chatbots, email, text, and cobrowsing technology can help you service every customer the way they prefer.Some customers want to write to you and get responses asynchronously. Others want to see you. Yet others don’t have time to talk to humans, they just want quick, automated answers to their questions. Whatever the customer wants, from video to text, you can provide instantly and give them the customer experience that will make them the happiest.

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