Humanizing the Digital Customer Experience for financial services customers using two-way video
Digital Banking Adoption
Most Americans (78%) prefer to do their banking digitally — via mobile banking app or bank website — according to the Ipsos-Forbes Advisor U.S. Weekly Consumer Confidence Survey. In fact, more than two billion people around the world could be banking digitally by the end of 2024.
Furthermore, pandemic has accelerated the use of digital banking, banking customers still are looking to build trust and relationship with the bank digitally. Let us take example of the customers applying for loans digitally. Customers are looking to apply for loans at their time of choosing, using their preferred channel and device.
Friction In Customer Experience
Despite of offering optimized self service capabilities, online banking application abandonment rates are as high as 97.5% according to senior analyst Peter Wannemacher at Forrester. So, what could be the missing piece?
While customers want to speak with humans, banks want to go branchless. In fact according to recent research from The Economist Intelligence Unit released by Temenos, 65% of bankers believe that the branch-based model will be “dead” within five years, up from 35% four years ago.
Consumers want frictionless, personalized, real-time digital engagements and financial institutions need to understand their customers’ needs especially for use cases like account opening and new loan application submission that drive net new customer acquisition.
Humanizing Two-Way Digital Engagement
So, how can we bridge the gap to provide digital interactions with a human touch! Two-way real time secure video communication is the answer. It is a primary way to change your bank’s digital experience as the customer’s perception and experience is your reality. Two-way video brings invaluable human aspect to the customer relationship unlike any other digital channel.
Being able to show genuine empathy and build rapport using live video helps build trust in the customer relationship.
Digital Origination and Digital Channel executives understand this very well. Financial institutions have a huge task in front of them to ensure that new video technology is not only secure and natively integrated but also branded leverages existing digital touch points.
How Banks Are Using Two-Way Video
Banks in India including leading ICICI bank are using Video API to enable customer KYC (Know Your Customer) initiative for opening new savings accounts.
Widiba Bank in Italy provides its customers with a digital communication channel alongside the traditional “face-to-face” system to interact with its agents. The combination of physical and digital customer communication channels offers a wholesome experience for the bank’s users.
Two-way video technology uses WebRTC protocol which supports encryption and can be embedded in app, mobile and PC browser or existing messaging channels making it an extremely seamless capability to launch.
Apurva Ghelani
apurva.ghelani@kaleyra.com
