As banks and credit unions continue to experiment with video communication in their branches, consumers are starting to engage with their financial service providers in ways that correspond almost perfectly with their demands and behaviors. Today’s financial institutions (FI) are striving to build and maintain deeper, more personal – and more profitable – bonds with the people they serve.
Declining foot traffic, growing online channel usage, and heightened customer expectations have forced FIs to rethink their branch models. Video content delivery and interaction has become a critical component of these models, primarily within the confines of the reimagined brick-and-mortar branch, but also in other customer touch points such as ATMs with video teller capabilities.
One of the more beneficial uses of video connects customers with remote financial experts to discuss and close high-value transactions such as mortgages and business loans. This cuts the costs of keeping specialists on site, and of travel costs incurred by the necessity of sending these experts to various branches.
While this solution provides consumers with greater convenience and allows for a more flexible approach to scheduling client-expert meetings, it still requires the customer to visit the branch at some point. Transactions can begin online and customers and experts can engage face-to-face throughout the entire process, yet when it comes time to sign documents, customers have no choice but to visit their local branch. Additionally, the solutions that FIs are experimenting with require investments in hardware, IT resources, and proprietary software.
Many life-changing transactions require the presence, and often signatures, of one or more additional parties. Mortgages, for instance, demand the involvement of insurance agents and spouses. To accommodate these participants effectively, insurance companies would need to have their forms included with those the FI has stored in its database. Otherwise, the act of closing agreements still forces the applicant(s) to visit additional offices.
While this is certainly an improvement in customer service, it’s just the first step towards the customer experience that today’s consumer has come to expect – an experience that demands instant gratification, anywhere, any time, on any device.
The arrival, and rapid evolution, of WebRTC technology has allowed for the development of a solution that delivers ultimate personal convenience. With minimal IT support, FIs can integrate a complete browser-based real-time video communication and collaboration platform into their online channel. Customers can then connect with FI experts in HD video whenever they want, and, more importantly, wherever they want and, in most cases, on the device of their choosing. The expert chairing the call can invite other required participants in a couple of clicks. If any of those parties are partners of the expert’s FI, they too will have the ability to share their forms and applications for real-time completion and swift, secure signing.
Credit unions and banks have made incredible progress in taking a consumer-centric approach in all their channels. Never before have financial services been provided in such a human and flexible manner. Now FIs have the opportunity to bring their customers and members even closer with browser-based communication tool that requires nothing more of their clientele than a few clicks and their ZIP code, with no downloads or installations.
See firsthand how FIs can improve their customer or member experience quickly, simply, and affordably by meeting eFace2Face CEO Dave Patten online.