“We know the problems that we need to solve – providing personalization and contextual awareness in real-time… Whoever can provide that will win.” Niti Badarinath, SVP and Head of Mobile and Money Movement at U.S. Bank, speaking at a June 10 Verizon-hosted panel event.
Consumers have never wanted so much, so quickly – or perhaps they always have, they just accepted the technological limitations that denied them of the instant gratification they now demand. Now that they can get what they want, when they want, on the device of their choosing, a rapidly increasing number of consumers also require a human touch. In a global study conducted this April, Professor Steven Van Belleghem discovered that:
73% of consumers like to have the option of talking to a flesh-and-blood person.
54% of consumers like to be recognized across all channels.
In response to this demand, tech- and trend-savvy businesses are incorporating personalization programs and platforms into their existing communication infrastructures. Among marketers, two of the biggest benefits of real-time personalization are increased customer satisfaction and retention.
Financial institutions (FI) know they need to personalize their communications in all channels, especially online. At the same time, they’re scaling back costly branches, changing them into state-of-the-art consumer touchpoints that offer all branch services with less staff on-site. In spite of these efforts, US banks still closed 1,487 branches in 2013 (1.3% of the total), and traditional brick & mortar branches with less than $10MM in deposits lose (on average) $200K per year.
FIs are now starting to experiment with video communication solutions to help maintain their branch presence. These solutions enable consumers to meet with remote financial experts; branch staff armed with tablets or notebooks simply set up meetings and assist consumers in the role of tech concierge, or tech support.
Communications technology is enabling FIs to deliver a more convenient and flexible branch experience. They can also extend their personalization programs to their Internet banking services simply by incorporating eFace2Face’s web-based video communication and collaboration platform into their online infrastructure.
In addition to HD video calling and conferencing, eFace2Face also features location-based call routing, secure, reliable content sharing, and integrated sequential multi-party electronic signature. eFace2Face requires minimal IT involvement, as it’s easy to implement, maintain, and use – in just a few clicks consumers can connect with financial experts and complete and sign documents anytime, anywhere, on any device.
eFace2Face’s unique browser-based platform enables banks and credit unions to take Internet banking to a higher, more personal level by offering “branch-only” services (e.g. mortgages, wealth management) online. They can also enhance the human touch that their branches deliver with added convenience. The result is a win-win situation for both FIs and consumers.
Meet eFace2Face CEO Dave Patten online to learn how eFace2Face can help your bank or credit union personalize its online channels cost-effectively.