For traditional banks, the choice is clear: Invest in change now or die with your older customers. Mike Baxter & Dirk Vater, Bain & Company, Building the retail bank of the future, June 2014.
These ominous words come from a Bain & Company report that looks at the challenges today’s banking and credit unions are facing, primarily in the digital arena. Rising consumer expectations, agile digital startups that can meet those expectations, and competition from outside the banking vertical are forcing traditional financial institutions (FIs) to rethink and reshape the roles of their digital channels and their branches.
A carefully planned omnichannel strategy and a well-paced rollout of this strategy are essential to the survival and success of traditional FIs. More importantly, providing complete, convenient, personalized service through their online channels can help them regain the momentum they’re losing to industry disruptors.
Many FIs see investment into video communication and collaboration and electronic signature platforms as crucial to upgrading the customer or member experience. And they’re absolutely right. They also see costly, complicated, interminable transformation roadmaps on the horizon. And they’re absolutely right – if they don’t choose the optimal solution.
Less than 50% of the FIs surveyed for the Bain report have progressed more than halfway through their plans to create a seamless omnichannel experience. Fortunately, FIs in the early stages of transformation can now quickly, easily, and cost-effectively incorporate a complete web-based platform into their existing online infrastructures and business processes. Through their FI’s website or Internet banking portal, consumers can have video meetings with financial experts from, say, the comfort of home. Location-based call routing allows FIs to expand their branch networks on a massive scale immediately with virtual branches – all at a fraction of the cost of opening and maintaining physical branches.
Banks and credit unions can also use this real-time online communication, collaboration, and closing solution in smaller branches to accommodate those who feel more comfortable opening accounts, applying and signing for loans, and other traditionally face-to-face transactions – staff at these branches serve as technological facilitators, setting up video meetings with remote experts via tablet or laptop.
Call routing and video calling, with the option of upgrading the call reliably to a videoconference, are just the beginning. When it’s time to complete and sign the paperwork, the experience is seamless – everything takes place within the same application in the same session, no matter how many signers are required.
FIs can implement this browser-based solution in a matter of hours. While testing and training may take a few days to a week, it still makes for a considerably shorter transformation roadmap. Managers responsible for change will also appreciate the reduced demand on their budgets, allowing them to focus on creating a truly customer-centric online banking experience. It’s a relatively small investment that delivers huge wins.
Meet eFace2Face CEO Dave Patten online to learn how eFace2Face can cut years of your bank or credit union’s transformation roadmap cost-effectively and simply.