Banks Driving Transformation with Video
Like most industries, banking is no stranger to a growing demand for digital customer experience (DCX). DCX efforts are focused on enabling customers to engage across any channel, such as voice, text, and video, at any time. DCX strategies, though, are about more than just adding new interaction channels. Rather, they involve the application of emerging technologies like AI and machine learning to improve all facets of customer journeys.
In banking, a digital customer experience:
- Provides flexible interaction options, enabling customers to manage accounts, contact customer support, and obtain information on banking products through web, mobile, or phone-based channels
- Allows the bank to quickly recognize the customer, and their reason for engaging, and route the customer accordingly. For example, high-value customers could be routed to assigned account managers, while those clicking through a web ad for loan services would be forwarded to a loan service manager
- Eliminates any need to repeat information as customers move among channels
- Supports high-quality interactions such as video to differentiate the customer experience from competitors who only support voice and text
- Provides customer-facing personnel the information they need to quickly address the customer concern, determine the right offer for the customer, or avoid any need for further transfer of the call
Given the emergence of new customer interaction technologies, and the increasingly competitive nature of banking, it’s no surprise that 90.7% of banking companies participating in Nemertes’ Digital Customer Experience: 2018-19 Research Study have a digital customer experience effort underway now, or are planning to launch one by the end of 2019, compared with 85% of the overall pool of nearly 700 organizations.
Video conferencing continues to emerge as a key DCX technology to enhance interactions, leading to improved customer outcomes and increased sales opportunities, especially as emerging technologies improve the video experience. Today, banks can leverage video conferencing, either one-way with customers being able to see an agent or two-way to allow customers to be seen. The former provides a higher level of engagement for routine inquiries, while the latter provides an immersive experience for high-value engagements, such as portfolio advising, loan applications, or retirement planning.
Emerging technologies, including artificial intelligence and machine learning, will add additional value to customer engagements. Examples include:
- The ability to blur or virtualize backgrounds limiting what customer-facing agents can see or share to improve privacy or distractions
- Voice or facial identification to verify the identity of participants
- Extension of video to mobile customers through banking apps
- Active speaker framing to deliver a high-quality video image centered on the participants without requiring manual adjustment
- Real-time transcription of calls to meet regulatory requirements and to ensure that banks and customers have a common reference point for what was discussed on the call
- Real-time capture of action items for follow-up
Further down the road, AI could potentially understand the mood of the customer by recognizing visual cues, providing real-time advice to agents as to how to proceed to ensure a successful outcome.
As banks engage in efforts to improve digital customer experience, video not only plays a major role now, but will continue to do so in the future as a means of improving outcomes.
Nemertes is a global research-based advisory and consulting firm that analyzes the business value of emerging technologies. Since 2002, we have provided strategic recommendations based on data-driven operational and business metrics to help organizations deliver successful technology transformation to employees and customers. Simply put: Nemertes’ better data helps clients make better decisions.