7 min read

5 Reasons why banking and financial services must use video calling solutions

by | Jan 31, 2022

Today’s customers expect greater flexibility and efficiency from their financial institutions, especially after becoming accustomed to new virtual service options during the pandemic. Globally, consumers now use video calls to communicate with businesses and service providers 67% more than a year ago. This substantial increase in video calls means banks and financial organizations have an excellent opportunity to meet new demand by offering video calling services.

With an increasing number of financial customers preferring to interact face-to-face with their bank to discuss more in-depth topics, video chat provides the best channel to combine digital empowerment and human expertise.

Here are some compelling reasons for banks and financial institutions to consider video calling solutions.

Thanks to video calling solutions, banking and financial services can preserve their brand identity (by quickly recognising which brand they have come into contact with).

1. Provides an omnichannel experience

Omnichannel banking experiences seamlessly hand-off conversations between chatbots and humans. A recent study reveals that customers prefer using chatbots for routine financial inquiries. However, they like connecting with a customer representative to discuss anything more substantial. By adding a video chat solution to the existing communication suite, banks can connect a customer to the right support agent via a video call and ensure that only the right agent can access that customer’s information.

For instance, a user might reach out to a bank representative through a live chat for convenience. If the bank representative needs to retrieve sensitive information, they can transfer the customer to its secure in-built video chat portal.

2. Builds Customer Trust with a personalized experience

A recent survey conducted by Accenture indicated that  71% of customers consider their relationship with banks to be purely transactional rather than relationship-driven. Interestingly, 40% of consumers say that they would be loyal to their banks if offered a customized experience. Video calling itself is more personal than any other channel, which is why many financial companies are using video-enabled chat support to provide customized financial advice.

With video conferencing, customer conversations become complete and available in a central place. Having a comprehensive view of the customer requirement is vital for providing a personalized experience, as it gives banks the necessary context for more intimate interactions. 

Banks and financial firms can use the conversational information that customers voluntarily share to create better-personalized experiences.

Making big financial decisions can be uncomfortable and often requires human interaction with someone who can offer expert advice. By providing video calling as an available channel, your customers will feel that they have more options for having their concerns heard and understood, helping them achieve success and satisfaction in their financial needs.

Building and maintaining customer trust is a top priority for financial organizations today. They can achieve this by making face-to-face virtual interactions feel like a natural part of the customer journey. 

3. Drives customer loyalty through engagements

There has been a constant increase in competition in the financial services sector, and many firms find it challenging to attract and engage their customers. Successful engagement means improving the brand’s perception and exploring ways to keep customers interested and excited about your products and services. Video chat can be a powerful tool in nurturing customer relationships, boosting engagement, and driving loyalty. 

While most digital services are fast and convenient, customers can quickly feel anonymous, and organizations have a more challenging time personalizing their experience. By using video chat, customers can still connect and communicate at their convenience. However, your team will be in a position to leverage the power of face-to-face communication to nurture relationships and encourage customer engagement, all of which lead to building loyalty.

Here’s an example of how Barclays Retail Bank uses video chat to increase customer engagement.

Barclays Retail Bank launched its Video Anywhere service back in 2014 to provide a secure, video-based service to their customers to help them engage in banking activities from anywhere in the world. At present, their 24/7 video chat service enables customers to speak to a video banker via smartphone or tablet from any part of the world at a time convenient to them. At Barclays, video chat-based banking has become a powerful tool in strengthening relationships with customers and clients.

4. Connects geographically-dispersed workforce

Following the pandemic, many companies will restructure their infrastructure to create a hybrid workforce that combines remote workers and in-office into one cohesive team. A hybrid business model requires the promotion of flexible working practices and a new mindset from leaders. If your firm plans a similar approach, video conferencing will become critical to your communication and collaboration strategy.

The video calling solution must be designed and deployed to make joining and using video meetings seamless and straightforward. Kaleyra’s one-click join feature allows employees to quickly connect to internal and external meetings from any device or browser.

5. Accelerates transactions with real-time collaboration

Although customers can handle day-to-day banking activities through banking apps, certain services like obtaining home loans or seeking investment advice require detailed consultation. Customers and banks must engage with external parties and get their advice and approval for these services.

With a video solution, Banks can virtually connect their customers with their advisors, enable them to share content on the screen during discussions, and assist them in making wise decisions. Banks can speed up their operational process by allowing such facilities, which as a result, will also lead to increased customer satisfaction levels and increased revenue.

In Summary

The financial services sector is in a moment of massive transformation when it comes to customer service and work culture. The emergence of new-age technologies is revolutionizing the financial industry, making all of its services more accessible than ever before. 

However, the rapid digitization of processes has also created new challenges for the banking sector. Online banking and mobile apps provide convenience but at the cost of face-to-face human interactions. Adding video chat as an integrated part of your customer journey can bring a human face back to digital finance. 

Harish Thyagarajan

Harish Thyagarajan

Content Marketer