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Financial
Video-enabled interaction can transform the delivery of traditional financial organizations’ products and services. Visual communications technology has greatly matured, and life-like video conversations are a cost-effective alternative to in-person interactions as a means of driving greater customer relevance for improved revenue generation and service. Business adoption of video for employee interactions is growing rapidly and consumer adoption of PC- and mobile-based video calls includes a sizable, expanding addressable market.
In coming years, visual communications will allow financial organizations to think of their branches as a network of resources, not just physical locations. This network can be optimized to better serve customer segments and manage demand, and make the best use of skilled staff while generating greater revenue.
The combination of video’s rapidly increasing consumer use with improved, lower-priced (yet still high-quality) technology has led to a new wave of interest from financial organizations to deploy video as a means to achieve strategic industry objectives.
- Retain customers, increase the number of new customers and cross-sell more products to
increase “wallet share.” - Balance branch growth with the strength of the staff.
- Increase employee productivity and customer collaboration.
- Improve customer service thru customer access to limited resources.
- Accelerate time-to-market for new products.
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Accelerate decision making and speed-of-market responsiveness.
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Maximize customer and vendor intimacy.
- “Go Green” and reduce the company’s travel and carbon footprint.
Solutions will vary, but they should follow the principle that the higher the value of the interaction, the closer to a physical meeting the experience should be for both customer and adviser. Here are a few of the solutions being deployed today by financial organizations.
- Video allows for on-demand staffing, as it is difficult to have all experts in all
branches. - Video is used by human resources to conduct remote interviews and recruiting,
employee training and performance reviews. - Video is used in branch offices and customer self-service centers dealing with loans,
wealth management or business services. - Virtual Banker concept provides two-way audio and video conferencing between consumers
and advisors. - Video terminals outfitted in branches provide customers with access to remote experts
who have product knowledge. - Interactive TV offers access to bank services.
- Video Streaming provides customers the latest in product and services while they are
within the bank. - Streaming webcasting provides staff education and training.
- Video is used by executives to attend board meetings and deliver leadership
announcements.
The ability to scale limited expert resources is at the heart of visual communication’s potential benefits. Increasing revenue at less than previous operating costs is a consistent driver in adopting video technology. Three major areas that provide financial organizations with opportunities to use video for customers are: (1) customer acquisition – growth/expansion, (2) customer retention, and (3) knowledge worker collaboration: training/distance learning.
Customer Acquisition- Growth/Expansion:
Visual collaboration can be used to grow a business, expand into new markets and manage customer opportunities. Samples of applications are:
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- Customer planning, tracking and review
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Regular, visual contact with customers
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White glove services
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Training (employees, branch, partners)
- Acquisition/organizational integration
The benefits associated with these applications are:
- Increased visual customer interaction
- Increased revenue generation
- Reduced cost of sales
Customer Retention:
Video collaboration tools for remote resources can be used to enhance branch-to-HQ support; end user-to-branch support; visual information; and service kiosks for multi-product or multi-language experts. Samples of applications are:
- Improved branch office strategies
- Remote expert
- Improved staffing models
- New products/programs launch and Q&A
- Multi-lingual support
The benefits associated with these applications include:
- Reduced time/cost per support call
- Improved customer satisfaction
- Competitive differentiation
Knowledge Worker Collaboration: Training/Distance Learning
Video enables remote, interactive training to and between employees, customers, and branches, while engaging the participants. Video can be utilized more frequently vs. holding one-time, on-site classes. And, experts can present remotely. Video also eliminates extensive planning or traveling. Samples of applications are:
- New product/policy training
- Best practices training
The benefits associated with these applications include:
- Knowledgeable sales force
- Minimize time out of field
- Reduced travel costs
As a true visual communication managed services provider, Video Guidance delivers a portfolio of comprehensive solutions designed to help financial organizations achieve their business initiatives. Learn from users in the financial industry who have partnered with Video Guidance to implement industry-leading video technologies. Benefit from our industry-specific video applications, achievements and best practices.
Imagine the Possibilities!
Video Guidance's consultative approach uncovers your company's mission critical, revenue-generating requirements and identifies the best visual application to meet your business goals.
Simplifying the Possibilities
Our 7-Step Process is designed to ensure an optimal solution:
| Step 1 | Assessment & design |
| Step 2 | Select equipment |
| Step 3 | Select service plan |
| Step 4 | Room and application optimization |
| Step 5 | Service activation and training |
| Step 6 | Call anyone |
| Step 7 | Customer support |
Learn about the Possibilities.
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