What is Video Chat: Top 5 Benefits in Digital Banking

By Jens Rabe Co-CEO

Having to travel to your bank branch to meet with an advisor can be a real pain. Connecting instead with your bank via video chat provides an easy solution. Video chat is convenient, personal, and engaging, and problems or questions are resolved much faster when advisors can speak with customers face-to-face using their phone or computer. It’s also far more cost-effective. Expert advice is accessible to customers no matter their location, instead of banks having to place experts in every branch.

What is video chat advice

Video chat offers the opportunity for banking advisors and customers to connect via video call. We already use FaceTime with our friends and family, share YouTube videos, and watch Netflix in the evenings. Video chat leverages the power and popularity of online video for conversational banking, making interactions between customer and advisor more streamlined and personal.

Video banking has to be part of the underlying web, e-banking portal or mobile application. Customers shouldn’t need to download anything to their computer to have a video consultation with their advisors.

Unblu video chat benefits

Video Chat is a game-changer for the delivery of banking customer service. Benefits range from greater customer engagement to reducing churn rates and increasing conversions.

Deliver a personalized service

Video chat offers banks the possibility to provide customer service that feels truly personal. The service fits around the customer’s schedule and is delivered in real-time. Help or advice comes with a human face and is one-on-one, customized to the client. This personalized service is crucial to building a trusting relationship and trust is vital when it comes to financial transactions.

Secure communication

Security is key when it comes to banking interactions for both customers and advisors. The video calls are encrypted and include a full customer history. All video sessions are recorded and archived so they can be retrieved at a later date, if necessary, by financial regulators. Plus geo-location restricts data processing to servers located in certain geographical regions, which makes it compliant with financial industry legislation.

Connect and build relationships

Video chat puts the focus firmly on the customer. Rather than an impersonal and automated self-service, video chat provides the reassurance of a face-to-face interaction. Similarly, rather than pushing sales, the advisor’s priority is to help the client. These factors help the customer and advisor to connect and build a strong, trusting relationship – one that is relaxed and intuitive.

Reduce churn rate

Video chat combined with Co-browsing allows advisors to resolve issues faster and more effectively as they can see exactly what the customer sees. This, combined with the more personal nature of the interaction, works to greatly improve customer satisfaction. Happy customers are far more likely to continue to use the service, therefore reducing churn rate, or the percentage of customers who fall during a given period of time.

Increase conversions

With video chat, customers are able to discuss issues with advisors when it suits them, at their convenience. Additionally, from the advisors end, the possibility of visual troubleshooting allows them to have more efficient and meaningful discussions. Processes are streamlined, and the result is greater customer satisfaction. This, in turn, leads to increased conversions and improved customer satisfaction.

Video chat and Unblu

Unblu’s Conversational Platform for Financial Services allows customers and advisors to chat anytime, anywhere. It empowers banks to build trusting relationships using the best of both technology and human expertise.

Learn more about how video chat can take your customer service delivery to the next level and book a demo through the video chat product page.