Going remote has forced financial institutions of all sizes to re-evaluate how they work towards achieving their strategic objectives. Customer loyalty is a particular pain point in a shifting environment, only exacerbated by the pandemic’s impact.
According to a study by Bain & Company, banks must improve their digital experiences to tackle the worsening phenomenon of “hidden defection.” The report’s co-author, Gerard du Toit, concluded, “Developing a seamless digital experience that resolves a customer’s need the first time around, without forcing them to resort to a phone call or branch visit, is key for any financial institution looking to stop leakage and retain customers.”
Although customer loyalty is dependent on how well the bank provides digital experience within the services they offer, this is an area where traditional banks and credit unions struggle. Cybersecurity concerns and regulatory requirements often stifle attempts to innovate. That’s why financial institutions can’t just sign up for a standard corporate video tool like Zoom, or call their customers over Facetime. Recently, Barron’s reported on the backlash against Zoom among the world’s largest investment banks, which are “limiting or outright banning staff from using the video conferencing app over fears about security and compliance.”
In a world that’s changed overnight, banks that find a secure way to provide digital services, from everyday customer support to KYC, will come out ahead in the race to keep customers loyal. Traditional financial institutions who don’t adapt risk losing current customers and being unable to attract new clients, especially as they compete with neo-banks and digital-only institutions. A secure customer video engagement strategy is good business for banks, which enables them to keep their customers coming back, and makes operations fully possible remotely.
There are added benefits of using secure video, especially with analytics, which the best solutions offer. Ideally, management can track staff time spent on requests and optimize against customizable KPIs. They can get customer satisfaction rated in real-time, and conserve resources for other initiatives. Sessions can be recorded and archived, and user role management and permissions can be controlled.
The trend towards a hybrid workforce has accelerated over the last year. A solid indication for this acceleration is Zoom acquisition of Five9, which provides a highly-scalable and secure cloud contact center. The transaction was valued at approximately $14.7 billion and will enable organizations to reimagine the way they engage with their customers.
The landscape is ripe for the picking. New solutions like EazyShow are bringing secure video interactions to financial institutions. Built with an emphasis on the customer experience, EazyShow allows customers to connect from a website or text message with one click, with no downloads or installations. Since the solution can be built into an existing bank interface, like a website or app, it helps smooth out video interactions with screen sharing and co-browsing.
EazyShow CEO Yuval Moed says: “Highly regulated industries face unique challenges unseen by the corporate world. Secure video is the only way to make fully-remote operations possible where they’ve ground to a stop. Banks that go remote securely can operate more efficiently, provide the optimal environment for their staff to properly support customers, and drive customer loyalty up with seamless experiences.”
Even if banks aren’t ready to go fully remote, building in a secure video solution to a bank’s app or website is a solid start to restarting customer-facing operations in uncertain times.
Author: Tal Sharon
#RemoteWork #CustomerLoyalty #DigitalBanking #DigitalCustomerExperience #Cybersecurity #Innovation #Compliance
EazyShow allows customers to connect from a website, mobile app or text message with one click, with no downloads or installations. Since the secure personalized video communication platform integrates with most KYC processes, it can easily be built into an existing bank business flow, and help improve conversion rate, customer service as well as help improve the bank’s cyber security.