Consumer research has shown that the top two ways in which people show loyalty to companies are by buying more from them, and referring the brand/company to friends and family.
How does this relate to banking? People are more likely to recommend their bank if they have had a good recent experience at the branch or, if we talk about wealth management, when their portfolio is doing great, which often depends on how the economy is doing at the moment.
Even though the two cases seem very different, there is one thing they have in common: quick and timely access to expertise. At the same time research has shown that common obstacles to providing more expertise at the branch include inconsistent customer service and staff downtime, high staff turnover and insufficient skills and qualifications.
As if that isn’t enough, new generations of customers are becoming less patient and more mobile oriented. According a research done by Accenture “…58 percent of bank customers use mobile devices often when prospecting or seeking support. Out of the average 17 interactions per month made by a customer with its main bank, seven are through online banking and three are through mobile/tablet.” At the same time CCBS’s report claims that 53% of branches were closed since 1990 and 25% since 2006. The two trends are clearly showing the need for something that can provide measurable timely expertise and support for people on the go.
The first solution then that comes to mind is automation. And banks have tried that. In fact, banks have gone full circle from being fully human to introducing fully automated branches. The happy middle turned out to be partially automated branches where, with higher transaction value comes more personalisation. But why is it so important to keep a human touch in banking?Because when it comes to more complex transactions and higher stacks you never hear a customer saying “The interface on the bank’s website was excellent and the user journey was so great I could do everything myself!” Even if it was, people rarely share such experiences with friends and family. But you do hear people talk about interactions with others “John was just so helpful! If you ever need a loan go to XYZ !” In fact, banks have reported that with impeccable full automation as the functional experience went up, the brand value and efficacy went down.
A big challenge for banks now is to bring the right level of personalisation to the masses by anticipating where the customer is more likely to turn to an adviser… and this is where personalised videos are playing a big role. By identifying high pressure points in the process and “holding the customer’s hand” only when needed, banks can decrease the drop off rate and increase loyalty and efficacy.
With current technologies, providing personalised video solutions with analytics isn’t a problem. From sending one video to many customers to introduce their new wealth manager to very specific personalised messages and invitations across all devices. Gathering granular actionable data about both customers and employees allows banks to bring in more revenue and become more effective. The opportunity to connect videos to other services through APIs offers more seamless customer experience; hence a happier customer and a stronger brand value.
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