Video for finance

Customer expectations are changing at a faster pace than ever before. As our digital infrastructure and mobile devices become more advanced – customer’s expect service to keep up.

According to Forrester, customer digital interactions will grow another 40% this year – a trend that dramatically accelerated last year as a result of the pandemic. The growth in digital interactions may be born out of necessity yet a growing number of analysts say customer digital interactions will be here to stay, with Gartner predicting 40% of customer service departments transforming into profit centers by 2025. As more customers (albeit some through necessity) migrate from in-person to digital customer channels it poses a challenge for organisations to keep up.

Connected Customer vs Customer Service

The Connected Customer – Those customers who seamlessly link to information, people, and organisations via internet-enabled devices, appliances, social networks, and sharing tools. They want their voice to be heard and they want their information in real time. This group is driven by millennials, but not exclusively as Baby Boomers and Gen X are increasingly open to digital interaction services as well.

So how does Customer Service meet expectations?

Step 1: Video in the omni-channel.

The omni-channel is nothing new and almost every organisation has multiple service channels by which they engage customers. However, in most cases the customer still lacks one of the most personal experiences available in customer service – video chat. The Connected Customer for all their digital preferences are still human. Face-to-face interaction, even digitally and in real-time plays an enormous role in a personal and influential customer service experience. In industries where consultation plays an important role in the customer’s decision-making process – banking, insurance, healthcare or virtual services – a personal and custom experience is invaluable. A recent Accenture study found 46% of all EMEA bank customers prefer video calling then in-person visits to their bank. While a 2020 Deloitte study found that 96% of patients rated video consultations with their doctor as a very positive experience. Across the board video communication options are enhancing customer experiences and offering organisations an opportunity to play an influential role in customer satisfaction, loyalty and up-& cross-selling.

Step 2: Strategic Saas Partnering

With employees being forced to stay at home last year, it came as no surprise that in 2020, across all industries, the volume of digital service requests exploded while staff resources declined because of factors like sickness, lack of childcare or unsuitable remote working systems. One of the best options for organisations to turn to were Saas partners who understood how to leverage software & technology to help help drive & scale remote work solutions in a bid to handle their increased digital service requests and continue service.

As 2021 progresses, Saas partners will remain sought after by organisations as they look for flexible, agile and scalable options to handling volume for not only seasonality, but also for business continuity purposes. Expect to see more & more Saas partners continually develop their solutions by providing targeted features and functionalities that take advantage of emerging technologies that enhance customer service experiences. This includes augmented & virtual reality, big data, analytics, robotic process automation, artificial intelligence, and machine learning.

Successful customer experiences are now linked to how well organisations are digitally interacting with their consumers without them having to leave their house. In consultative services where a personal face-to-face interaction is invaluable, offering real-time video chat options is now almost a must.

Step 3: Innovate to be proactive

Gartner predicts that by 2025 a majority of customer engagement interactions will be proactive instead of reactive.

“An initiative to reach out to customers proactively creates a major opportunity for customer service organizations,” says Brian Manusama, Senior Director Analyst, Gartner.

Video chat is a great reactive & proactive tool for customer engagement interactions. Whether ad-hoc video calling or offering & scheduling video sessions, both enable organisations to offer the customer exceptional and personalised service. You know your customer, their needs & wants and you know how best to support and influence their experience. Therefore investment in digital interaction solutions will continue to grow as more & more organisations see the need to invest & innovate in new solutions to stay competitive.

Digital Interaction Solutions spending worldwide, Statista March 1, 2021

What to look for in a video Saas partner.

Firstly, your immediate need for a video solution should be strategised & prioritised. We have a number of Video In Person eBooks available for different industries like Banking, Insurance, Healthcare & Business Services on how to kick-off & effectively scale video solutions. Don’t underestimate a good preparation and strategy. Once you have a clear strategy in place and prioritised the use cases you wish to support, find a suitable solution that is scalable, reliable and customisable. There is no such thing as one-size-fits-all and a solution that can easily be customised to your use cases is a solution more valuable than any ‘off-the-shelf’ options.

Secondly, as I shared in Step 2, find a partner who is continually developing and upgrading their video solution. Saas partners who sit still will not be as beneficial to you as those who are continually seeking to enhance their solution and your benefit. Video In Person for example is updated once a month with new features and backend upgrades for continual improvement.

Finally, find a partner who is capable of working closely with you to define a tailored solution to support your use cases. Choosing a solution is one thing, ensuring it works for all stakeholders is another. The importance of a tailored solution & dedicated support from your Saas partner is crucial to successfully implementing and scaling your video solution. To give you a better understanding of the importance of a trusted, reliable and open video partner, read how DEKRA turned to Video In Person and successfully developed a solution now used on 5 different continents.

Conclusion

Digital customer interaction is a trend we have all seen coming for a while and the pandemic has only accelerated this progress. As the Connected Customer is becoming more important and other groups grow accustom to digital interactions, it is important for businesses to keep up. Video chat options are amongst the most personal & influential experiences you can offer your customers, especially in the consultative services. As part of the omni-channel, video chat can play an important role in ensuring your customer service expectations keep your customers satisfied, loyal and valuable. We have seen a growing trend towards proactive customer service with these departments transitioning into profit centers and becoming the front-line in customer retention, new business & add-on revenues from existing customer pools.

The choice for a strategic Saas partner will be important in defining your success. Partners who seek to continually improve, are able to quickly and easily tailor solutions for your use cases and are open to working closely with you will accelerate and not delay your goal of meeting the expectations of your customers.

You can read more on how Video In Person is the preferred choice and reliable video Saas partner for numerous businesses in Banking, Insurance, Healthcare and Business Services.


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Nick van Xanten

Nick van Xanten

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