Creating a next-generation client experience that goes beyond video conferencing

COVID-19 led to the widespread and rapid adoption of video conferencing as an alternative to in-person meetings.

But in the rush to integrate off-the-shelf video solutions into their customer service, many financial organizations neglected to consider how these tools might be limited, from issues around data sharing to the fact that media from one conversation wasn’t available in the next.

While video calls play a pivotal part in today’s customer service, it represents just one touchpoint in a broader customer journey – one that should incorporate multiple digital tools for a flexible and seamless omnichannel experience.

Technology is advancing fast and customer expectations are evolving just as quickly. And, while things are gradually returning to normal and offices are beginning to reopen, there’s no doubt that virtual meetings will continue to play a role in post-pandemic life.

Therefore, financial advisors need to be sure that they are offering the best video solution possible – one that is client-centric and forms part of a holistic, cohesive, and positive overall journey.

Yet, so far, this experience seems to be lacking. According to Capgemini, 51% of HNWIs say they are not satisfied with their firm’s personalized offerings or digital interfaces while 36% state that a company’s lack of value-added services might lead them to look elsewhere.

A holistic vision of the customer journey

Transforming digital customer experience goes beyond adding video chat as an option. An exceptional online customer journey requires the implementation of an entire digital engagement platform, complete with personalization features, text message functionality, and live chat capabilities. It involves an arsenal of digital tools designed to augment the client-advisor relationship.

To continue to meet client demands and keep up with the competition, advisers need to upscale their online customer journey, client service, and Know-Your-Customer (KYC) processes, building a service that is innovative, flexible, and omnichannel.

According to Accenture, there’s been a 45% increase in interest for personalized advice from financial institutions since 2018, and this advice is best delivered via digital channels. 66% of respondents claimed they want digital experiences to replace in-person financial services activities.

So, a compliant and secure video conferencing solution should be a cornerstone of today’s digital customer experience. Rather than communicating with their bank via an isolated Zoom or Google Meet session, customers need a reliable video chat tool that’s integrated into a flexible and personal journey.

Key features of a next-generation private banking digital engagement platform

What should the digital engagement platforms of the future look like? What do the best omnichannel digital solutions have in common?

The most successful digital customer service platforms are optimized for client satisfaction, putting the client first at each stage by incorporating a range of digital solutions into a single and seamlessly integrated journey – one where flexibility and personalization are priorities.

More specifically, such digital engagement platforms have six key features in common. These are know-your-customer (KYC) compliance protocols, secure messaging tools, video functionality, collaboration features, an e-signature solution, and chatbot or AI technology.

All these tools serve to augment and enhance the experience on both sides, reducing workload and improving efficiency for advisors, and creating a faster, more personal, and more adaptable journey for clients.

Spanish financial services company, Renta 4 Banco, demonstrates how to effectively capitalize on the growing trend towards digital customer service.

To build trusting and enduring relationships between savers, investors and its advisors, the company launched a timely video call and chat service. Throughout the pandemic, Renta 4 Banco was able to deliver clear information to its clients on how the situation impacted their savings and investments.

The bank’s 250 specialist investment advisers across Spain were able to continuously interact with customers via a range of tools, including live chat, secure messaging, and video call.

Then there’s Intesa Sanpaolo, whose omnichannel solution allows for co-browsing within its e-banking and mobile app. With advisors able to see the visual context of a customer’s issue in real-time, they can resolve problems much faster. Today, the bank is expanding its co-browsing feature to advise corporate customers online too.

Today’s client is looking for digital solutions that make their life easier. They want a choice about how they communicate with their bank.

While those organizations that fail to acknowledge changing client demands can expect to get left behind, private banks that take steps to create a client-centric, holistic, innovative, and omnichannel customer experience will be those best positioned to thrive in the digital era.

 Unblu recently released a report, in conjunction with Finextra, which offers an insightful view on how to further upscale online customer journies, client service, and Know-Your-Customer (KYC) processes, by adopting an innovative, omnichannel, digital customer engagement solution.

Download the Finextra Impact Study here.