Seeing is believing for financial services firms as they increasingly embrace video as a sales and service channel

When we think of obstacles financial services firms need to overcome in order to win, retain, and serve customers, one of the largest ones that come to mind is trust and transparency.  For financial services firms these attributes are key to boosting deeper customer engagement with wealth management clients and grow share of wallet in retail banking.

Those that have successfully done this in the past need to adapt to the mindset and needs of the modern digital customer.   In our recent report, we explore the effectiveness of using varying video channels to not only pull customers in, but build the relationship of the financial partner. “Hey, we’re in this together” is what we all want to hear from the person holding our money, right?

Three ways financial firms are finding customer success through video:

1.       Instant access to a human. One of the realities with serving the modern consumer is that they will want immediate access to you, and sometimes a quick balance check is not going to cut it.  Consider deploying a video chat solution for your high net worth customers.

2.       Assure them of your knowledge and understanding of the market. Your customers don’t know what they don’t know, that is why they are turning to you.  A best practice video on choosing the right home insurance policy creates the empathy people crave, much more than a text filled webpage.

3.       Brand videos.  Financial firms know our cousin’s husbands name.  Showing us what you are about, what your values and promises are, create a valuable but often lost connection with the customer.

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"Matchmaker, Matchmaker, make me a match......." Behavioral analytics improves connecting contact center agents to customers

In the Tony Award-winning musical “Fiddler on the Roof,” Tevye, the father of five daughters, bemoaned the erosion of tradition where his daughters wanted to marry for love instead of cultural preservation. The cultural norm was to make use of a matchmaker to seek out mates that satisfied familial desires and goals on both sides. In similar fashion, more traditional queuing and routing schemes used in contact centers may get a customer to a qualified agent, but their style and approach may not produce the “magic moment” of a highly satisfying interaction.

Today, advances in processing power, software algorithms, and availability of consumer information have come together to allow for a more advanced method of matching agents with callers. Behavioral analytics applies models of behavioral styles, tracks successful matches that drive better interaction outcomes, and provides an ongoing feedback loop to tune the model for each enterprise. Case studies from Mattersight and Satmap, two vendors who specialize in this software, have demonstrated uplifts in revenues and positive impacts on handle time and customer satisfaction.

Satmap helped one of the largest telecommunications carriers in the United States boost sales conversion rates by 6%, driving $100 million in incremental revenue over a two-year period. The trial included alternating periods of turning Satmap on, and then off, to provide outcome comparisons.

CVS Caremark adopted Mattersight Predictive Behavioral Routing and was able to drive an 8.4% reduction in average talk time during their proof of concept trial. CVS is also using the data to better target training and coaching to agents.

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