Importance of Video Chats in Contact Center for Banks

Video chats have become the norm for almost all businesses across industries, including the banking sector. Over the last few years, a majority of banks are relying on video chat and omnichannel contact center software to deliver quality customer service.

A 2018 study jointly conducted by The Financial Brand, a digital banking publication, and Vidyo, video conferencing software, revealed eight out of every ten financial institutions that took part in the study already provided video banking or expressed their interest to offer the service in the future.

As per a 2019 Accenture study, nine out of every ten customer interactions in the banking sector have shifted to digital channels such as mobile and net banking, video banking, and more. Some reputable lenders were already using IVR contact center software as well as high-end contact center software for banks before the spring of 2020.

But after the global pandemic, video banking became a necessity, and banks that offered the service had massive competitive advantages over the rest. The question was no longer “whether or not to offer video banking” but “how to provide the best video banking services to our customers?”

Video chat contact center software allows lenders to enhance their banking operations and easily interact with their customers, without needing them to visit the branch. In this blog post, we have discussed the key features of video chat contact center software for banks as well as the major benefits video chat provides to the banking industry. Some of the key features of a video chat contact center solution for banks include:

Screen Sharing:

The software allows screen sharing, which helps in improving video communication efficiency.

Document Sharing:

Through a video chat solution, customer care representatives can easily share presentations, MOUs, and other important documents.

Call Recording:

The feature makes it easy to record your call to recall the business conversation.

Skill-based routing:

This feature routes the calls according to the skills and competence of the bank employees.

Confidentiality:

Conversations can be kept confidential with the help of a video chat contact center solution.

Automatic call distribution:

The incoming calls get automatically distributed to the banking employees or customer service agents who have the right skills and expertise to handle specific queries or requests.

Benefits of video chat contact center software in the banking sector

Video chat contact center software for banks is a powerful tool with several benefits for callers as well as contact centers. Thus, implementing live chat with video chat in banks has plentiful benefits. Through live chat, banks can offer complete customer service solutions to customers without losing personal interaction. Some of the key benefits of this software for banks include:

• Build trust: Video chat allows banks to provide instant services to customers. With just a click of a button on a bank’s website, customers can start a conversation with a customer care representative and get quick feedback. This further helps to build trust faster. 

• High-end customer support: By enabling the human touch, the software helps the bank’s customer care representatives to provide high-end customer support. Instead of queuing up at a bank and waiting for their turn, customers can effortlessly resolve their issues through a video chat with their bank by sitting in the comfort of their home, office, or pretty much anywhere in the world.
• Improved customer care: By enabling video chat facility in banks, the contact center management software helps to boost customer engagement and satisfaction. Customers can easily discuss any issues they have with their bank, inquire about anything they are confused about, and ask questions. Customers can easily express themselves with a live chat and get a quick solution for their issues. They also receive personal attention from bank executives and customer support representatives. All this leads to improved customer care service.
• Help to select the winning approach: This omnichannel contact center software allows customer care representatives to decide on the winning approach by seeing who they are talking to, and how they react.
• Stress-free: For banks, handling customers’ queries or issues becomes quite easier and stress-free with the help of a video chat contact center solution. Moreover, it also helps to prevent overcrowding in the banks. Instead of coming directly to the bank to resolve little issues, customers can easily turn on the chat option and connect with their account manager or customer care representative to resolve their issues.
• Higher customer retention: With video chatting in the banking sector, the representatives can provide quick answers with personal human interaction. This helps to increase customer retention.
• Lower overheads and costs: Video chat in contact center software can considerably lower banks’ overheads and major fixed and variable costs. Banks only have to invest in high-quality contact center software features and multi-channel contact center software. Also, lenders that leverage cloud contact center software or multi-tenant contact center software pay a much lower cost compared to single-tenant or hosted contact center software.
• Provide seamless access to remote areas: For many lenders, providing last-mile delivery is a major challenge, especially in remote areas. But by using video chat and the right contact center automation software, banks can deliver seamless banking services to their customers in hard-to-reach places.

Video chat software: The new normal in the banking sector

The pandemic changed the way the banking sector operated. Net banking, mobile banking, and virtual banking became the new normal. Banks began to use video chat feature in inbound call center software or outbound call center software to serve their customers in the most efficient way.

The banks that were quick to leverage video chat software not only reported customer satisfaction but also considerable business gains. If you are looking for video chat contact center software, consider HoduCC contact center software. To know more about our customer experience solutions as well as their unique and innovative features, contact our team today.