Seeing is believing for financial services firms

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.

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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.

But it’s not all turkey and gravy. Some things are not proving ROI yet, such as video kiosks. They create longer lines and become more of an inconvenience than a benefit. Work with a customer experience team to know what steps in the customer journey can directly benefit from video. Put in place strong metrics around your video trials to see the before and after effect on customer satisfaction, revenue, and handle times.

Thinking of implementing a video strategy? If you’re a client and would like help, please set up an inquiry with us.

Posted by Art Schoeller