Omni-channel Services: Pushing Digital Transformation Of Banking

By Author: Yuval Moed
Total Articles: 27
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Making the digital platform core of the business is no longer a choice for companies. Customer expectations have evolved with the digitization revolution and businesses need to keep up to remain competitive.

Traditional banking has in particular lagged behind in terms of innovation in customer delivery. Banking firms are being challenged by tech-driven startups who are introducing new approaches, bringing in new ways of delivering financial services and reinventing traditional processes.

On their end, customers are keen to take advantage of the rapid tech changes to make their banking experience more convenient and gain more control over their financial affairs.
Consequently, mobile banking apps, online services and video interactions are seeing a jump in popularity.

According to the most recent Consumers and Mobile Financial Services report, the usage of mobile banking apps by mobile phone owners having a bank account has doubled to reach 43 percent in 2015, indicating the shift in customer preferences.

Banks will be able to successfully navigate the profound changes in customer expectations ...
... by ensuring that their processes integrate tech-driven innovations. Indeed the most successful companies today are riding the digital wave by transforming their approach to customer service.

Integrating Digital Innovations for Transforming Customer Experience

The rising ubiquity of Virtual Banking, Mobile banking, phone banking spanning multiple mediums makes omni-channel strategy increasingly key as customers expect a seamless experience across channels.

With the development of technology like web RTC, banks today have the opportunity to meet and surpass customer expectations with minimum investment.

The webRTC-driven real time collaboration suite enables companies to engage with customers with high levels of personalization during remote interactions via voice, video and text formats. It comprises a wide array of tools that include

1. Cobrowser: Agents and customers can simultaneously browse a website with this tool. The agent can use it to annotate, highlight and guide the customer in real time.

2. Live video chat: Interactive discussions are made easy with video chats that can be initiated directly from the website.

3. Instant Document sharing: Documents like brochures, applications can be shared securely using this feature.

4. VeriTalk: Enables live guidance online through cobrowsing while receiving support via phone at the same time.

Delivering Customer Delight with High Quality Support

1. Handle transactions and discussions via video: The real time collaboration suite is particularly useful in situations requiring complex discussions that are typical in financial services. Sales staff can show materials, answer questions and guide customers in their decision making.

2. Provide Live Guidance: With cobrowsing, agents can explain products, provide walkthroughs and help in filling applications while offering phone support. This omni channel support will which ensure that customer issues get resolved.

3. Screen sharing: In secure online environments (https) screen sharing can be used to demonstrate online banking transactions or actions to customers.

4. Share documents instantly: Agents and customers can exchange documents during a live sessions, which speeds up the process+.