Nurturing online relationships
in the financial services industry

Live chat & video engagement for financial services

In a self-service world, successful financial service organizations will be those that find the right balance between digital functionality and human interaction. Retail and commercial banks, wealth management companies and brokerage firms need to find specific ways to leverage the convenience of digital while advising, reassuring and assisting their online customers through guidance and personalized support. With live video chat, banks can differentiate experiences and nurture long-lasting relationships.

Banking on people in the digital age

Market Insights & Best Practices for the financial services industry

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Retail banking: shifting high-value sales online

Retail banking customers require expert assistance online for important decisions

Though retail banking customers appreciate the convenience of digital self-service options for routine financial operations, self-service is simply not an option when it comes to high consideration decisions such as mortgage loans or credit solutions.

These purchases are often occasional by their very nature and while many consumers research their options online, they still seek advice and guidance from experts in-branch.

Global Management Consulting firm BCG predicts the rise of hybrid banks in years to come.”Increasingly, multichannel delivery will be anchored by the digital experience but will still need to meet the customer’s need for human interaction”. BCG further predicts the emergence and proliferation of remote services such as videodesk that bring the human factor in the digital environment. By providing customers with the option of video chat, banks can still deliver that human interaction through a digital channel.

In-branch transactions cost up to 50% more than those conducted online

In-branch transactions cost up to
50% more than those conducted online

Private and commercial banking: retention through service

Private and commercial banking customers expect a high level of service from dedicated relationship managers online

Though many private and commercial banks offer dedicated relationship managers to their clients in-branch, little attention has been paid to the benefits that could be offered to these same customers online. Two in five businesses now use online banking to manage their day-to-day transactions and 20 to 30% of these say they would appreciate being able to discuss products and resolve complaints online using video or web chat solutions.

By making their relationship managers available in the context of online banking, commercial banks can drive effectiveness and offer private customers and businesses a better online experience while building loyalty and improving retention.

Two in five businesses use online banking

Two in five businesses now use
online banking to manage their day-to-day transcations

Brokerage and wealth management: retention through advice

Brokerage and wealth management customers require strategic advice and help managing portfolios online

In the wealth management and brokerage industries, long-term relationships are best nurtured with portfolio performance and a personal relationship with an advisor. While advisors meet their large clients in-person, they struggle to establish such relationships with a number of smaller accounts. The combination of video or voice chat and collaborative digital portfolio management tools means companies can nurture relationships at scale cost-effectively.

Millennials in particular are wired for a hybrid human/technology approach to investment management with 54% expecting to use a robo account for future investing, and 60% expecting to turn to a human advisor for future investing advice. Solutions like videodesk help companies provide clear expertise and advice within the context of a rich digital experience.

60% of millennial investors expect to turn to a human advisor for future advice

60% of millennial investors expect to turn
to a human advisor for future advice

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