As consumers, we have many options in how we browse, research, and purchase products today. We expect more freedom and flexibility in how we work with retail companies. Forward-looking companies strive to improve their customers’ experiences and provide flexibility without compromising quality.
However, some industries are considered conservative and rigid. Financial institutions are often seen this way. It’s ironic. Financial institutions brought us ATMs, online banking, bill payer, and generally made us more self-sufficient with our funds.
Unfortunately, areas such as mortgage lending remain high-touch and require a face-to-face meetings with customers. For banks, the challenge is that it doesn’t make sense to have an expert in every branch, which means mortgage experts typically travel among branches. Customers may have access to a lending expert only once a week, or even every two weeks. It’s difficult to do business that way.
Now, look at what Nationwide has accomplished in the area of mortgage lending. Nationwide prides itself on customer service: It’s the world’s largest building society and services 1 of every 4 U.K. homes. In order to grow and provide exceptional service to more households, Nationwide realized it would be better to
bring its mortgage experts to the customer. They did this with video conferencing and the results have been spectacular.
Most impressive is the increase in customer satisfaction from meeting with consultants over video. The experience and expertise remain the same, but providing experts at the customer’s convenience led to a significant improvement in ratings. And, additional business for Nationwide at lower cost.
I applaud Nationwide for not over-rotating on video. They have successfully taken advantage of video to serve more members and bring home ownership to reality for those members on their terms. They did this by continuing to provide “white glove” treatment to their members.
Upon arrival, customers are greeted by an employee who escorts them to the meeting room. The employee begins the video session, makes introductions, provides refreshments, and supports the process by managing documents, copies, signatures, and other branch-based tasks.
Video doesn’t replace the experience, it augments it.
There’s a saying that Read More »
Tags: Customer Care, finance, nationwide, remote expert, satisfaction, video
By Jason Kohn, Contributing Columnist
In fact, mobile payment systems are already enormously popular in some parts of the world, but you might be surprised at where. Leading the mobile payment revolution: Kenya.
I wrote last year about the M-Pesa mobile banking and payment system, launched by network operator Safaricom in Kenya and Vodacom in Tanzania. According to Lindsey Gilpin of TechRepublic, M-Pesa now serves 17 million Kenyans, and 25 percent of the country’s gross national product flows through the system. Worldwide, Gartner estimated mobile payments to surpass $235 billion in transaction value and 245 million users last year, led by emerging markets in Africa and India.
So mobile payments are maturing fast, just not in the North America. According to a 2013 report from the U.S. Federal Reserve, just 12 percent of U.S. consumers surveyed had made a mobile payment during the previous year. Sara Angles wrote about this surprising technology lag in BusinessNewsDaily last October. Citing a global study by SAP, she noted that “the United States reported the lowest consumer demand for mobile commerce, with just 53 percent of those surveyed expressing a desire to make a purchase via mobile.”
Just 15 percent of North American consumers said they were ready to buy more with mobile devices, compared to more than 80 percent in Asia Pacific, Latin America, and Africa.
So what’s the story? Why is the United States lagging so far behind? Read More »
Tags: banking, economic impact, finance, M-Pesa, mobile payments, NFC
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Partner Update, our bi-weekly video newscast features all the top headlines that matter to partners — in less than 5 minutes. Watch the latest newcast below and be sure to like our Cisco Channels Facebook page so you don’t miss an episode.
If you’d like to submit an item for one of our broadcasts, leave a comment here on the blog or send us a tweet @Cisco_Channels.
Keep reading for links and details of what we covered in the newscast…
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Tags: brian solis, Cisco, cisco capital, cisco channels, facebook, finance, headlines, news, partner, partnerupdate, small business, talent, twitter