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
It seems like once a week I come across an article about how mobile devices will revolutionize customer care. To some degree, the articles all share a theme: “Make your life simpler with anytime anywhere access to… your bank, insurance provider, even a doctor.
These articles are chock-full of facts and figures. They tell us consumers prefer to access customer care via mobile devices. And they report that companies are in their infancy when it comes to implementing improvements to meet this demand.
(And can you believe it? I’m almost finished with the introduction and I haven’t dropped the most bodacious customer-care buzzword of all: omnichannel!)
So much has been written about omnichannel that I don’t think I can add much more. Other than: As a consumer, I want it! I want the consistent customer care experience that omnichannel promises as I move from one channel to another.
But if I’m being honest, what I really want is a complete end-to-end experience on whatever channel I happen to be on.
My options are limited if I’m logged into my banking app on my iPad and I need live help. I could use my phone and call into a queue, or request a call back, or maybe even start a chat session. But how is this making my life simpler? I still have to re-authenticate myself, maybe go through an IVR process, explain what I’m looking for… You get the picture. Read More »
Tags: Cisco, mobile, omnichannel, remote expert, uberchannel
I recently returned from a Financial Services Summit event in China, where I discussed trends in an omnichannel delivery strategy with an audience from 30 banks. A central part of my discussion was the notion that things are not changing, they’ve already changed. Consumers across the globe have a heavy appetite for digital services.
Digital consumers across all age groups are adopting new digital behaviors at a faster pace. For example, it took one European bank 10 years to have 20 million hits per month on their website, but when they introduced their new mobile banking app, it only took 1.5 years to reach 20 million hits per month.
In a recent Internet of Everything (IoE) in Financial Services consumer study conducted by Cisco across 12 countries, we saw that in China, there is a high interest for alternative banking solutions. However, this same group of respondents (72 percent) put the branch as their first preference for opening up an account. We saw similarly high scores across Brazil, India, Russia and Mexico. The U.S. consumers came in at 60 percent.
So, what does this tell us? For one, it tells us that we need to not only evolve our mobile strategy but also see the branch as a valuable asset that is complementary to mobile and still core to any omnichannel banking delivery model.
Yes, the branch still matters. From opening up an account, to applying for a car loan or even a mortgage, there is an educational and personal interaction component to that journey. Consumers often feel that they are not fully equipped to make decisions about financial products and services alone and often seek advice and guidance from a trusted banking specialist. Read More »
Tags: Cisco, customer experience, digital bank, Financial Services, Internet of Everything, IoE, omnichannel, Personalization, remote expert, retail banking, video
Nearly a year ago, I wrote a blog titled, “Mayday for Insurance and Financial Services,” where I detailed how next-generation customer experience capabilities, such as virtual interactions between business experts and customers, are transforming business processes – such as the “Mayday” button technology offered on Amazon’s Kindle Fire HDX. The purpose of that blog was to explain virtual interaction capabilities and discuss how they are likely to become integrated into the insurance industry in the near future. So what’s changed? Well, I’ve gone from blogging about the changes to come, to speaking at insurance industry conferences about how virtual transactions are now transforming how the industry does business and how Cisco is helping fuel these virtual interactions.
I attended the Property Insurance Report National Conference, and had many great discussions. The focus of the conference was on ways the property insurance world is changing, through consideration of new ideas and the utilization of new tools being built. It’s widely considered that with the arrival of better information and tools, the most sophisticated insurers will be able to separate themselves from those who don’t take these changes as seriously or employ them as skillfully. Features such as online video sales and support are working in the real world for other industries, so how they can be applied to insurance?
At the conference, I gave a keynote presentation titled, “Omni-Channel for Insurance – Virtual Enhanced Distribution & Service Channels”. The presentation specifically focused on how virtual interactions are transforming the insurance industry and improving customer experiences.
Read More »
Tags: Cisco, customer experience, Financial Services, insurance, omnichannel, remote expert, video, virtual expert
You order a movie online and additional suggestions pop up, based on a deep knowledge of your likes and dislikes. You plan a vacation and similar suggestions appear, reflecting your financial state, the climate in which you live (and may hope to escape for a time), and past travel history. These convenient, personalized interactions are common today — and even expected.
Yet according to a Cisco survey of 7,200 retail banking consumers in 12 countries, customer expectations for financial services are not being met. Many of the most valued customers — and not just tech-savvy Gen Y ones — feel disconnected from their financial services institutions. They state that their banks do not know them personally, and are providing advice only on the bank’s terms — in the branch, during banking hours, when staff is available, — if at all. Read More »
Tags: CCS, Cisco, customer experience, digital, digital bank, Financial Services, Internet of Everything, IoE, omnichannel, Personalization, remote expert, retail banking, video