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When Online Chat is just not enough

I’ve been using online banking for a while now. Just the other day, I had a quick question and saw “Chat Live with a representative” so I decided try it out. As I got comfortable asking a few questions, I started to want to do more. I wanted to talk with the banker. And I’d like the banker to look at my account page with me so I knew we were looking at the same information. It would have helped if I could see the banker and have her give me on-screen guidance.

In a recent report, Alyson Clarke from Forrester interviewed a number of financial institutions that have been using various channels to communicate with their customers from online chat to video. The report revealed that while online chat can be a great way to offer live help, the experience is probably better suited to simple situations.

Apple’s FaceTime has made video communications convenient and simple to use. Video technology has dramatically improved; so it’s time for financial institutions to move beyond chat and offer video banking, true video banking. Read More »

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Understanding Your Customers – Cisco FSI’s Key Takeaways From Retail Banking 2014

We recently attended Retail Banking 2014 in Orlando, FL, where a wealth of information and best practices were shared, with much of the focus on how the banking industry is moving forward with the evolution of the customer experience. This year’s conference focused on the issues that bankers must deal with now and in the future:  revenue growth, branch optimization, digital banking, analytics, the evolution of social media, and of course, Omnichannel.

I have highlighted below a few of the key concepts and quotes from the speakers at the conference that you might find interesting. Read More »

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Delivering a Next Generation Customer Experience – Cisco at CDM’s Customer Experience Summit

We had a wonderful time at CDM’s Customer Experience Summit in Chicago, IL last week. CDM Media Summits bring together leading C-level executives, analysts and solution providers to network and attend interactive agenda sessions on the latest business topics and trends.

Customer Experience Summit Group

At the event, we gave the opening keynote presentation to address how enterprises can strive to meet the ever increasing demands of the customer.  The summit brought together some of the leading executives from a variety of industries to explore ways of confronting and overcoming current industry issues. This year’s conference focused on topics that enterprises must deal with now, not in the future:

  • Leveraging Big Data
  • Social Media Marketing
  • Predictive Analytics
  • Digital Interactive Marketing
  • Monetization of the Customer Experience
  • Customer Engagement Management Platforms

Read More »

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Post-event: The Ultimate Omnichannel Experience – Cisco FSI at BAI Retail Delivery 2013

Enthusiasm was at an all-time high at BAI Retail Delivery 2013 in Denver, CO last week as we continue to see major transformation in the banking industry.  Within the Cisco booth, we demonstrated a series of solutions that enable digital and physical channels to become more interactive and sales focused, while improving the customer’s banking experience. Attendees were excited to walk through various live customer business scenarios – all enabled by the same infrastructure – and available today.

BAI Cisco Booth 1

Cisco’s Omnichannel Booth Experience
The Cisco Financial Services team led the booth tours that took attendees through an end-to-end omnichannel experience. Participants were asked to play the role of an existing customer for the entire demonstration and were shown how Cisco can assist financial institutions in their desire to be more intimate and responsive to their clients’ needs. We demonstrated a seamless customer experience that can drive increased satisfaction and wallet share. Read More »

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The Case for Increasing Branch Staffing Levels

I have to admit it, when I walk into a hardware store I usually need help. And I ask for it. If help isn’t readily available, I go searching for it, and I usually get frustrated when help is not readily available. So, what’s your threshold for finding help when your money is involved?

Research has shown that 70 percent of banking consumers will leave a bank branch and not return if they ask for help and it is not readily available. It’s called revenue leakage. If I don’t get help in the hardware store and get miffed, it’s inconvenient to drive to another store miles away. So, I’ll take the time to hunt down a person in that bright colored apron. But banking is different. With competitor bank branches in close proximity (or just a URL away), a miffed consumer simply needs to walk down the across the street or click to a different website. Help is moments away.

What happens when your customers request help on a specific financial product or service?  Can you fulfill every mortgage, wealth management, small business lending request at every branch?  Not in every branch. Do consumers expect this expertise in every branch? Yes.  And they expect fast, personalized service.

Do banks want to fulfill every new product or service request at every branch….or channel?  Of course, it part of building loyalty, building wallet-share, being a trusted advisor and, stopping revenue leakage.   

Can banks afford to staff up every branch to deliver this level of service?  Yes they can! But not in the traditional sense. Yes, by providing the customer with the right expert quickly and engaging with that expert eye-to-eye.

 I’d venture to say, there is a 8 to 10 minute threshold from when the customer walks into the branch and an appropriate bank expert engages the customer. To meet this threshold, banks are leveraging technology to provide a remote expert using high quality video and audio to connect the customer with the expert and begin understanding and fulfilling the customer’s request.  

The ability to dynamically find the right expert is key. And so is delivering the right experience with the remote expert. Customers visit the branch to talk and meet with people. Using high quality video and audio delivers the “in the same room” experience and the eye contact necessary for establishing and building trust. The ability to explore what-if scenarios on-screen and deliver documents for signature, accelerate the sales and decision process. Citizens Financial Group, Inc. is delivering this capability today in branches within four retail markets with a focus on mortgage and wealth management product and services.

Increase your branch staffing levels ? Yes, but do it without increasing branch headcount.

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