The insurance industry is facing a massive evolutionary shift driven by competition and changes in consumer preferences. The competitive battle is easy to see, as insurers delve out billions in advertising and marketing expenditures in an effort to attract and retain customers, while maintaining top of mind brand awareness and differentiation. And adding to the pile on--retail banks are beginning to offer personal and commercial policies, which means insurers are no longer only competing with one another, but banks as well.
Insurance fits into the broader context of how we live our lives. So, the same technology trends and innovations that are changing the way we interact with each other socially as well as with other products and services – travel, entertainment, automotive, to name a few–are changing the expectations we, as consumers, bring to the insurance experience. Customers want to interact with their insurance provider in the way they choose, at the time they choose, across any access channel with any device. Read More »
Tags: Cisco, collaboration, customer experience, Financial Services, insurance, mobile advisor, remote expert, virtual expert
Guest post by Carl Wiese, VP of Cisco’s Global Collaboration Sales. Carl is responsible for leading Cisco’s worldwide collaboration business, overseeing a global team of 1800 product sales specialists who sell Cisco’s unified communications, telepresence, contact center and web conferencing solutions.
I spend a lot of time talking with customers representing many industries across the globe. Like most industries, financial institutions are looking for new ways to retain and grow their customer base while continuing to provide exceptional customer experiences.
One solution that many are implementing is the use of video to create access to remote experts in a personalized way.
Cisco's Remote Expert solution
With the expanding role of the network, pervasive video allows customers to access all the financial expertise they need at one time, in one place via the channel of their choice. Now consumers are no longer reliant on in-branch resources and schedules they can choose to connect by video and instantly access a pool of experts regardless of location. It’s a win-win for both the customer and the financial institution.
One example of Cisco Remote Expert application in a client retail environment is the Citizens Financial Group Video Banking solution. This pilot, announced today, helped Citizens transform their mortgage and wealth management customer experience by enabling real-time access to experts, information, advice and solutions to both Citizens and Charter One customers. Read More »
Tags: banking, Cisco, collaboration, TelePresence, virtual expert
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.
Tags: bank, remote advisor, remote expert, retail bank, video banking, virtual expert, wealth management