Transform Member Experience and Improve Bottom Line with Video

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For centuries, the brick-and-mortar branch has been the primary channel for conducting business for most credit unions. Even in today’s digital world, the branch remains a key component of the member engagement strategy for most institutions. The physical presence still plays a critical role in establishing brand and building member confidence. But operating a branch network raises three key challenges:

  1. Branch locations are costly to maintain. In addition to the real estate costs, it is virtually impossible to offer a full set of services in every branch because of the expense of staffing. Smaller branches cannot afford to employ experts on all the institution’s financial products and typically offer only basic services. When visitors go to a branch for a specific service only to learn that the branch does not have the expertise on hand to address their needs, they rate their experience very poorly.
  2. Efficiently balancing skill sets and staffing levels with foot traffic is extremely difficult. Long wait times—the norm for some branches—have a negative impact on the member experience and can even drive discouraged members away from the credit union altogether. On the flip side, other branches struggle with less foot traffic but face higher costs and have staff whose expertise goes unused.
  3. Self-service in the branch can defeat the branch’s purpose. In an attempt to streamline traffic and offer more convenience to members, many credit unions have deployed ATMs and self-service kiosks inside their branches or in other strategic locations. Most of the time they work just fine, but when a problem arises — a credit card gets eaten or a member is unable to perform a specific task—the member may feel frustrated by not having an easy way to get assistance.

Credit unions can now overcome these challenges by offering services to their branch visitors through video kiosks or in private video-enabled rooms. Credit union staff identify members’ needs as they enter the branch. If an employee with advanced expertise or specialized knowledge is not available on-site to address these needs, the member has the option of using a video channel either on a video banking kiosk or in a video-enabled room. Similarly, an in-branch representative can initiate a call with an expert from another location in order to provide additional services or insights during a customer meeting.

During peak times, the branch can offload some of its traffic to video agents who can assist visitors with basic requests that do not require a physical interaction.

Whatever the scenario, a high-quality video interaction means that members feel they can still have a human, personal interaction.

Video can also be integrated into existing self-service kiosks to provide remote support. A click-to-call button enables users to talk to a contact center agent as soon as they face an issue and see it resolved almost instantly. Video interaction makes the process much more human and ensures that the agent can effectively mitigate the member’s stress.

The benefits are tremendous from both member experience and financial perspectives:

  • Members enjoy reduced wait times, greater convenience, and easier access to more advanced resources. When Illinois-based Consumers Credit Union implemented video banking, the average wait time went from a shocking 1.5 hours in certain branches to just under two minutes. In Missouri, 93 percent of users of BluCurrent’s in-branch video banking service say that they would recommend it to someone else.
  • Credit unions optimize their staff resources and real estate and increase their revenue with a better ability to close deals. Pennsylvania-based Diamond Credit Union attributes a 12 percent increase of its sales of debt protection to its video banking service.

If you are interested in further exploring the opportunities and benefits of video banking, download our 2018 Video Banking Report to understand the market trends and our How to Implement Video Banking Guide to know where and how to get started.

Article provided by Vidyo.