How Digital Banks & Financial Brands Retain More Customers with Visual Engagement
Today's technology makes it easier than ever for customers to switch to a competitor. Banks & financial brands have one shot to make a big impact on customers to earn brand loyalty. In the era of offshore contact centers, chat bots, & support articles, how can brands reconnect online convenience with the in-person experience?
Plus, customer retention isn't just about saving wasted effort. Existing customers lead to big bucks! According to Doxee, financial brands that invest more in customer experience are growing over 3 times faster than competitors lagging behind.
Visual customer engagement increases brand loyalty & customer retention
Customers are willing to stick around if the experience makes it worthwhile. Providing face-to-face, personalized service through simple, engaging solutions is an easy way to win loyalty.
A smile. A laugh. A virtual high five.
These little connections make all difference in whether customers see you as just "a bank" or as "my bank." Keep reading to see what challenges that real-time visual engagement can solve for banks & financial service companies looking to retain more accounts.
Visual engagement makes it easy to..
Resolve service issues on first call
Build trust & loyalty in your brand
Onboard new accounts easily
Boost customer satisfaction scores
3 reasons brands MUST boost customer retention during an economic downturn
When a potential recession looms on the horizon, it's crucial to retain the customers you've earned. Stable, predictable revenue is the key to smooth sailing through troubling economic waters. Customer retention helps make your brand recession-proof because..
Acquiring new customers is expensive! Focusing on boosting revenue through existing accounts means you can build on the hard work & dollars you've already spent. Providing concierge-level visual support to your customer base helps keep existing customers happy & returning to buy again & again.
Happy customers refer new customers! Some call it a "net promoter score" or NPS. However you label it, consistently wowing users can lead to customers spreading the gospel of your brand to their peers. Word of mouth from from customer to qualified buyers is a free, effective way to sell more.
Predictable cashflow trumps unpredictable markets! Frequent repeat purchases by your best customers can raise your "baseline" revenue, meaning each new quarter starts that much closer to reaching & exceeding sales quotas. Build on your successes by engaging your existing customer base on a truly personal level.
How can banks, credit unions, & financial service orgs retain more customers?
Today's users expect personalized support when & where they need it most. That means offering real-time one-on-one assistance to customers whether they’re on your website or app, without complicating the situation further with chat bots, community help forums, or plug-in downloads.
Customers feel valued when they can connect on a human level & feel that agents empathizing with their plight. This all starts with understanding exactly what issue the user is facing. And the easiest way to do that?
See exactly what the customers is seeing.
Offering simple, no download video chat & secure cobrowsing–that can be easily launched within the onboarding application–lets your team of support agents collaborate & guide users while virtually “looking over their shoulder” to follow what’s happening on screen.
Additionally, research by Oracle RightNow indicates that 86% of customers are willing to pay more for services with a better customer experience. Retain more customers at a higher average deal value? That's a win-win!
Rather than typing out a novella through a text-based chat or hovering over a dozen tiny tool tips, users can connect in real time via voice, video, & more, when & where they need it.
With cobrowsing alone, banks & financial institutions can:
Assist with onboarding tasks, documents, forms, & applications
Launch video-based support in a mobile app
Work side-by-side with customers to review statements
Screen capture & record sessions to reference later
Because sensitive data never leaves the host device & is redacted in agent views, top cobrowsing software like Realtime allows orgs to easily meet PCI compliance standards.
Wow customers & boost account retention with visual customer engagement
Connecting visually with customers when they are actively using your banking or finance site shows your commitment to providing personalized customer experience. Easy video chat, download-free cobrowsing, mobile cam streaming, & other visual engagement tools build trust & loyalty. That means less users will be tempted to jump ship in search of a competitor.
One-size-fits-all help articles & automated support won’t help most users when they are frustrated or confused.
Check out visual customer engagement for yourself to see how banks, credit unions, & financial service customers can simplify customer retention on their website or mobile app.
Still have questions?
We are happy to answer any questions you have about cobrowsing, screensharing, mobile camera sharing, video chat, & more. Recursive Labs is an industry leader in Next Generation Visual Customer Engagement & our team has plenty of knowledge to share!
Shoot us a message & we'll send more info!
Recursive Labs is an industry leader in next generation visual customer engagement software in the form of secure no-download cobrowse, screenshare, video chat, & mobile camera CRM software. We help companies connect customers & support teams seamlessly through no-download visual engagement tools that integrate with major CRMs.