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Digital Banking

5 Ways to Improve Accountholder Relationships Using Video Chat

Eleanor Liu
Feb 7, 2023

Video is quickly becoming one of the most widely used and desired forms of communication. While the pandemic initially drove the exponential adoption rates for businesses and consumers, it has proven to deliver especially strong outcomes when used for accountholder service.

Live interactions are also becoming popular in training technical services and troubleshooting. Here are five key reasons you should consider using a live video chat service when interacting with your accountholders. 

1. Accelerated Response

Video chat with your accountholders helps your institution’s experts respond to accountholders in real time and speed up the time it takes to resolve an issue. Video has the greatest explanatory power of any support channel and the combination of visual, audio, and body language increases comprehension and recall, making it the perfect channel for complicated issues or troubleshooting. 

2. Improved Operational Efficiency

Asynchronous chat helps support teams manage multiple conversations at once and is perfect for simple, routine inquiries. But when issues are complicated and require multiple chat sessions to resolve, it can be faster to use a video chat solution. Since talking is normally faster than typing, video chat allows experts to resolve tricky issues quickly and use support team resources more optimally.

3. Improved Training

Video chat can improve the adoption of new features or ease friction when questions arise during a digital application or process. While many banks and credit unions provide end-user technology manuals or help screens, some accountholders need that one-on-one support and handholding in order to adopt new features or technology. Screen sharing while walking someone through a new process provides next-level support that accountholders will appreciate in the moment and more easily remember later.

4. Faster Troubleshooting

The ability to screen share during a video chat session helps your support team see exactly what the accountholder is experiencing in real-time. This immediate insight can provide faster resolution and reduce accountholder frustration, as issues are resolved in one interaction rather than many.

5. It’s Expected

81% of U.S. adults have used video calls since the beginning of the pandemic. They now expect video chat to be available as an option for support. However, only 34% of banks and credit unions use live video chat to interact with their accountholders – leaving a gap between expectations and reality. Offering a video chat service ensures accountholders receive personalized support through a preferred channel.

Video chatting is the ultimate solution for companies who prioritize accountholder relationships. It offers better response time, personalized experience, and greater training opportunities.

Despite its overwhelming benefits, some banks or credit unions may be hesitant to add a new service channel for fear of overwhelming support teams or violating compliance regulations. However, those worries can be addressed by implementing a video chat solution designed specifically for financial institutions. Here’s what to look for:

  • A video option built into your digital banking platform’s existing authenticated chat service. This ensures that interactions happen seamlessly, and support staff can suggest the move from text-only to video when it’s appropriate.
  • A complete record and audit trail for all video chat conversations. Keep your auditors and regulators happy, and avoid the kinds of bookkeeping failures that cost JPMorgan $200 million in fines.
  • Agent-initiated video calling. Rather than needing extra employees to manage a queue of accountholder-initiated calls, empower your support team with agent-initiated calls. You’ll gain all of the video calling benefits without the unpredictable downsides.

As video chat becomes an increasingly desired tool for accountholder service, ensure your bank or credit union is ready to meet those rising standards with video.

Learn more about video chat through Jack Henry’s Banno Digital Platform™ today.

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