Online video plays a major role in today’s life. Whether it’s entertainment - streaming movies or sharing YouTube videos - or Skyping into business meetings, online video has transformed the way we consume media and communicate. As such, video chat (https://www.unblu.com/en/product/video-voice/ ) is a natural next step in conversational banking. It allows customers to chat with agents via video call. They can make these calls when it suits them and can have access to expert banking advice without having to travel to the branch.

Why is video chat important

Video chat transforms the way banks deliver customer service. Firstly, it makes online banking far more personal. It harnesses the efficiency and convenience of digital communication and combines it with the reassurance and familiarity of face-to-face exchange. Customers receive customized help from a real person rather than an anonymous chatbot. This builds a trusting relationship and a sense of security that is crucial when it comes to banking and financial transactions.

 

Video chat used in conjunction with a co-browsing feature further improves the speed and quality of customer service. The advantage of having access to this visual context is that they can see the specific issue at hand and then provide clear and relevant advice as opposed to the generic answers of a chatbot who has no real understanding of the customer experience. The discussion is personal, meaningful, and efficient.

 

The overall result of improving the efficiency and quality of customer service is a higher conversion rate and an accelerated sales process. The drop-off and churn rate is dramatically reduced when agents can see what the problem is and provide specific solutions. Similarly, customer support time is reduced. This is beneficial for company costs but also for customers who feel satisfied by the more streamlined process.

Types of video Chat

Browser-based vs computer-based

Browser-based video chat is distinct from computer-based video chat such as Skype or Webex. The difference lies in the fact that computer-based video chat requires a software installation. Browser-based video chat doesn’t require any installations or downloads. Instead, the call takes place on the browser itself avoiding the potential friction of software downloads and making the conversational interface smoother and more streamlined

Compliant video chat

In the financial service industry, security is the highest priority. Any video chat sessions must be fully secure and compliant. Therefore, all conversations must be encrypted to ensure communication is secure. Geo-location restricts processing to servers in certain geographical regions, which makes it compliant with the financial industry legislation. During co-browsing sessions, any sensitive information is masked. And, finally, a full session audit trail of all interactions - including any video calls - means data can be accessed when any agent, client, or financial regulator requires it.

Desktop vs mobile video chat

Customers want to communicate via whatever device is most convenient. If they’re on the go, this means their mobile. If they’re at home, it may mean their computer. Different applications are available so that customers can reach their agent no matter where they are. Video chat for computer or mobile have different hardware, browser, and software requirements depending on whether the device is Windows or a Mac, iOS or Android.

Video chat vs audio call

Video chat brings many benefits to customer service but it’s not always the right choice. Perhaps the customer is having a bad hair day or wants to maintain their privacy. They also need the option to make a simple audio call. But having already been through the authentication process on the app, it’s inconvenient for them to have to exit to make a call. Instead, the voice call can be made through the app itself, allowing a seamless transition from one mode of communication to another.

Video chat and Unblu

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