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Video Calling in the Banking Sector – What Our Primary Research Has Shown

10 Sep 2018 - 2 min read

Sinch’s recent whitepaper on Video Calling – How Consumer Demand Is Shaping The Future Of Video Calling For Enterprises, highlighted industries that have embraced Video Calling and are already using it to reach out to consumers.

Banking in particular stood out in the research undertaken, with 87.81% of banks surveyed stating that they are already using Video Calling in some form (either B2B or B2C), and of the remainder 29.54% stating that they were either very likely, or somewhat likely to start using Video Calling in the next 24 months. The banks spoken to thought that Video Calling would be most useful for Consultations & Meetings (62.33%), followed by Customer Service (53.74%), then Resolving Support Issues (51.25%).

Financial companies around the globe have introduced Video Calling as one of the ways that customers can get in touch. Brands like BarclaysSantanderWells Fargo and Standard Chartered are enabling customers to perform a variety of transactions, have consultations, or get general support via Video Calling to improve the user experience – providing a highly personalized service in real-time, whilst ensuring that sensitive information remains secure.

Customers need banks to be accessible, and the communications they have with them need to be seamless. The demanding digital generation expects much more than ever before, and Video Calling has the potential to bring many benefits for both customers and businesses who choose to take this route:

  • Convenience. Video Calling enables customers to bank whenever and wherever they want, from their kitchen to the office or even the shopping mall, resulting in effective customer support 24 hours a day, 7 days a week, that fits in with customers busy lives
  • Retain the personal touch. Offering face to face assistance / support results in a higher level of customer satisfaction and a perceived increase in issues being resolved – over 37% of consumers in our survey stated this as a potential benefit of Video Calling
  • Bring expertise to the masses. Expert knowledge, on products such as Mortgages or Wealth Management that might ordinarily be confined to one branch or location, could be made available for all customers to access in a way that suits them
  • Give the customer what they want. Society is becoming more comfortable with, and is starting to expect enhanced services like Video Calling as standard as a way to get in touch with their bank. Our survey found that over 57% of consumers expect businesses to offer a wide range of ways to communicate with them
  • Brand differentiation. Offering a variety of ways for customers to get in touch – an omnichannel engagement strategy, can make your brand stand out in a busy market place, strengthening customer relationships and brand loyalty
  • Increase customer retention. It can cost more to find a new customer than to keep hold of an existing one. Our survey showed that 23% of customers might even consider switching banks if another offered Video Calling as a means to communicate with them

Want to find out more about how Video Calling is shaping and changing banking and other industries, download Sinch’s free whitepaper today or find out more about implementing our easy to use Video Calling API.

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