in Live Chat for Finance

Benefits of live chat for banks and credit unions

People are so busy they increasingly turn to the internet to shop and do business. In fact, according to recent research by CACI, visits to bank branches are expected to drop from six or eight visits per year to as few as zero visits by 2022. This decrease of in-person interactions presents new challenges to banks and credit unions. Not only does this vastly increase the competitive nature of banking, it changes the ways that banks and credit unions interact with their customers. And today’s consumers expect excellent, customized service any time, day or night. Live chat helps address these challenges while bridging the gap between the digital world and human interaction. Chat technology not only improves customer experience, it provides other benefits to financial institutions as well.

Live chat improves the customer experience

According to the recent PACE study by FIS, today’s consumers expect banks to be always-on. Live Guide ChatLive chat enables banks and credit unions to accomplish this by staffing service centers with agents around the clock or through the use of chatbots. During non-peak hours only a limited number of agents are required to maintain service levels since one agent can manage multiple chats at once. If using chatbots, although unable to address all inquiries during off hours, they may assist customers by directing them to knowledge base responses. If more in-depth assistance is required, chatbots may collect contact information for further human response.

Live chat allows customers to discretely contact the bank to discuss banking affairs even when sitting at their desk in an open office. No need to divulge personal information to colleagues who might otherwise hear it in a phone conversation. Click-to-chat and mobile chat facilitate these interactions regardless of the device used by the customer.

Online banking customers aren’t limited to text interactions when using live chat. They have the option to request an audio call or video chat to facilitate discussions if needed without the hold times of a phone call and no phone tree to navigate either! Plus, the video chat option provides the face-to-face experience of interacting with a teller at a brick and mortar bank without having to travel to the bank.

Hands-on customer serviceOther live chat features that further enhance the customer experience include co-browsing, remote assistance and remote view. These allow service agents to easily guide customers by actually showing them how to do something or where to find what they are looking for while saving time for both parties. Plus, file transfer capabilities allow the sharing of documents between the agent and the customer to complete transactions or share information as needed. This all shortens resolution time while increasing first call resolutions leading to increased customer satisfaction.

Live chat contains costs

Live chat is an efficient means by which to service customers. It allows financial institutions to make the most of their service agents. Each one can easily manage multiple chat sessions simultaneously where they’d only be able to handle one phone inquiry at a time.

Multiple Chat OperatorsService staff is able to complete each customer interaction more quickly by leveraging various chat capabilities like prepared responses (canned messages) and push pages. Co-browsing, sharing documents, remote assistance plus audio and video chat options allow service personnel to show and direct instead of just explain. Live chat history and logs recorded in CRMs, plus forms and preview chat, provide additional insights to agents accelerating call resolution while further increasing agent efficiency.

The ability to route chats to tellers, service agents, investment consultants or loan officers automatically, based on each customer’s need, further increases chat productivity. This reduces the frequency of chats being transferred to others who may better serve them. Another function in live chat, TEAM chat room, also reduces transfers and speeds resolution by allowing agents to communicate with other agents behind the scenes to acquire additional information from colleagues.

Live chat attracts new customers while retaining existing ones

The increasingly competitive financial marketplace makes engaging with existing and prospective customers effectively and conveniently a priority. Proactive chat allows you to greet site visitors and offer them assistance. This can be set up to occur on certain pages, during form completion or at other key points in their visit. The goal is to stop them from navigating away from your site, especially when deciding to do business with your bank or credit union. You see, 53% of US online adults are likely to abandon their online purchase if they can’t find a quick answer to their question. Proactive chat allows you to make sure that they don’t leave without the information they need.

Advanced workflow & routingConsumers today expect a personalized experience. The customer intelligence collected by a live chat platform provides valuable information about your site visitors before they ever interact with you. These details include which search terms they used to find your site, how long they’ve been there, their geography and more. This allows agents to customize their approach by providing indicators of what they’re seeking and what language they use to communicate. This saves everyone time, increases conversion rates and customer satisfaction.

The ability to add live chat to social media, internet ads and email allows customers to easily ask their questions without visiting your site. This provides a competitive advantage to your bank or credit union by being available when and where there’s a need with no extra effort necessary. The result is more new customer conversions and increased retention.

Live chat enhances security for regulatory compliance and fraud prevention

Live Chat securityChat must be encrypted…especially where finance is involved. This increases consumer confidence in your institution. Secure chat is 256-bit SSL encrypted. It allows sensitive information such as social security numbers and login credentials to be transmitted securely preventing vulnerable eavesdropping or interception. A cloud-based live chat solution further increases security by keeping updates current through a fully-hosted provider. Plus data access is strictly regulated on this sort of solution ensuring no risk of data integrity and security.

Beyond trust, banks and credit unions have regulatory compliance requirements. Enhanced security in a live chat solution is critical when it comes to GDPR (General Data Protection Regulation) and KYC (Know Your Customer) requirements to keep data safe. GDPR requires that financial organizations have a privacy policy showing customers what data will be collected from live chat conversations, how it will be stored and processed, and for what purpose it will be used. A link to the privacy policy may be added to chat windows and pre-chat forms for easy access by consumers.

With the increased occurrence of fraud, KYC compliance is critical. Fraud is costly to both financial institutions and their customers so prevention is the best approach. Data security breaches often play a part in identity theft and fraud so a secure live chat system is necessary to protect valuable online data exchanged with customers. The data masking feature in live chat increases security and privacy by hiding sensitive information. Plus, video chat may be used to confirm the identity of the customer during high-value transactions to further prevent fraud. An added bonus of using video chat during designated proceedings is that facial cues and body language may be employed while adding another layer of security.

Today’s competitive, online environment presents new challenges to financial institutions. Banks and credit unions benefit greatly when they utilize a secure live chat solution. It improves the overall customer experience while providing an advantage that contains costs and increases sales.

Want to learn more about benefits of live chat for banks and credit unions?

Live Guide Chat is a secure live chat solution that will build trust with your customers and improve the user experience. To learn more about how your bank or credit union may benefit from including a live chat solution in your service strategy, contact us for a demo or to speak with a specialist about chat for financial institutions.

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About Netop

Netop develops and sells market leading software solutions, enabling quick, secure and easy transfer of video, sound and data between two or more computers. We have done this for more than 30 years and we have used this knowledge to make Live Guide the most secure and reliable solution on the market. Live Guide helps companies deliver excellent customer service, reduce support costs comply with strict security demands.