in Live Chat for Finance

Live chat is a cost-conscious and effective way to provide one-on-one sales and service to bank customers.

Bank customers show an increasing preference for interacting with banks digitally, either via mobile devices or personal computers. As a result, today’s banks face an increasing challenge in engaging customers in a way that increases satisfaction and retention, while remaining cost-effective.

Many banks have already invested heavily in their online platforms. With the platform already in place, live chat is a relatively simple and inexpensive technology that enables banks to restore that vital “personal touch” which can easily get lost in the online experience.

Chat bridges the gap between online banking and phone interactions.

Effective – yet personal

Live chat speeds up the flow of information between the bank and the website visitor. All information that can be shared over the phone can be shared much faster during a live chat session. Unlike with telephone calls, visitors can readily be shown pages with complex legal and graphical information, such charts and tables.

Proactive Chat

Reach out to web site visitors before they leave

Besides having the standard chat button on your bank’s website or in your online banking platform, you can use proactive chat to maximize all the benefits that chat provides. Proactive chat allows you to reach out to customers at key moments in the online experience – such as when accounts are being opened or products paid off – and hence provide exceptional customer service at crucial transaction points.

Proactive chat features can be completely automated with new chat sessions flowing in to the queue, thus giving your agents the ability to provide a timely and personalized service while handling either single visitors or large volumes of traffic.

Video Banking

For the face-to-face interaction

Physical branches do have one major advantage over online banking: face-to-face interaction. However, that will soon change, once everyone has a live, two-way video branch in their back pocket.

For high-touch customer interactions – such as commercial lending or personal banking – text chats can be seamlessly elevated to audio and video chat, if this is part of the solution your provider offers. Your online customers can connect face to face with your representatives or financial advisors: your chat solution’s video chat capabilities allow you to bring the in-branch experience to your online banking.

A recent study show that financial institutions are eager to embrace interactive video banking:

This of course is hardly surprising: Video banking is a great way to maintain and improve the personal connection between the customer and the bank.

Security and privacy

The banking industry is highly regulated and banks are responsible for safeguarding both themselves and their customer’s data, so choosing a provider that offers a high level of security is of the utmost importance. Consider if your chat provider can record and document all your chat conversations. Every interaction and all stored data must be protected by a high level of encryption, while strict firewall protocols and access monitoring can provide an additional layer of security.

For the customer, privacy is also an issue, as voice conversations can easily be overheard. An office, a train or a cafe: all perfectly reasonable places to make a phone call, but how comfortable do your customers feel sharing their sensitive information within hearing range of strangers or co-workers? Chat eliminates this awkward situation and enables the customer to have a dialogue with the bank without being overheard or even having to stop what they were doing.

The 60 percent of U.S. banks that offer web chat have 1.4 times higher digital sales and 13 percent fewer inbound service calls than the 40 percent that do not offer web chat.

— McKinsey’s & Company: Retail Banking Insights, Number 9. January 2017

Benefits of live chat in online banking

  • Boost customer satisfaction and account retention
  • Be available to the customer and enhance the online experience
  • Connect customers to one-on-one service from anywhere on your website – whether they are logged into online banking or browsing the website as a visitor
  • Enable customer service agents to handle multiple chat sessions simultaneously, improving efficiency and reducing support costs
  • Increase conversion rates for online applications and account openings
  • Be perceived as an innovative bank
  • Increase number of self-sufficient – and profitable – customers

Would you like to know more about live chat for banks and the benefits it brings?
Visit Live Guide to arrange a quick demo or download a free version


  1. McKinsey & Company Retail Banking Insights, January 2017
  2. Efma and Vidyo online survey of 136 banking professionals from 52 countries, 2016.
  3. Juniper Reseach, Worldwide Digital Banking: Mobile, Online & Wearable 2015-2020
  4. Pew Research Center’s Internet & American Life Tracking and Omnibus Surveys, 2013
  5. Pew Research Center American Trends Panel Survey, 2014
  6. Eurostat, 2015

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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.

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