Maintaining a competitive edge in financial services is inextricably linked to creating great customer experiences. Satisfied customers drive stronger bottom lines, but customer preferences are constantly shifting, especially when it comes to communications.
In the hyper-competitive world of banking and finance, it's now more critical than ever to stay on the pulse of how consumers engage and deliver the communication experiences they expect.
Stay Ahead of Customer Expectations With the Next Big Communication Channel
Today, consumers have adopted an array of channels for their personal communications and they expect to engage with their banks and fintech apps on those same channels—from SMS, to WhatsApp, to video chat.
Since 2012, TokBox (now a part of Nexmo, the Vonage API platform) has monitored consumer adoption of one of the fastest growing communication trends: consumer-to-business video chat.
In our consumer research report—Video Chatterbox Nation—we examine the growth of video chat from when only half of the American population were video chatting, to today, where it is fast becoming an equal channel to voice calls for social and business communication.
Today 1 in 3 Americans video chat once a week
1 in 4 Millennials video chat every day
Nearly 1 in 3 Americans video chat with a business—a 3x leap in 3 years
Now, we've taken a closer look at the state of live video in the financial services industry. For anyone focused on customer experience in banking and finance, the Video Chatterbox: Finance report provides deep insights into consumer behavior and expectations around video chat, and a future outlook.
Live Video in Financial Services
Digital banking has arrived, and it's here to stay. The market is predicted to reach $9 trillion by 2024. Fuelled by younger tech-savvy consumers, online and mobile channels are rapidly overtaking branches and ATMs.
As financial institutions find themselves in competition with the world's top technology companies, many are investing in digital communications technology such as live video to enhance customer satisfaction and differentiate themselves.
Banks, fintechs, and financial services companies of all kinds are adding live video to optimize the customer journey—from online customer onboarding powered by platforms like InfoCert, to live video customer support enabled by Unblu, or services such as LiveWire that are making tax advice or financial planning accessible with only a few taps of a device.
Live video-based services in banking and finance are helping organizations drive down costs and deliver in-person experiences online, at scale. But what is driving consumer adoption of live video in healthcare?
Why Do Consumers Want to Video Chat?
While consumers of today—particularly millennials—want to manage their finances on-demand from their mobile devices, maintaining the human touch in digital banking is essential for building long-term customer relationships.
Our research shows that consumers choose to video chat because it creates a more personal experience compared to other channels. This presents a huge opportunity for financial services businesses to create highly personalized customer interactions using live video, while also delivering a convenient service.
How Do Consumers Video Chat in Financial Services?
Consumers are embracing video chat across the financial services industry. They are using it to engage with advisors for mortgage advice, manage their investment portfolios, complete insurance applications, verify their identity, and seek customer support.
Here are the key highlights of how consumers are already video chatting in financial services, and where to expect future demand:
Nearly 1 in 4 people have video chatted with a retail banking sales advisor or customer support agent
1 in 3 consumers say they will use live video in the future to chat with a banking advisor about a banking product such as a personal loan or mortgage
1 in 5 people are using video chat to engage with an advisor for wealth management, and 1 in 3 are interested
Mobile is the preferred device for video chat in financial services
Are You Meeting Customer Demand for Video Chat?
To succeed in today's fiercely competitive financial services market, companies need to be ready to meet consumer demand for video chat—and they need secure, reliable, enterprise-grade technology to achieve it at global scale.
Are you building a fintech app from the ground up? Or adding live video to an existing service? It's now easier than ever to seamlessly and securely embed live video into your web and mobile apps with Nexmo's OpenTok API.
To see how InfoCert uses the OpenTok API for customer onboarding, plus learn the 5 rules financial services providers must follow to make live video a success, read the full report here: Video Chatterbox Nation: Finance.
Chatterbox Nation is a series of posts where we explore how consumers are using live video chat across several key industries including education, healthcare, and financial services.