In recent years, digital transformation has greatly impacted the way that consumers live and communicate. And although the term was once perceived as merely a buzzword, the impact that digital transformation has had on the financial services industry has become crystal clear. Consumer preferences for digital communication channels were growing before the pandemic began in early 2020. Now, almost two years into the pandemic, the need for digital communications is here to stay. Today’s banks and credit unions are quickly realizing that any bare-bones solutions they may have deployed as a quick fix at the onset of the pandemic will not suffice for long-term digital customer collaboration.
As a result of the shifting consumer mindset, coupled with the circumstances of the pandemic, a need has emerged for banks to evolve from focusing solely on chat-based solutions to embracing more holistic collaborative communications to help customers accomplish their goals. As such, banks are turning to unified communications solutions. As organizations make the shift to implementing collaborative cloud communications solutions, there are three keys to success: selecting the right solution, integrating the solution with existing technology, and providing the highest degree of security across communications.
Arm Employees with the Media-Rich Technology
It is crucial that banks arm their staff with the appropriate technology to provide a positive customer experience. Many banking organizations have offered some form of basic web chat for years, which has proven to be efficient and effective in solving for routine customer inquiries. However, more complex banking scenarios require banks to provide communications technology that better lends itself to a deeper level of collaboration with customers.
For example, consider the case of a customer looking to apply for a mortgage to purchase their first home. This type of scenario is likely to involve a higher volume of questions from the consumer, as well as a deeper level of conversation to accomplish the task at hand. Banks must arm their employees with media-rich unified communications technology that enables them to collaborate with customers on a more personal, involved level – through a variety of channels, such as video, audio, or text.
Integrate Solutions for Seamless Unified Communications
As banks implement unified communications technology to better meet customer expectations,the next key to success comes with successfully integrating the new solution with their existing technology. Failure to integrate third party solutions can lead to a choppy customer journey when moving between channels – often resulting in frustration and long wait times. Banks must consider how a unified communications solutions fits into their communications strategy as a whole – both for virtual interactions and physical (in branch) interactions.
Set Security as the Foundation of Success
Last but certainly not least, the security of all communications technology should remain as a bank’s highest priority. As banks strive to create an enhanced customer experience through the implementation of a variety of digital channels, they must ensure that the technology safeguards sensitive customer data in the cloud, such as social security numbers and account numbers. Designing a secure end-to-end customer journey is critical.
The challenge becomes balancing security with a seamless customer experience. Banks walk a fine line between making it quick and easy for customers to access the information they need without experiencing too much friction in the experience – all while ensuring that their confidential data is secure.
For example, consider the scenario of a customer using chat on their bank’s website to get help with a more complex matter regarding their account. Given that the customer will be sharing detailed confidential information, they are prompted to share their contact information to receive a link via email to a start a new secure chat session. Despite requiring the customer to enter contact information to start a new chat, the data that is shared remains secure – without adding any major friction in the customer experience and allowing for a greater degree of collaboration.
The author, Perry Price, is co-founder and CEO of Revation Systems. Revation Systems delivers flexible, secure communication solutions to drive digital transformation for banks and healthcare organizations.
