Your customer is trying to apply for a personal loan. They’re opening their browser and quickly find your page dedicated to just that. After getting familiar with the information displayed on the page, despite some initial doubts, they’re trying to fill in the application form. But as the doubt grows and the form proves quite difficult, they eventually give up, intending to finish the process later. Except “later” never comes. Their enthusiasm melts away and they never return to your page. With co-browsing, it doesn’t have to be this way – neither for the bank, nor for the customer.
Did you know that, according to a study by Accenture  , only 19% of banking consumers are ready to accept computer-only advice as they make their financial decisions? And around 70% of them hardly ever use smartphones to do their banking, especially for complex products. Most of them expect what you could call the “human touch” and expert, contextualized advice. With a face-to-face video or audio conversation and co-browsing – features offered by one of the modules of LiveBank, the virtual bank branch solution – you can give them just that. And then some.
What is co-browsing?
The term “co-browsing” (also known as co-surfing) refers to the practice of simultaneous navigation of a website by two or more people. In other words, the user of an Internet browser gives another user the permission to remotely navigate and make changes (so-called partial takeover) on their computer.
Still confused? Let’s see how co-browsing works in practice, in the context of digital banking, where it usually has to do with a consultant editing a website or filling in a form on their client’s computer.
Co-browsing in practice
To show you what co-browsing can do for both banks and customers, let’s return to our poor customer that failed to apply for a loan as a result of doubts they developed in the process.
The customer is just about to quit filling in the form and leave, when they spot the Active Engagement widget, which allows them to start a live video or audio session, or a chat with a banking consultant, enabled by the LiveBank virtual bank application. The client clicks the camera icon and begins a conversation, during which they give their permission to start a co-browsing session.
Subsequently, the consultant fills in the very same form that caused the client so much difficulty. The consultant can only see a piece of the form visible on the client’s computer or mobile device, which means that the user doesn’t have to show the consultant more than just the part they find difficult. The consultant fills in the form in accordance with the customer’s wishes, leaving the form ready to be sent, and proceeds to leave the co-browsing session. Now, the client, relieved of their doubts, can complete the process of applying for a loan anytime simply by clicking the “send” button.
With co-browsing, everybody wins
Co-browsing is one of those features that prove really beneficial for all parties involved. The bank is satisfied with the reduced number of abandoned application forms and increased customer satisfaction as well as the ability to sell additional services during live sessions with customers (initiated by customers themselves!). On the other hand, the customer can quickly have all their questions answered by a seasoned specialist, saving themselves a lot of time and even more nerves.
Remote cooperation features, such as co-browsing, screen-sharing or presentation, are not only mutually beneficial, but also universal. In the context of digital banking, there are many business cases, in which the ability of the consultant to join the customer’s browser or mobile app session can be very helpful.
When the customer compares various offers, searches for a product or simply needs to ask something, the ability to meet a consultant on-demand and face-to-face, a lot like in a brick and mortar branch, helps them make a decision and complete any process. The co-browsing module works well with other collaborative features such as the ability to highlight elements (e.g. an agreement) with a graphic tool, make a presentation about a product, or share a screen with another party so they can, for example, watch the consultant interact with a credit score simulator.
Co-browsing and other collaborative features in digital banking are a step towards a reality, in which the customer can complete even the most complex banking processes from any place on earth, and the bank may engage them in a conversation at the time when they need them most, guiding them step by step through the process.