July 2019

From Call Center to Virtual Branch Banking

The twentieth century saw the deployment of call centers as a means to address basic customer queries, transactions as well as sales activities mainly in range of outbound campaigns and supporting lead coming from digital channels.

Recently many call centers have a gap which is lack of other alternative channels like chat and video which create new opportunities and respond to the needs of conversational banking trend.

While online banking is nothing new nowadays, digitization is moving forward mainly in terms of boosting mobile application users at the same time presenting an array of tools that upgrade communication between customers and banks.

Virtual branch banking creates convenient, time-saving opportunities and provides customers with proper support while assuring the highest levels of safety.

New role of the service channels

Call centers, as a communication channel, are seen to be very labor-intensive, while simultaneously ineffective. In most of them, agents attach importance to a set of Key Performance Indicators rather than customers’ needs. They often focus on final performance result of the call center, namely the number of clients they’ve served, the average time for calls, while clients’ issues remain unsolved.

LiveBank Virtual Branch adds a value in call centers in terms of new ways to communicate with the customers as well as creates opportunities in career path planning. The LiveBank Virtual Branch facilitates the expansion of online customer service channels to channels that customers are already familiar with, e.g. social media, live chat and chatbots. Conversational banking trends comprise more than 80% of LiveBank activity. For more and more customers an opportunity to contact a bank digitally is becoming crucial, so chatbots are an essential component of any digital customer journey. They have gained importance by providing answers to common, simple questions in a short space of time, which strives to higher efficiency and cost optimization This approach allows to move low added value tasks to agentless service, whereas all sales related issues and complex questions might be solved thanks to instant access to human assisted channels which is Virtual Branch Banking.

Another tool worth mentioning is Facebook’s and WhatsApp’s messenger. Both platforms, used by nearly two billion people over the world, have been integrated with serve as one of LiveBank’s tools, giving users a chance to receive a real-time support from banks and even start and finalize financial process. You can get more information about it in this post.

Building Virtual Branch Banking confidence

By digitally reducing distance, LiveBank makes banking more accessible for both customers and banks. This enhanced quality of service builds loyalty among clients and creates opportunities to attract new ones. The implementation of a chat channel into Virtual Branch Banking helps to build a new target group. According to our know-how even more than 50% of customer who actively use chat, audio and video have never approached the bank through contact center. Video calls foster the building of face-to-face relationship between customer and financial expert. In areas where appropriate ID verification and customer authentication are the most important, such as retail banking, video calls surpass call center traffic. This is one of main competitive advantages where all service and sales processes operated in call center are available in LiveBank, what is more Virtual Branch Banking applies to processes strong authentication of the customer is needed.

LiveBank helps evaluate and improve customer journeys. Especially since digital channels are changing rapidly and customer’s expectations are soaring, it is important to form meaningful relationships with them. Virtual Branch Banking builds bridges between technology and a human touch, so that clients do not feel neglected.

Individual approach

How many calls come to a call center at once? A vast amount. That is why clients often feel neglected and inconsequential. With Virtual Branch Banking tools, such as video & voice calls or chats, every customer is treated to personalized care. There is no need to begin each conversation from scratch, when the agent has to get all the details about a client and their problem. According to LiveBank statistics, thanks to our platform, the first call resolution rate is 90%. Live Chat is asynchronous, which means providing a conversation history view, so that all the information needed is in one place, easy to find, both for the customer and the agent.

Video-calls are significant in customer-bank relations. They let customers feel like they were in a bank branch, providing support and all required data protection (cover). This channel is facilitated mainly in process where enhanced authentication is needed like, eKYC digital account opening, increasing a credit card limit or during consultation phase in wealth management segment.

Efficient and cost – effective

Nowadays, when time is a precious commodity, Virtual Branch Banking is an ideal solution for those who have too little of it. Essentially, using Virtual Branch Banking tools enables people to save time and get all the information and required support they need. Moreover, there is no necessity to leave home, all processes can be done using a smartphone as long as there is an Internet connection. Furthermore, Virtual Branch Banking is environmentally friendly – saving paper, energy and operational costs. Due to eKYC digital onboarding clients can safely apply for bank accounts without physically visiting a bank branch which gives banks enhanced capabilities to acquire new customers and promotes cross-selling opportunities. Looking from bank perspective Virtual Branch Banking will constantly move customers from call center to chat channels which allows boost efficiency by chatting simultaneously at least with 2 customers as opposed to solving the issue over the phone with 1 customer.

Considering the diminishing relevance of call centers, it is expected that at least 20% of clients will choose new channels like chat over call services. There is no doubt that call centers will be increasingly replaced by more advanced and practical technology. Soon, we will see what role the combination of technology and human support will have in customer service, but clearly, breakthroughs in technology will continue to raise customer expectations and standards of customer care.

Any questions?

Need quick hints? Feel free to contact us

Piotr Skrabski
Piotr Skrabski
General Manager +48 518 667 591
Ailleron Company

Życzkowskiego 20 Street

Building Avia, 1st floor

31-864 Cracow

Did you know?

A virtual branch will work perfectly wherever efficient service is crucial

Insurance
companies
Financial
consulting
Investment
fund
Leasing
companies
Brokerage
house