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July 2018

Maximize the Efficiency of Online Advisors With Virtual Banking

Easy and effective communication with their clients is one of the key elements of every bank’s strategy. It is vital for customer satisfaction and can help save time or improve the brand’s image. However, the main reason why banks consider it so important is very different, yet incredibly simple-it is the quality of this communication that will decide whether the bank can sell its products and make profit. This quality largely depends on the performance of banking consultants. Find out how to maximize their efficiency with virtual banking.

Did you know that almost one third of all millennials use their bank’s mobile app? It is a lot when compared to older generations, which never go over a few percent. At the same time, millennials are more eager than other generations to go for non-traditional financial services to make payments[1].

It all points to one fact—today’s 20- and 30-somethings, who are now becoming the most important segment of banking users, are eager to use innovative digital solutions. However, these are not banks, but small non-traditional businesses or challengers, unafraid of quickly introducing novelties to the market, that often win those young customers over. Today, thanks to the virtual bank branch, a solution that makes it possible to offer even the most complex banking products remotely in a safe and simple manner, large financial institutions may finally be able to take on those companies.

Find out how the virtual bank branch solution from LiveBank helps banking consultants achieve their sales goals.

Provide accurate advice and explanations with a video channel

As part of a virtual bank branch, clients can talk to consultants via a video channel. It is an incredibly convenient form of communication, which makes the client-consultant cooperation, especially authorization and exchange of documents, very easy. The fact that the client can see the consultant’s face is also important since it helps to quickly build trust between them and gives the brand a human face.

Provide customer service to multiple clients simultaneously with live chat

Some clients, instead of a video channel, may be more inclined to use live chat. Its unique advantage is the ability to hold a conversation over an extensive period of time, since both parties have access to the entire chat history. It also makes it easy for consultants to assist 2-3 clients simultaneously without compromising the quality of customer service.

Make use of advanced cooperation tools

Thanks to LiveBank’s advanced cooperation tools, banks can both improve their customer service and increase their conversion rates as well. Actions such as attaching notes to documents or highlighting certain parts of them are available for both the client and consultant in the form of handy graphic tools. Should they prove insufficient, a co-browsing functionality can be used to take cooperation to the next level, where the consultant, with the client’s permission, can access and edit the latter’s application form remotely. On top of that, each file exchanged during a conversation is available to the client permanently, even long after the conversion is over.

Send and receive with ease

To make remote customer service even more efficient, both the consultant and client should have the unlimited ability to send and receive a variety of files and documents, including scans/photos needed for authentication, in real time.

Speed up the process of opening a new account with video authentication

As we have previously mentioned, the video channel of the virtual bank branch makes it possible to actually close sales. However, it is also possible to acquire completely new clients. A process of remote authentication, which includes the confirmation of the prospect’s identity and the authenticity of their ID, has been prepared for that very purpose. The process uses the technology of biometric facial recognition and can be completed in less than a minute! Once it is complete, a client can open a new account remotely, during a video conversion with a consultant.

Assign your consultants efficiently with routing

Consultants have their own favorite topic or specialization. At the same time, their workload may vary greatly from individual to individual for a number of reasons. LiveBank makes it easy to redirect a client’s query to the most suitable consultant. For example, a chatbot that provides clients with ready-made answers for typical questions can use the context of those questions to find a consultant that has the highest probability of providing an even more detailed and helpful answer. A consultant can also be chosen based on the client’s stated preferences or their customer journey.

Make use of chatbots to provide quick answers and learn in the process

Chatbots can do much more than just relieve consultants of the tedious duty of having to answer very simple questions over and over again. They can also act as a prompter, providing consultants with ready-made answers based on an actual conversation with the client. Consultants can send them to the client immediately or after modifying them a little, saving the time it would take to write it all down. In doing all that, the consultant also learns more about the bank’s offer, ever-changing rates etc.

Attach and send ready-made content

Apart from chatbot templates, LiveBank can also store different types of important ready-made content such as agreement templates, simulations, or URLs. With just a few clicks, each one of them can be sent to the client in real time, contributing to making the entire sales process easier.

Get familiar with any case in a flash, without bothering your client

During a live chat conversation, the consultant can easily read the entire chat history that has taken place with this particular client so far. It is a simple way to learn all the details in a flash. It is especially helpful when one consultant takes over the case from another.

Personalize your offer with advanced CRM integration

When the chat history is not enough, more about the client can be learned in the bank’s CRM system, which can easily be integrated with LiveBank in a way that allows the storage of all client data within the virtual bank branch application.

All of the numerous functionalities of the virtual branch were created with one specific goal in mind—increasing the bank’s sales by offering more accessible, convenient and personalized customer service. With virtual banking, your consultants can close a loan deal within 10 minutes, answer multiple questions at the same time and walk the client step by step through each process, while your profits and customer satisfaction steadily grow.


[1] Salesforce’s 2017 Connected Banking Customer report

Any questions?

Need quick hints? Feel free to contact us

Piotr Skrabski

Piotr Skrabski

General Manager +48 518 667 591

    Ailleron Company

    43B Jana Pawła II Avenue

    Podium Park II Building

    31-864 Cracow

    Did you know?

    A virtual branch will work perfectly wherever efficient service is crucial