January 2019

Will virtual branches gradually displace contact centers?

Which solution suits modern banks better?
These days ensuring with fast and convenient way of staying in touch with customers is more crucial than ever. Basically, it pertains to almost every trade, but it’s especially visible in such gentle services as banking or insurance.

More and more financial service providers are incrementally changing their model of functionating – from traditional to more practical and digitalized which is caused by an urge to provide customers with indefectible way of contact, every time when needed. As a result, cutting-edge solutions like virtual branches are starting to develop and gaining ground thanks to mobility and ease of use, providing with operating cost reduction. Another popular way of interaction between service provider and customer is contact center coming across as a fast and effective way of communication, asseverating access to information and support.  

Which solution gives customers real quintessence of opportunities? Let’s find out.

 

Virtual branch advantages in a nutshell  

Firstly, let’s consider virtual branch – the video, audio, text chat omnichannel platform supporting complete sales process and client service. It’s definitely huge time efficiency on account of possibility of use anywhere and anytime without redundant bother. It’s accessible around the clock, as so consultant who is willing to help with every, even the most basic problem. Comparing to stationary branch, virtual one does not require physical building, so that institutions can reduce the costs of work area maintenance and heighten overall branch efficiency. Besides, the cost of creating a virtual branch apps are surely far less than building stationary branches in various places. Additionally, possibility of effortless monitoring of customers’ activity makes that data is being recorded more natty and systematic, what affects convenience and orderliness of documentation.  

 

There’s no denying that a huge asset is availability of co-browsing. With client’s permission the consultant can help with filling out the form on client’s device remotely. Above and beyond an existence of graphical tools and file exchange during conversation is making communicating much easier.  When it comes to concerns related to real human interaction via virtual branch – no worries – it is greatly preserved. Thanks to screen sharing, an agent can simply show details tailored to the client’s inquiry and speed up the service time. In addition, you can see each other in the real-time through video platform. Furthermore, in a virtual branch you can continue the conversation after some time and both the client and the advisor have the whole conversation history, what is missing in the contact center. We call it continuous chat and it’s a convenience and big time-efficiency. By dint of biometric fingerprints, face and voice authentication, which are one of the LiveBank trademarks, customers are ensured with the highest security level, to feel free from fraud danger, especially in banking services. Implementing virtual branch facilities without dehumanization is to have right AI touchpoints, to solve those problems where human touch is especially needed.   

Contact center – the other side of the coin  

On the other hand, we’ve got contact center, where – ostensibly – we can also draw information and get helped anytime when needed. Unfortunately, exception is that flexibility of contact here is addicted to availability of consultant – sometimes customers are left on hold for long to get the answer of their enquiry. No wonder, that often they get annoyed and disconnect the call – it’s quite common occurrence. Additionally, via contact center it’s not possible to solve every problem. We have no video chat to establish better connection with consultant – of course not everyone is eager to use video platform, however it allows to run much more errands and gives opportunities that audio call doesn’t give. Moreover, we usually get sanitized information about a service or product and to get to know with the details, we have to visit our institution, meet the concerned officials.  

From a different perspective, in some situations, some social groups will be more willing to contact the bank by phone rather than by chat or video call. Especially older people who are not familiar with new technologies, not very proficient at it and, to put it bluntly, do not trust technological advancement. 

What’s more advantageous? 

While using virtual branch our possibilities are much wider i.e. interaction with qualified and well-informed consultant – all client’s inquiries can be distributed automatically and based on the agent’s skills or on the context of the text chat conversation, that is remarkably improving customer care. It’s also proper place to onboard new customers or support sales processes – LiveBank is mutual benefit for businesses and their clients. Being helped at every touchpoint and living up the unspoken customers’ needs – that’s what interaction platform should function like.   

Virtual Branch pays off 

Concluding, if banks or other financial service providers want to sustain interest of regular customers and acquire new ones, keeping up with latest digital innovations is extremely important. According to the principle: be where your clients are, follow their path, continually improving their satisfaction. More than half of the customers declare their willingness to use Virtual Branch and this number is constantly growing. Despite contact centers are still quite popular among interaction platforms, everything points to the fact that their twilight is inexorably coming or… that they will transform into virtual branches and create one neat solution, being the next level of customer engagement. 

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