How Banks Can Provide the Personal Touch as Their Workforce Becomes Increasingly More Remote

by | Mar 22, 2022

Provide the Personal Touch – at Scale

Customer accessing digital solutions

Today, consumers are migrating to online channels for day-to-day financial transactions, but when it comes to making important or complex financial decisions, they still prefer the ‘personal touch’. They want to engage with a banking expert to assess their specific needs, but staffing is expensive and following the pandemic, in-branch staffing is limited – a trend expected to become more permanent.

According to a McKinsey survey, 77 percent of employees-rising to 82 percent for finance-industry workers-have expressed the desire to continue working from home, larger percentages than prior to the crisis.

Furthermore, due to the pandemic, a vast majority of consumers have become reliant on digital interactions and many no longer feel at ease when visiting a branch.

How then can banks provide customers with the personal touch they desire without having to deal with in-branch challenges?

Customer accesses financial data

Modern technology can offer a perfectly scalable answer – personalized, interactive video. Banks can leverage the power of video to create engaging, interactive content that cost-effectively delivers personalized customer care and maximizes ROI at scale.

Personalized video is an optimal way to engage customers and has evolved to incorporate personalization and interactive engagement.

Interactive, personalized video gets the attention of customers and is ideal for use across the customer journey for onboarding new customers, delivering bills, statements and so much more!

Video visually engages customers and personalization is a powerful way to deliver information and offers that resonate.

The Proof!

72% of customers prefer to watch a video rather than read text to learn about a product or service.

90% of customers who receive a personalized video report greater satisfaction with, and a better understanding of, that company’s products and services.

Using a pre-defined workflow, video can:

  • Simplify complex information
  • Gather input
  • Perform simple calculations
  • Change the flow based on viewer’s input
  • Deliver a customized offer
  • Direct viewers to contact your team

Business team having a meeting to discuss the project workflow

Furthermore, you can design the workflow to suit your needs and to augment tasks performed by your in-person team.

It is evident that personalized, interactive video motivates customer action and drives conversions. Here are some results from our clients:

Top 10 NA Bank
Mortgage Applications
10x
Top 10 NA Bank
Card Applications
42x
Top 3 LATAM Bank
Mortgage Applications
23x
Top LATAM Bank
Credit Card Upsells
8x
Top 3 Global Credit Union
Mortgage Applications
7x
Large Canadian Bank
New Savings Goals
4x

Learn how Doxim CCM Interactive Video can augment your operations, satisfy customers and boost your bottom line! Book a demo today

How are personalized, interactive videos created?

Accessing interactive video solution

Videos are personalized in the same way an email or document is personalized. The individual’s data is inserted into a predefined workflow or template. This way, the video can address the recipient by name, provide information that is only relevant to that person, and take them on a customized journey.

Interactive capabilities let the viewer make selections to shape the flow of engagement-responding to questions, providing information (they can click a button or input data), and approving outcomes.

The end result is a highly personalized offer tailored to the viewer’s specific needs and choices. This is the digital, on-demand experience that consumers desire – and it also delivers excellent benefits to your operations and your bottom line.

Personalized, interactive video benefits both consumers and service providers

Customers accessing personalized digital solution

By using interactive, personalized videos to enhance customer experience, you can count on the following benefits:

  • Augment sales and service teams to reduce cost-per-sale/service, while still providing a great CX
  • Guide the customer on how to use other digital services, or connect with the appropriate customer service rep to resolve an issue before it escalates
  • Gather in-depth information on how customers engage with the information in the video and use this information to refine future communications.
  • Get a measurable, improved return on investment (ROI) based on increased customer engagement, conversion, purchase, enrollment, etc.

67% of customer churn is preventable if the issue is resolved at first touchpoint. Personalized, interactive videos proactively address churn triggers at every touchpoint.
$1/minute
$1 Call center services cost approx. $1/minute. In contrast, personalized, interactive videos cost-effectively scale digital customer service, providing personalized support and interactive elements for self-serve customer care

Doxim CCM clients can leverage personalized, interactive video technology to deliver engaging statements and communications

Customer accessing digital content

Doxim CCM leverages our client’s existing data to deliver personalized, interactive video experiences at scale. Unlike other bespoke and expensive solutions, Doxim CCM Interactive Video delivers low cost, 1:1 videos from a template that has proven to be effective and yielding maximum ROI.

The visual engagement and real-time interactivity made possible through video, provides the ‘personal touch’ that drives increased customer satisfaction, better engagement, and high conversion rates.

Doxim CCM Interactive Video is a must-have for any organization wanting to improve customer engagement. Get a use case video for your industry today!

3. Expansion of digital products

As banking customer behavior shifts, banks must move with the times, or risk getting left behind. Many banks today are exploring the power and potential of open banking, which can allow them to offer more innovative products and services to their customers, as well as to better compete with fintech companies and other non-traditional financial service providers.

As you shift your banking business model to reach new segments or provide an enhanced array of services, communication becomes even more pivotal to your success. After all, if your customers don’t know which new services they qualify for, or how those services will help them meet their goals, then they are unlikely to explore them further. CCM technology can be leveraged here to provide personalized on-statement messaging that directs customers to the right products and services, as well as 1:1 personalized “explainer” videos to help them get started.

Adjusting your bank’s priorities to thrive in 2023

In an era of constant change, the key to successfully transforming your bank’s business model will be to stay attuned to the changing needs and preferences of customers, and to be open to exploring new opportunities and technologies that can help your FI stay competitive and relevant. But these new opportunities are doomed to fail if you do not clearly communicate their benefits and make it simple for customers to access them.

That is why transforming your customer communication strategy is the best first step to broader digital transformation. By updating your approach to communications to meet omnichannel customer needs, you also position your bank to communicate the benefits of changes in your broader organization, like new or enhanced products and services. The pace of change in banking has never been brisker – but with the right strategic approach to these changes, the future is bright.

Investing in a modern customer communication management and engagement platform is an essential part modernizing your banking strategy, as it can provide the personalized digital experiences that will keep your bank or credit union ahead of the competition. It helps provide a great customer experience, and builds rich relationships, which in turn results in customers for life and a competitive advantage in the rapidly evolving financial marketplace.

How Doxim can address the banking customer communications trends identified and help future-proof your digital banking strategy

banking customer communications trends

Doxim’s experienced consultants and omnichannel platform can help transform your customer experience in many ways, including:

  • Gathering and utilizing customer data to continually improve the personalization of communications.
  • Building trust with customers via communication (via print, PDF, HTML, email, text, and online interactive experiences).
  • Leveraging interactive video to drive personalized digital customer experiences, such as interactive statements, bills, or reports, that offer visual engagement and real-time interactivity
  • Putting customer data, including customer statements, at the fingertips of your service representatives for immediate and personal service.
  • Making a meaningful connection with value-added content, like information about philanthropic activities, on customer statements.

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