What is the best way to stand out in a highly regulated market where largely the same product offerings are available to every consumer? And most important, how do you maintain customer loyalty in such a commoditized market? This is the challenge for the world’s retail banks.
Many would argue that exceptional customer service is the route to lifelong customer relationships. But it’s easier said than done. Financial institutions – and retail banks in particular - need to ensure that every interaction with their customers adds value. From the moment a customer walks through the door to the moment they leave a branch, every step of the customer journey has an impact.
When mentioning video, the first association might be surveillance. Video surveillance has for many years been an important part of a bank’s security infrastructure. Today, however, video brings numerous benefits in addition to security, particularly given the advanced analytics now available. Video analytics are essential in adding a new dimension of customer understanding and making them feel welcome and appreciated.
In addition, banks are adding new purpose and functionality to their branches space, such as community rooms, exhibition spaces and cafés. While these types of initiatives increase branch traffic, they also increase staff workload. Video analytics can also play a valuable role in optimizing staff and space, both of which are crucial for delivering excellent customer service and successful branch transformation projects.
Capturing customer experience data
Video analytics can provide an effective means of capturing customer behavior., It can also gather data that can help to enhance or improve the overall customer experience by reducing queues and by ensuring that enough advisors are available at busy times. A pleasant, efficient and useful experience is fundamental to customer satisfaction.
Specialized video analytics can also be used to detect demographic information, such as age, gender and even mood. Such information can present opportunities for tailored communications through dynamic displays, but also ensure that staffing levels and type can be optimized for specific customer demographics.
The additional benefits of audio in banking
For many years, high street retailers have recognized the benefits of in-store audio to the customer experience. The time has come where financial institutions should include audio in their branch transformation strategy. Here are the top three reasons why:
- Create the appropriate ambiance with background music that can be useful, for instance, during times when customers are waiting to be helped.
- Improve security, for example at ATMs with event-triggered announcements and direct callouts.
- Provide the ability to define different audio zones in separate locations throughout the branch and manage multiple locations at any time remotely.
Deepening customer understanding and driving loyalty
“My bank does not know me and would not even notice if I am gone” is an argument often heard. As a result, it is not uncommon for customers to change their banks more frequently than before, or to even have several banking relationships. Banks are struggling with keeping customers loyal. So, why not reduce negative touchpoints, enhance customer experience and retain customer loyalty?
The personal service customers receive when engaging with a brand is vital when it comes to not only their own satisfaction, but in word of mouth recommendations to others. With help of video analytics banks could really know their customers, to the extent that if they wanted to, they could even give a personalized welcome when specific customers enter the branch, and allow staff to provide an even more streamlined service.
In an increasingly competitive market, it’s essential that banks take every step to improve and enhance the customer experience, making every interaction a valuable one.
