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This blog post was co-authored by Genesys AppFoundry Partner, Vidyo.
With improvements in the quality of mobile networks and the increasing popularity of consumer video chat services like FaceTime and WhatsApp, making a video call has become almost as natural as making a phone call or sending a text. Integrating video chat into your customer service is a logical way to communicate with customers.
Video isn’t just another channel. In the moments that matter most, video dramatically outperforms all other existing channels.
Self-service tools such as chatbots or IVRs, or other lower-cost channels like text chat still have their place for more transactional tasks. But nothing can beat video when it comes to handling a high-risk or high-potential situation, such as a customer who wants to terminate a subscription. Video gives you an opportunity to convert a high-value prospect whose profile matches specific criteria or who shows interest in a high-value product. In these scenarios, escalating the case to a video-enabled agent delivers significant business benefits.
Let’s take a deeper look at the three measurable benefits of using video chat to engage your customers.
- Derive tangible ROI from an improved customer experience.
In a world that is more digital — and where most interactions are faceless — your consumers can get lost or frustrated. Video enables you to build on the convenience of digital and add back the human touch, with a huge impact on key customer experience metrics.
In the UK, Barclays reported that the Net Promoter Score of its video channel is 44% higher than that of telephony. In the Netherlands, Dekra Claims and Expertise saw a 50% increase in customer satisfaction when it implemented a video claim process.
Video chat also enables your customers to easily access your most-skilled experts, wherever they are. For example, retail banks that can’t afford to have mortgage experts in each branch can make those specialists available via video from a branch or even from customers’ homes. Illinois-based Consumers Credit Union reported that, in some branches, the average wait time for a new loan application dropped from 1.5 hours to under 2 minutes after implementing in-branch video banking. In addition, consumer goods manufacturers can offer video support to remotely troubleshoot issues their customers face, significantly shortening the resolution time and pleasing customers.
- Increase your revenue.
The use of video chat has a direct impact on sales in three ways:
- Video helps close deals. In India, health insurance company Apollo Munich found that a video solution that enables multiparty video calls with subject matter experts increased their customer conversion rates by nearly 20%.
- Video is an effective sales channel for long-term, high-value relationships. For activities such as wealth management or mortgage lending that are not merely transaction-based, but also require frequent interactions, video — as opposed to email or phone — builds trust so you can capture a deeper wallet share.
- Video enables you to identify up-selling and cross-selling opportunities. With a typical phone call or text chat, it can be difficult to move beyond the customer’s initial inquiry into expanded opportunities. Video enables your team to establish a rapport to easily continue the discussion. Upon implementing a video-enabled loan process, Diamond Credit Union increased its sales of debt protection products by 12%. Similarly, BluCurrent Credit Union reports a 20% lift on cross-selling.
- Increase operational efficiency and reduce costs.
In many cases, adding video to a customer-facing process is a fundamental business transformation. The insurance claim process is a great example. Instead of sending a loss
adjuster onsite, an insurer can have claimants show the adjuster the damage in real time using the camera on their smartphone or tablet. With this solution, Dekra increased agent productivity from 6.5 to 11 appraisals per day — and dramatically reduced adjusters’ travel costs.
Because you can centralize scarce resources and make them available to everyone, video also represents an opportunity to improve staff utilization. In Canada, Best Buy offers in-store customers access to experts via video-enabled kiosks, reducing the need to locate staff in every store.
And because it enables a better mutual understanding, video shortens call handle times and increases the first-call resolution rate. In India, IndusInd Bank reports that video banking enabled it to solve 50% more cases in the first call, compared with voice services. At Barclays, the average handle time is 23% shorter than with telephony.
Video-enabling your Genesys customer experience platform couldn’t be easier. With deep integrations, Genesys users can seamlessly embed Vidyo best-of-breed customer engagement experience into their environments. Check out Vidyo on the Genesys AppFoundry website to learn more or watch their on-demand webinar at your convenience.
