These past few decades have seen rapid changes in regulations and technology, leading to banking and financial services moving quickly to change the way they operate. That’s because like any other industry, their future success depends on how effectively they adapt and transform the business according to modern conventions and developments.
They face tremendous pressure to optimize their activities and fit the mold to give the customer what they want, lest they seem unreliable; currently, 92% of millennials lack trust in financial institutions as a partner to fulfill their financial objectives. They need to embrace innovation and create a new business model that is agile and relevant with trust as a focal point of their business imperative.
To do so, banks and financial institutions are looking for solutions that combine security and scalability with tools such as artificial intelligence and advanced analytics that help eliminate inefficiency while enabling extensive customizations in order to tame regulatory complexity, safeguard against threats to security and enhance customer experience. Such a platform that further adapts to any device, different branches or any other future requirements empowers banks and makes them agile to easily capture value anywhere and anytime.
Why You Should Embrace Digital Transformation?
To Engage Your Customers
Society has become increasingly mobile and well informed than ever before. Consumers expect not only a seamless but personalized service experience and have no trouble switching to another financial institution if the current one doesn’t meet their expectations. In fact, approximately half of millennials say they would switch their bank if presented with a better option. Furthermore, impersonal mass communication and marketing practices have led to progressive worsening of customer relations, with trust declining and alienation increasing; only 24% of consumers believe their bank understands what their current goals are. Banks and financial institutions need to make sure their customers feel satisfied and are convinced the institution is fully invested in helping them meet their financial goals.
A majority of customers are well connected to the internet and tend to explore for information online before visiting a bank or financial institution. A well-established and attractive online representation not only acts as an important channel for an institution to advertise its products and services, but also acts as a testament to its development and makes a powerful first impression. On that note, videos are a powerful medium for advertising and communication, and preferred over text by most people.
VIDIZMO helps create a strong online presence, enabling financial institutions to leverage videos and digital content to advertise their products and services, and promote their brand image to a customer base that’s increasingly going online. Financial institutions can enable customers to ask questions, interact using comments and find relevant information about what they offer. On top of that, with VIDIZMO they can create and insert surveys into videos to gain better insights, as well as direct feedback from customers on what they want and how the institution can better cater to their needs.
VIDIZMO also utilizes artificial intelligence by leveraging Artificial Intelligence for automatic transcription and translation, facial recognition, machine learning and more. By transcribing and translating videos, banks and financial institutions can cater to customers with auditory disabilities and reach a wider customer base unrestricted by language barriers. By using live cameras and facial recognition to detect customers walking through the door, employees can automatically pull up their customer information and to greet them by their name for quicker service and a more personalized experience. And with machine learning, financial institutions are able to predict customer behavior and recognize their needs to better understand what their current goals are. Results from banks already leveraging machine learning for predicting customer requirements indicated a 20% increase and 20 times better response rate for new sales and sales pitches, respectively. Delivering in a timely manner and creating personalized experiences allows the institutions to meet customer expectations while providing an intelligent experience that increases the success of sales and allows support teams to keep customers engaged in the long-term.
Furthermore, an increasing number of customers are using smartphones and other gadgets for online access on the go. VIDIZMO is available on any device, including smartphones, tablets and laptops for accessibility from anywhere and at any time.
By meeting customer expectations, banks and financial institutions are able to increase customer satisfaction and, in turn, referrals, allowing them to not only retain current customers, but also obtain new ones and expand their brand reach.
To Empower Your Employees
The modern work culture and corporate environment have seen a significant transformation. In addition to banks and financial institutions expanding their reach geographically, more and more employees are operating while working remotely or on the go. A flexible work culture and changing customer expectations means banks can no longer expect that employees will be confined to their desks or that customers will come to them. They need to start developing more agile methods to empower employees to serve customers with greater flexibility and where it’s convenient for them, as well as the customers. At the same time, they cannot afford to endanger the security of their assets and information lest they jeopardize the trust established with their customers.
With VIDIZMO, banks can leverage live and on-demand videos to create a knowledge base to enable and empower employees for corporate communication, training & onboarding, workplace collaboration and more.
Management and higher-ups can live stream or share important announcements and regulatory mandates as video messages selectively and simultaneously to all employees, regardless of their location using a secure banking video platform. Employees can interact in a live stream using chat, ask questions and receive a response immediately. Banks can use different portals to segregate teams or branches for privacy and security, and share informative videos for knowledge transfer and collaboration. Advanced analytics help track user engagement to ensure the relevant videos are watched in the allotted time frame and surveys can be added to a video stream to gain feedback and respond to employee concerns, such as when the bank is undergoing significant changes or new policies are being implemented.
Similarly, banks and financial institutions can utilize training videos for product and service training, sales training, customer service training and others. Video training saves time, costs and resources while enabling employees to access training content while mobile or working remotely. With live training webinars, banks can train employees across different branches at the same time and record the sessions as on-demand videos for training new employees in the future. On-demand training videos also enable employees to access training content to learn at their own pace. Quizzes can be inserted to evaluate employees and measure their comprehension using assessment reports.
VIDIZMO also integrates with CRM systems to connect and leverage customer network channels like LinkedIn and create streamlined workflows to deliver more personalized recommendations via videos, while ensuring compliance.
Furthermore, VIDIZMO natively integrates with Microsoft and AWS applications. By leveraging AWS & Azure products and services, VIDIZMO enables banks to remove inefficiency and improve performance. In addition to leveraging a cloud’s layered approach for security to protect sensitive information, banks and financial institutions can also make video recordings of customer interactions and activities and uses Artificial Intelligence for sentiment analysis to gauge whether a customer reacted positively, negatively or neutrally to their experience. Furthermore, as previously mentioned, with machine learning they can predict customer requirements more accurately and deliver significantly better pitches.
To Optimize Your Operations
To fully optimize their operations, banks and financial institutions need to gain deeper insight into risk and operational models for meeting regulatory requirements and risk management. Policies and regulations mandate they need to maintain important records for their operations, such as voice activity for transactions and orders relating to equity, bonds and other derivative markets. They also need to ensure that the customer is explicitly informed and consents to the recording and transcription. Additionally, manually searching for compliance risks takes up a lot of time and resources, especially if the institution is a large one – they might end up generating more than 100,000 hours of audio recordings or more just in one day! Moreover, companies offering financial services are heavily regulated and have strict standards when it comes to privacy and security. In order to optimize their operations, they need to find more efficient ways to accomplish their tasks while adhering to compliances and security requirements. Additionally, they need to be prepared to meet any other regulations that the industry might be subject to in the future.
VIDIZMO enables banks and financial institutions to maintain large amounts of video and audio records and leverages Cognitive Services to transcribe them into searchable archives. By enabling employees to directly search for and extract relevant information from a video, VIDIZMO significantly cuts the time, costs and efforts needed for compliance monitoring and risk management. VIDIZMO also provides a powerful search and filter to create search indexes for quick content retrieval and discoverability.
Additionally, VIDIZMO takes advantage of public cloud provider’s layered security approach and more than 90+ compliance certifications to provide the deepest security and meet the most comprehensive and specific of compliances to address regulatory requirements and maintain customer trust in the institution.
Embracing the Future
Engaging their customers, empowering their employees and optimizing their operations will allow banks and financial service institutions to eliminate inefficiency, improve productivity, innovate faster and deliver exceptionally on customer expectations. Modern developments have brought digital transformation at the forefront of business enablement.
By embracing digital transformation and adapting to a culture and workplace combining security and agility with trust at the center of the business imperative, banks and financial institutions will be able to ensure their products and services continue to resonate with their current and future customers, and guarantee their position for success now and in the future.
To learn more about how VIDIZMO can help you digitally transform your operations and ecosystem,