Senior Couple Shopping OnlineTraditional banks. Credit Unions. Online banking apps. Customers today have no shortage of options when it comes to managing their finances – they can find what they’re looking for just about anywhere.

How then does a financial institution differentiate itself from its ever-increasing number of competitors?

By providing better customer service – and it can’t be overstated just how important this is. According to a recent report from VPI, 86 percent of consumers quit doing business with a company because of a bad customer experience, up from 59 percent four years ago. Clearly, now more than ever, customers realize they have options – and if they receive inadequate treatment, they’ll take their business elsewhere.

So, how does a financial institution ensure it provides superior customer service?

Supplement in-person teller communication with video chat. As customers increasingly value the ability to complete financial transactions anytime, anywhere, technology has infiltrated the financial industry making transactions quick and convenient. But personal connection is still vital to providing superior customer service. And that’s where video chat comes in – it allows bank tellers to build rapport with customers while still providing the quick, convenient financial transaction they came for.

How does video chat help tellers build better rapport?

  1. Personalization – Some transactions involve one-way video – the customer can see the teller, but the teller can’t see the customer. The video display from the teller enhances the customer’s experience by representing the financial institution in a professional manner and allowing for the personalized, branchlike service customers now expect without having to make a trip to a physical bank location. Despite industry concerns that increased digitization will diminish rapport and relationship building, video chat helps bring the crucial element of human connection back into digital banking, allowing customers to experience the best of both worlds.
  2. Body Language – Despite the personal barrier that seems to exist with virtual communication, video chat is an excellent tool for bank tellers to build customer connection. Body language is a very important element of building rapport. And video chat allows tellers to ensure that they are making eye contact with the customer, using active listening skills to meet the customer’s needs and displaying a positive and helpful demeanor at all times.
  3. Increased Engagement –Some customers feel more comfortable in a virtual setting and tellers can use that increased comfort to build better rapport and engagement. Video chat also allows for a seamless transition between banking representatives as the customer moves from the initial interaction with a general representative to more specialized representatives based on their individual banking needs. This results in a higher level of customer engagement similar to a branch location – providing an enhanced branchlike experience.

The integration of video chat into the world of digital banking increases the opportunity for tellers to build better rapport with customers, providing a crucial customer service differentiator to any financial institution that chooses to supplement in-person teller interactions with video chat.