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Why consumer video conferencing apps are not the solution for financial firms


Video conferencing has been wholeheartedly embraced as a substitute for in-person meetings during the global pandemic. But organizations that are quick to integrate off-the-shelf video solutions into their customer service fail to understand the limitations of these digital tools. These shortcomings include everything from both accidental and deliberate data sharing to the frustration of not having media shared within one conversation available in the next. 

Even when offices re-open and in-person meetings become possible again, it’s likely that virtual meetings will continue to rise in popularity. And so it’s vital that financial service providers ensure that they are using video call in a way that best meets the needs of the customer, delivering a personal, positive, and seamless customer journey.

Security first

Security is the highest priority in finance and services and solutions like the ones we use privately or for internal collaboration —while convenient—cannot be relied on to protect personal data. In fact, according to the Berlin Data Protection Commissioner, many US video services have already violated the GDPR. As a consequence, companies that use these services may face fines of up to 20 million. 

In addition to data protection issues, screen sharing function available in video conferencing tools shares your complete desktop, including sensitive information like credit card numbers and login credentials. Unblu’s Co-browsing solution, on the other hand, offers a superior level of safety: the advisor never receives any data or output outside of the app nor can they see sensitive information thanks to field masking. 

Unblu’s technology can also be integrated into existing security set-ups and access to a document archive ensures all interactions are compliant with regulations.

A holistic vision of the customer journey 

Another problem with some of the most popular video conferencing solutions is that they aren’t envisioned within the larger context of the whole customer journey. Video call is seen as one isolated touchpoint rather than being integrated into a cohesive, uninterrupted, open-ended, and evolving interaction between customer and bank. When considered more strategically, conversational banking should instead feature a range of digital solutions that support an entire client journey, from initial exchange to final sale. 

For example, video call  might be used as part of the onboarding process in conjunction with co-browsing. Using document co-browsing, the advisor can guide the customer through the process of filling in forms and applications. Advising the customer is far easier when the advisor can see what they see. Plus, the two can collaborate and co-edit in real-time before completing the interaction with e-signature software such as DocuSign, offering a more productive and engaging alternative to a regular call. 

This collaborative dimension and visual troubleshooting bring a new level of convenience, efficiency, and personalization to the exchange, which a standard video call fails to achieve. Stand-alone software providers are unable to offer the flexibility that Unblu can offer with its platform of different conversational banking solutions. Unblu provides the opportunity for advisors and customers to collaborate—just as they might in an in-person meeting. 

Strengthening relationships

Building a relationship depends on trust—especially when it comes to finances. The customer needs to know they can contact their advisor quickly, easily, and securely, whenever they need to. 

Popular text messaging apps allow them to reach out in a way that is intuitive and familiar and the advisor can help them solve the issue quickly. However, they need to be integrated easily and seamlessly into your current software infrastructure

The same goes for CRMs, Call Center Applications and digital signature software. They each play an important role in delivering a cohesive customer journey, from signing a contract to jumping onto a video call for an investment opportunity. The more integrated the system is, the more meaningful the exchange of information. 

Financial advice & Unblu

Unblu gives banks the opportunity to transform their customer service with a range of digital tools, each of which prioritizes customer needs. These solutions allow for a more flexible, personal, and efficient customer journey—one that incorporates video call, but also other innovative solutions. Find out more by booking a demo today.