With improvements in the quality of mobile networks and the increasing popularity of consumer video chat services such as FaceTime and WhatsApp, making a video call has become almost as natural as a phone call or texting.
Integrating video chat into your customer service is, therefore, a logical way to adapt to the way your customers want to communicate.
Put that way, though, video looks like just another channel you’ll have to offer to get more or less the same results as with the other channels you’re currently using. Lots of efforts for low added value, right?
The beauty of video is that it is definitely not 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 such as text chat still have their place for the more transactional tasks. But nothing can beat video when it comes to handling a high-risk or high-potential situation. This could be a customer who wants to terminate a subscription. It could be 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 that you’ll get when you leverage the power of video chat to engage your customers.
1. You will derive tangible ROI from improved customer experience.
In a world that is more and 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 CX metrics.
In the United Kingdom, Barclays reported that the NPS 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 may be. Two typical examples:
- 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 went down from 1.5 hours to under 2 minutes after implementing in-branch video banking.
- Consumer goods manufacturers can offer video support to remotely troubleshoot issues their customers are facing, significantly shortening the resolution time and pleasing customers.
2. You will increase revenue.
The use of video chat has a direct impact on sales in three essential ways:
- Video helps close deals. In India, health insurance company Apollo Munich has 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 require frequent interactions, video, as opposed to email or the 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 that makes it easier to 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.
3. You will 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 on-site, an insurer can provide the option of having 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, not to mention dramatic reductions in adjusters’ travel costs.
Video also represents a fantastic opportunity to improve staff utilization, since you can centralize scarce resources and make them available to everyone. In Canada, Best Buy offers in-store customers access to experts via video-enabled kiosks, reducing the need to locate such staff in every store.
Last but not least, because it enables a much better mutual understanding, video shortens call handling time and increases the first call resolution rate. In India, IndusInd Bank reports that, with video banking, 50% more cases are solved in the first call compared with voice services. At Barclays, the average handling time is 23% shorter than with telephony.
Overall, the business impact of adding video to a contact center is huge and it often delivers a high and fast ROI. So don’t let your competitors be first. Let Vidyo help you video enable your contact center to get these rewards.