Working with Vizolution to make big decisions easy for the customer

Mobile is now the most heavily used banking channel, with the average user accessing mobile banking 8.4 times within a 30-day period, according to a new report from Fiserv.

However one important thing to recognise is that these interactions are predominantly simple tasks (checking balances or moving money between accounts). The majority of complex interactions are still occurring in the branch or in multiple channels throughout the journey.

Mortgages for example are often a multi-step process that includes face-to-face meetings with advisers and confusing forms to be downloaded from an online repository. Buying a house is a major moment in life, which means customers expect a high touch journey when asking for a long-term loan. If the online mortgage application process doesn’t reflect this properly, it will lead to poor customer experiences and ultimately, loss of business.

Some banks have realised this early on and are working with Vizolution to create a 'high touch high tech' interaction with the customer:

• RBS is using DigiDocs to enable customers to upload documents online and correspond with mortgage agents over a shared screen allowing for a fully remote mortgage application
• Santander UK are allowing customer to connect to a contact centre mortgage adviser at their own convenience, either from a video enabled branch kiosk or at home on on their own device ensuring they are speaking to a specialist every time
• HSBC customers can securely send documentation prior to an adviser meeting to make sure the process has less breaks and the customers time can be best used in the face-to-face meeting.

These banks have seen huge benefits because they have accepted the true value of FinTech companies. For example, RBS have reduced the mortgage process for customers by an average of 11 days and created a fully remote and paperless journey for the customer. They are also able to boasts that 5% are receiving a loan offer within 24 hours.

It's becoming more and more clear that banks need to recognise working with FinTechs is essential to speed up digital transformation in the banking industry. Innovation and flexibility of younger solutions are not limited by the legacy systems that make up the core of traditional banks. Vizolution use a combination of digital capabilities and sit outside of IT infrastructure. This means both front line staff and customers can securely use any device without any downloads creating a seamless omni-channel experience.

When working with FinTech it's vital to realise the right mix between what can be provided, and what MUST belong to a bank. But first...To understand what can be provided, the conversation must begin.

#CX #omnichannel #FinTech #DigitalTransformation