Today, we’re gonna be talking about video chat solutions for banking and three ways to improve the digital banking system. We’re gonna be going over different ways of if you’re doing digital banking today and customer expectations now with digital banking, as well as some improvements there.
The first thing I wanna talk about is really customer expectation by channel. Really, as we look at the different digital channels and communicating with customers, expectations are significantly higher. If they’re online, the ability to video chat from the website, really not only increases your CSAT rating but also helps with your conversion rate.
So as we look at different channels, if we email our bank, the expectation is we’re gonna hear back within an hour. Does that actually happen? Depending upon how sophisticated your queuing technology is, that could — or could not — happen.
If we’re calling the bank, we’re expecting that they’re answering in about 20 seconds or less. And if we’re doing some type of live chat, that’s 48 seconds or less. This is outlined in our digital transformation white paper. If you click on the link and the podcast show notes, you can see all these expectations outlined in that white paper, if you wanna follow along with this podcast.
So when we really look at the customer expectations, then we start talking about the customer satisfaction by channel video chat has a 93% or higher customer satisfaction. If we’re comparing that to phone calls, that’s only 44%.
If we’re comparing that to text chat, that’s 82%. And if we’re comparing it to email, it’s 61%. So it does, you need to have the right channel mix in your digital banking strategies. When you’re looking at video chat solutions for banking, you wanna make sure that you’re adding it in the proper areas to not only get that increase in CSAT but get the increase in revenue.
So now I wanna talk about website conversion. When we look at putting a digital lobby on your website, we look at a significantly higher conversion rate with video chat. So when we’re looking at video chat sales conversion, you’re looking at, you know, potentially 5% plus higher. Currently, your text chat ratio is like 0.3%. So that’s three tens of 1%. So when we look at video chat solutions for banking, you have a significantly higher conversion rate in regards to having that digital lobby on the appropriate pages from that perspective.
The third way to improve digital banking with video chat solutions is for banking is really creating high-touch engagements, understanding the different acquisition levers to increase your digital sales. So as we look at typical branch radius marketing within a five to seven-mile radius and having those video chat solutions for banking really does allow you to ban that marketing radius.
It allows you to increase their conversion rate. And then as we look at relationship managers, business bankers, private clients, things like that, it allows you to create anywhere from 35% to 38% greater engagement. From that standpoint, as we look at the employees that are on the video chat for banking, you should see a 38% increase in their revenue per hour when they’re on video banking.
So that could include increasing wallet, share closing more sales on the acquisition side, really creating those high touch engagements and everlasting relationships. So again, and this is coming from our digital transformation white paper, as always, you can get that free white paper by clicking on it in the show notes.
As you look at your digital strategies and your digital banking system and, and what should be included in that for 2022, please make sure you’re looking at the video chat solution for where those levers should be, what departments they should be in, and how to best use that from an acquisition as well as a servicing perspective. That’s all for today’s podcast as always, please comment give us future topics for future shows and subscribe to get your podcast delivered to you next week. Thanks, everybody.