The Evolution of Immersive Video in the Retail Bank Branch Series (3): Remote experts in action

In part two of this three-part series detailing the “Evolution of Immersive Video in the Retail Bank Branch,” I looked at Cisco’s Remote Expert Solution more in-depth and discussed how the solution’s contact center enables virtual face-to-face meetings with high-definition video. By offering customers instant access to knowledgeable experts, even when customers are in remote areas, banks can provide personal service resulting in improved customer confidence in the relationship and greater loyalty. Now that we understand how the solution works, I’d like to take a deeper look at the solution in action and discuss how Remote Expert can meet customer needs in three key business areas.

Wealth Management Services

Remote Expert’s video sharing capability allows investment advisors to visually see the customers they are pitching new products and services to and helps them to gauge how to lead the conversation. In some cases, portfolios may be complex, especially when involving trusts, so video adds an additional medium in which to connect with the customer and explain the approach being presented by the wealth advisors. This is something that cannot be accomplished easily over the phone and traditionally has involved air travel to meet the customer in person. For ultra-high-net worth customers (> $2 MM), Remote Expert also provides a way for multiple advisors to join the conversation remotely to guide the client through the estate planning or wealth planning discussion.

Mortgage Sales

Today, there are many mortgage programs and products available. In addition, many state and federal regulations exist as it relates to quoting and working with customers on mortgage programs. Video has been shown to be an effective way to drive additional understanding of those various mortgage products and a way to work with the customer through the pre-approval process and up to the point of underwriting. We are finding that banks are still opting for the traditional in-person closing process, but more and more institutions are experimenting with completing the entire mortgage process using Remote Expert and the available video capabilities it provides.

Treasury and Cash Management Services

Treasury and Cash Management services are traditionally very profitable for banks but at the same time are complex in nature. We have seen many scenarios where banks have a limited number of specialists in this role to cover a very extensive branch footprint. With the capabilities of Remote Expert, the Cash Management experts are able to interact with small business customers and open up additional revenue opportunities, driving wallet share. Remote Expert can also be used to train branch-based resources to identify treasury and cash management opportunities and start the sales process.

As you can see, Remote Expert truly is a dynamic solution providing customers with all of the necessary information and expertise needed to make informed decisions. It’s fair to say that a winning business strategy combines the strength and immediacy of old-fashioned, face-to-face relationship building with the capabilities of next-generation, multimedia collaboration technology. Streamlining processes and offering customers instant access to knowledgeable experts, even when customers are in remote areas, introduces a personal service resulting in improved customer confidence in the relationship and greater loyalty.