Driving Digital Transformation with Vidyo Enabled...

Driving Digital Transformation

with Vidyo Enabled Financial Services

2 © Copyright 2017 Vidyo Inc., confidential, proprietary and patent pending information

History of Invention, Innovation and Leadership


New Consumer Behaviors and Expectations

• Millennials are now reaching their prime spending years and will make up 72% of the workforce by 2025.1

• Consumer visits to retail bank branches are set to drop 36% between 2017 and 2022, with mobile transactions rising 121% in the same period2

• 74% of millennials say mobile banking is “very important” to them vs. 42% of baby boomers.3

• Millennials are two to three times more likely to switch banks.4

• 57% of millennials would change their bank for a better technology platform.5

• 84% of millennials seek financial advice.6

1 – EY, 2 – CACI, 3 – Independent Community Bankers of America, 4 – FICO, 5 – Goldman Sachs, 6 – Deloitte


Balancing the Customer’s Desire for Better Service

Customer Frustration

• Little time to visit the branch

• Disjointed touch points

• Impersonal customer service

• High customer effort

Bank Challenges

• Cost of providing experts

• Cost of branches

• Underutilized resources

• Frequent turnover

• Reduced customer loyalty


Access to the right

expert where and

whenever needed

Video Transforms the Banking Customer Experience

Faceless interactions in a

digital world

Skilled resources not

available where and when

they’re most needed

Fully engaged conversations

in moments of truth


Trends in Video Customer Engagement

• 6.1B smartphone users globally by 20201

• The average employee actively uses 36 cloud services at work / The average enterprise uses 210 distinct collaboration cloud services2

• 46% of Contact Centers plan to support video chat by the end of 20183

• More than 20% of the Global 500 will be using video chat for customer interactions by 20184

• More than 25% of consumers would move their money to a different financial institution for video advice5

1- Ericsson, 2- SkyHigh, 3- Dimension Data, 4 – Gartner, 5 – Cisco

Mobile Ubiquity

Cloud Adoption

Contact Center

Evolution

B2C Focus

Consumer Preference


More than 80% of Banks Plan to Offer Video Banking

Source: Video Banking Report, 2017– http://vidyo.com/video-banking-report

http://vidyo.com/video-banking-report






More than 70% of Insurance Companies Plan to Offer Video-Enabled Insurance Services

Source: Video Enabled Insurance Report, 2017– http://vidyo.com/video-enabled-insurance-report

http://vidyo.com/video-enabled-insurance-report








Context Defines the Role of Video • For moments of truth

- Advice in the moment

- Positive emotions impacts CX

- Drive engagement

• For getting things done

- Effortless access to a human

- Remove uncertainties

- Provide efficient escalations


Improve Account Support

Most Common Financial Services Video Customer Engagement Use Cases

Enhance Relationship Management

Facilitate Access to Experts

Optimize Branch Traffic

Streamline Insurance

Claims

NPS 44% higher than telephony

20% cross-sell growth Average wait time from 1.5

hours to 2 minutes 50% more cases solved in first call compared to voice

Increased number of claims processed by ~70%


High Net Worth Relationship Management Challenge

• VP of sales of a mid-size business

• Seeks regularly for financial advice

• Works 10 hours a day

• Always on the road

• No time to visit a branch!

• Andrew’s wealth manager

• Works in a branch 9am-5pm

• Tasked to have regular reviews with her client and to increase product sales

• Needs to understand Andrew’s needs and investment priorities

• Needs to build a trustful relationship

Julie Andrew


• Julie and Andrew can meet more often

• Meetings can be organized when and where it suits Andrew

• Higher customer satisfaction and NPS

• Increase in upsell and cross-sell

• Most of the meetings can be face-to-face vs. phone and emails

• During the meeting they can review online data shared live on the screen

Convenience Quality of Interactions Business Impact

Video Banking for High Net Worth Relationship Management

• Julie or Andrew can schedule an online face-to-face meeting whenever needed

• Integration in bank’s CRM and calendar tools

• Andrew joins from whatever device he wants – computer, tablet, smartphone and from any location


Barclays

“Agents can do a number of things, not only create that warmth and that connection but to share

important documents on screen with the customer; that really turns that engagement into a completely

different level.”

Simon Separghan, Director of Global Contact Center & Omni Channels

Challenge

• $48 billion USD revenue company looking to build customer loyalty among their

139,000 employees & 48 million customers through online banking and wealth

management services

• Wanted to quickly deploy custom solution with reliable and high quality video

• Had already tested a wide range of other solutions on the market

Solution

• Vidyo APIs were used in video conferencing infrastructure, and Vidyo Mobile

SDKs were used to build customer application on mobile

• Professional services were used including contact center application

development and installation

Results

• Average handling time was reduced by 23%

• NPS score 44% higher than telephony

• They were able to enable approximately 500 video agents


Expert Access Challenge

• Live in a rural area

• Local branch is 30 min drive

• Do most transactions online

• Occasionally need more advanced advice (loans, mortgage, retirement accounts…)

• Five staff

• Provides only basic banking services

• Subject matter experts only available in larger branches or at headquarters

Their Local Bank Anderson Family


Video Banking for Expert Access

Scenario #1

A branch representative invites an expert to join remotely an in-branch meeting with the family.

Scenario #2

An online meeting gets organized. The Anderson’s join from home, the expert from the office. The local branch rep can also join.

Speed and Effectiveness Business Impact

• Higher customer satisfaction / NPS

• Improves first meeting resolution

• Increase in upsell / cross-sell

• The Anderson’s get access to the information they need in the first meeting


BluCurrent Credit Union

“Vidyo allows the right subject matter expert to be available to the member, regardless of a physical

branch. They are able to help the member faster and get them the service they need as

quickly as possible.”

Derek Williams, Chief Operating Officer

Challenge

• Credit Union with 3 physical branches, each with a different level of customer demand, and nearly 20,000 members

• Wanted a solution that would balance the need for efficiency with the need for personal and professional services

• Challenged by competition from hometown banking experience

Solution

• Vidyo embedded into BluCurrent workflows for instant access to video-enabled banking agents

• Vidyo APIs to enable high-touch, face-to-face customer service with embedded video communication

• Set up private offices in branches with screens for video calls

• APIs allow for flexibility to integrate with other technologies

Results

• 20% increase in banking product sales

• Members rated the experience 4.5/5 and 93% say they would recommend

• Now also used for employee training and looking to expand to mobile and online banking in the future


The Branch Challenge

• Wants to open a new bank account

• Does not want to spend much time

• Would have even liked to avoid going to a branch

• 40-minute queue

• Paperwork missing so he has to come back later

• Costly to maintain

His Local Bank Michael


Video Banking to Offload Branch Traffic

Video-Enabled Branch

• Visitor needs identified at entrance

• Some transactions diverted to kiosks or video enabled rooms

Video-Enabled Online Transactions

• Integration with identification solutions

• Digital signature for transaction closure

Customer Benefit Business Impact

• Staffing cost reduction


• Lower average wait time / average handling time


Consumers Credit Union

Average wait time went from up to 1.5 hours to under 2

minutes to open a new account or apply for a loan

Challenge

• Illinois credit union, with $930M USD in assets, looking to improve consistency

in member service and experience across channels

• Focused on centralizing back office staff and improving credit union

performance

• Wanted to leverage new technology to improve efficiency, quality and member

engagement to all 83,000 members

Solution

• Vidyo Mobile was used to connect agents with clients on both IPhone and

Android.

• Vidyo solution supported both internal and external

communications

Results

• Member satisfaction rating increased from 91.5% to

95.8% after deployment


Induslnd Bank

Challenge

• India based bank looking for a video conferencing platform that can connect 25,000 employees to customers across 1,210 branches

• Wanted to create video customer engagement that is available at all times from any device

Solution

• Video banking for mobile app and web

• Built their own solution with Vidyo APIs

• Ability to record all communications to comply with banking regulations

Results

• 50% more cases are solved in the first call compared to voice

• Provides >1,000 daily calls

• Served 250,000 repeat customers

• Delivers video even in environments with low quality bandwidth

NPS is 1.7X compared to standard voice service


Account Support Challenge

• Faces an issue while banking online or in front of an ATM

• Calls customer support

• Waits for a long time

• Feels like her issue is not well understood

• Bank contact center agent

• Cannot easily understand Nora’s context

• Has to deal with angriness and frustration

Betty Nora


Video Banking for Account Support

Click-to-Video on Bank’s Web Site or Mobile App and Video Enabled ATM

• Integration in the contact center environment for a seamless experience

• « See what I see » screen sharing and co-browsing integration for better mutual understanding

• Chat to video escalation

Personal Touch Business Results

• Lower average handling time


• Higher agent satisfaction / lower churn

• Nora feels like she is better understood

• Betty can better handle Nora’s frustration

• Personal interaction reduces friction


Royal Bank of Canada (RBC)

Challenge

• Global bank with 80,000 employees and 16 million customers was facing uneven distribution of skill and expertise across their branches

• Needed to provide expert help to banking customers, regardless of location

• Wanted to leverage their existing Genesys contact center platform for efficient call routing

Solution

• VidyoEngage for Genesys integrated high quality video chat capabilities into their contact center architecture

• A third-party partner, Infusion, helped brand and customize the experience and workflow using Vidyo APIs

Results

• RBC is now the first bank in Canada to offer remote video banking as a valuable free service to customers

• In wealth management, over 20+ agents have been video enabled for video calls with financial advisors

• For small business services, Vidyo connected 50+ call center agents, enabling them to escalate from voice to video within their Genesys application

“We are proud to be the first in our market to offer high-quality video chat for our small business clients. We understand that our customers want to build and maintain a

personal, face-to-face long-term relationship with their banker based on trust.”

Cathy Honor, Senior Vice President, Contact Centers at RBC


Claim Management/Loss Adjustment Challenges

• Had a water damage in her home

• Wants the claim to be processed as quickly as possible to get payment

• Cannot easily stay at home to wait for an expert during business hours

• Loss adjuster

• Cannot trust pictures only

• Cannot handle many cases every day if he has to do onsite visits

Paul Grace


• Grace doesn’t have to wait for hours for an expert at home


• Shorter case handling time / more claims processed in less time

• Reduce claim management travel cost – fast ROI

• Paul can guide Grace when she shows the damage to make sure he sees everything needed

Convenience Quality of Interactions Business Impact

Video Claim Management

• Paul schedules an online face-to-face meeting with Grace

• She joins using a mobile device – tablet or smartphone

• A geolocation feature enables Paul to confirm Grace’s location

• Grace shows the damage using the rear camera of her device

• Paul can fully assess the damage and take pictures

• Call recording and archiving enable Paul to keep track of the interaction


Dekra

Challenge

• Looking for a claim management solution to reduce amount of travel in

Netherlands, an area with lots of traffic

• As a B2C company system needed to be easy to use, available on multiple

platforms and provide high quality video regardless of internet connection

• Wanted to remain competitive in their field and be known as innovators while

being cost effective

Solution • Enabled two dimensions of scalability with Vidyo infrastructure software to

provide high quality video in any network condition

• Enabled connectivity from all devices including computer, laptop, mobile,

tablet, etc.

Results • Number of claims processed per day increased from 6-7 to 10-12

• Increased customer satisfaction due to personal contact

• Looking for other ways to incorporate video into the company

in the future*

“They system allows us to work more efficient which is very

important to us and the client”

Ronald Pols, Director


Emotional Connection Customer Satisfaction Revenue Impact Efficiency

Benefits of Video Customer Engagement


Customer Experience Evolution

Brick and Mortar Multi-Channel Unified Experience

Disjoint Multiple Channels

Loss of Personal Contact

Loss of Loyalty

Single Channel

Face-to-Face Interactions

Loyal Customers

Unified Brand on Multiple Channels

Unified Engagement

Engaged, Loyal Customers


Quality Matters for Customer Engagement

• Available from everywhere

- Needs to support high quality video, even in low quality network environments

• Scale

- Solution must be global and able to support thousands of concurrent calls

• Integrations to existing systems

- API’s for integration to back-end and front-end systems


Vidyo is a Comprehensive Video Interaction Platform

Empower teams and increase

effectiveness with high-quality cloud

based video.

Increase customer satisfaction and

grow share of wallet by integrating

video into your customer

engagement processes.

Enrich communication by embedding

video directly into your business

flows, applications, or devices.

Collaborate Engage Imagine


Vidyo: The Leading Video Banking Platform

Reliable Quality Any Device Click-To-Connect Simplicity

Security

Scalability Branding & Customization

Contact Center & CRM Integration

Proven Solutions


Strategic Partnerships with Customer Engagement Leaders

Contact Center

Call Recording ATM’s / ITM’s


• Less ports to open on your network

• Less exposure to network vulnerabilities

• Meet security standards: TLS, SRTP, H.235, and AES 128-bit encryption

• No cost of data center resources

• No cost for on-premises platform maintenance

• Reduce cost for support

• No need to deploy servers in your data center

• Global footprint of data centers for geographically optimized video

Reduce Security Risk Faster Time to Market Reduce TCO

• Network adaptation technologies: dynamically optimized video

• Vidyo routing core and Scalable Video Coding (SVC) = the best possible quality

• High resolution endpoint support

Best Quality Available

Benefits of Vidyo’s Cloud-Delivered Video Channel


Vidyo Market Leadership

6 of top 25 banks in the world use Vidyo Recognized Industry Leader

Leader in Gartner Magic Quadrant for

Group Video Systems

"Vidyo is far ahead of the competition with regard to live customer engagement deployments in

financial services.”

Phillip Karcher, Forrester Research


Vidyo Enabled Financial Services


• Average wait for new loan application from 1.5 hours to under 2 minutes

• 97% of video customers were either satisfied or extremely satisfied

Business Benefits of Video

• NPS 44% higher than telephony

• AHT Reduced by 23%

• NPS is 1.7X compared to standard voice service

• 50% more cases are solved in the first call compared to voice service

• 93% users recommendation

• 20% lift on cross-selling

• 1.5x higher customer satisfaction

• Increased Agent Productivity from 6.5 to 11 appraisals per day

Thank You!

Date post:	06-Jul-2020
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