Why fin services companies can't ignore voice and chat (VB Live)

As consumers embrace voice and chat, companies are finding significant opportunities to drive engagement, streamline communication, and build revenue. Should financial services companies get on board? For a look at the pros, cons, and how-tos, stream this free VB Live event.

Access free on demand right here.

The number one job, right up to the CEO, is to acquire and retain customers, then grow their lifetime value, says John Kelly, client Partner, financial services, at LivePerson. And a true lever is to simply have conversations with them. That’s where financial services companies that have integrated chat and voice technology are pulling ahead dramatically.

A 24/7 conversation — if not always on, then at least always accessible — makes it possible to bank at the speed that customers want these days. And the advantage for the financial services company is that as soon you start flowing conversations into messaging, you’re able to measure intent.

Consumers seem to be switching to voice and text in larger numbers because it enables conversations that feel significantly more human. These technologies use natural language processing, letting users simply ask real questions: “Why do I have an extra charge on my account on Tuesday?” to “What’s the best mortgage rate I can get this week?” or “How many different credit cards do you have and which one’s right for me?”  And the agent or the automation can respond in ways that are similarly conversational.

“You’re actually having a human conversation, one that enables or motivates the customer to stick with that bank,” Kelly explains. “I feel like I have a relationship with them. They’re my bank. They’re here for me.”

It isn’t that difficult, he says, and more and more companies are taking the leap with great success. Once you design and implement a conversational banking strategy, you can have a significant portion of your communication up on messaging within a year. But too many financial services companies are hanging back, getting caught up in their own analysis, but no amount of analysis or research will replace live testing.

Of course it’s hard to resist over-thinking because the technology is so transformational, he adds. It’s not like doing a new type of ad — it really does change the way you communicate with customers.

“The problem with that is conversational technology is a true disruptive force and the pace that customers expect today is accelerating,” Kelly says. “Companies are going to be quickly left behind in terms of acquiring new customers and retaining existing ones. They’re going to be missing out quickly and wondering where their assets are going.”

To learn the biggest piece of advice Kelly has for financial service companies ready to dive into the breach, a look at the results that companies like Apple are having when they integrate messaging technology, and the most effective and efficient ways to implement a conversational technology platform, catch up on this VB Live event.

Access this webinar on demand right here!

Source: Venturebeat.com

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