How Video Customer Engagement Channel is Revamping the Contact Centers?

Video CC Lending

The contact center landscape has changed overnight after COVID-19 hit the world, providing new opportunities for businesses to engage with their customers effectively. Now, contact center leaders are rethinking their CX strategy, not only complying with a dramatic shift towards remote contact centers but, also towards the adoption of new technology. One such shift towards digital transformation has brought in the addition of video as a customer engagement channel.

From what we have learned during the time of social distancing, video is the most vital communication channel, especially for businesses that are involved in money lending that heavily relies upon business to consumer interaction. The credit manager needs to accurately assess the income and check the ability to repay the loans. Video personal discussion helps them establish the sanctioning of the amount after a careful assessment of the financial statements.

Video contact center brings the same level of trust as it assures customers that the show must go on, even when everything is changing so quickly.

Shifting queries from email, chat, or other passive media to video call turns out to be more relevant and helps in building confidence and customer loyalty. Customers need to feel secure and content, more so, in the money lending business.

How Video Contact Centers can be a game-changer for Money Lending?

Video chat interactions keep the conversation lively and help gain customer’s loyalty when it comes to money lending. There’s always an anxiety that customers face before the lender that grants the home loan. To ensure that this personal discussion goes well and the lenders can assess the criteria for the borrowers, personal interaction is important.

Video Personal Discussion to Initiate Loan Process

When the consumer is asking for a loan from NBFC or a Bank, the credit manager tries to figure out the intent and the capability of the consumer to pay back the amount over a video chat. After this interview/discussion, the credit manager can either fail/pass the request basis which the disbursal will be done. This interview also includes the credit manager to explicitly get the confirmation from the consumer on video about:

  1. the mortgage details they have submitted to apply for a loan. 
  2. the amount, EMI, and the number of years in which the amount will be paid back to the NBFC entity.
  3. Supporting Documents like Bank Account statements or other recognized official valid documents

Ease of Customer Onboarding with Video KYC

In the contactless world, customer authentication and onboarding remain a top challenge for lending companies. Now that the customers cannot physically walk in any branch to do their KYC, branches can certainly reach to the customers. Video KYC has simplified the customer onboarding process with its multi-step customer verification process online. Customers can initiate their KYC process over a video call. The KYC officer can verify the customer’s identity without needing their physical presence before the customer is granted a loan.

Reduces AHT with 24/7 Video Chat

In a physically distant world, customers rely on the information provided by the loan providers. But, this journey is not limited to providing brochures and journals related to the policy that customers are willing to buy. Customers expect to be availed with constant customer service and with video chat, screen sharing, co-browsing, the customers can be guided visually. Video chat simplifies the problem-solving process and significantly reduces the average handling time for each call.

In the Long Run

While contact centers are growing at a fast pace, Video Contact Center Solution brings the consumer’s vision into reality with interactive communication. In the post-pandemic world, video calls will remain more relevant as the customers seek to interact with a live human before buying any policy than a bot. Giving your customers the choice and flexibility to choose from a large pool of channels to communicate, video call stand out across industries.

So, are you looking to set up your own omnichannel contact center for your business? Book your demo to hear from our experts on a live call today.