Financial services brands and the case for live chat technology

Live chat technology for financial services businesses is becoming increasingly essential. More and more consumers are managing their finances online, from banking to insurance to mortgages.

That means you need to be online to help – in a way that’s quick, convenient and confidential. And that means you need live chat technology.

Here are just a few ways in which chat can drive positive transformation across financial institutions.

Expert advice, online

Customers looking to get through to your contact centre don’t want to search for the right telephone number, wait on hold, and deal with a lengthy IVR system. Nor do they want to find an email address and wait hours or even days for a response.

They want a quick, low-barrier option, and that’s just what live chat technology presents. Customers can contact you in a single click, and be connected to the relevant team instantly. With a chat option, your contact centre becomes more open, more accessible.

Exchange files securely

In many instances, official documentation is needed to complete financial services transactions. Whether it’s an application form, an invoice, a proof of purchase, a set of terms and conditions or a contract, paperwork is often obligatory.

With live chat software, you can transfer any necessary documents securely and directly within the window – all whilst continuing to talk. In doing so, you can create a simpler, speedier and more streamlined process that’s convenient for customer and advisor alike.

Increase online applications

Due to the weight attached to financial steps, customers are likely to shop around and conduct research before contacting your business. They’re happy to look around your site for information, but getting in touch is a bigger commitment.

The addition of live chat software to your website, however, makes contact low-effort. Prospects are more likely to ask questions with a quick chat option available, which in turn makes them more likely to apply or progress.

Security and compliance

The financial sector has strict guidelines for any new software or service. You deal with sensitive information, so it’s understandable that you want full assurance that these security and compliance protocols are met.

Both your team and customers can use live chat technology with full peace of mind. Solutions such as WhosOn offer an installable live chat solution, so you can self-host chat and retain full control of security. That’s not to mention inherent security measures such as encryption, intrusion prevention, and granular access rights.

Relevant routing

Whether the customer wants to speak to a mortgage advisor, an insurance specialist, a personal finance consultant or anyone else, live chat software means you can automatically route them to the right person.

Without a lengthy IVR process, without waiting on hold, your customer can simply select which team they’d like to chat to. With a single click, they’ll smoothly be connected to an advisor with the relevant expertise to assist.

Save time and cost

A high volume of intricate financial customer enquiries can be difficult to manage with a traditional telephone-based system. Helping customers is quicker, cheaper and more efficient via live chat, with advisors able to speak to multiple users at once.

Live chat technology offers bot operators, to handle the weight of routine processes and FAQ. It offers live language translation, for “globalised” service without barriers. It offers keyword-based canned responses, for fast resolution to both common and complex queries. In short, it offers a range of features custom-designed to engage users effectively, and with less resource.

Outstrip competitors

Today’s consumers expect the same speedy, personalised service online as they’d get at their local branch. If you offer live chat, you’re one of the few financial services businesses able to duplicate the in-store experience digitally.

Live chat software means you can help customers avoid the pitfalls of complicated application processes. It means you can steer them to success, and offer relevant advice at every point in their journey. In the complex world of financial services, live chat technology serves as a key service differentiator.

Try the leading FS live chat technology

WhosOn is an enterprise live chat solution designed to meet the needs of financial services institutions. Get in touch today to start scoping your project.

Useful links

Accessible customer service: is your business open?

The emergence and diversification of the financial chatbot

Why your bank needs live chat