4 Industries Being Transformed by Visual Communications

Graham Fry, Managing Director, avsnet

Visual communications has transformed the workplace for the better, however video is much more than just an internal collaboration tool.

Advancements in cloud solutions, browser-based video and consumer broadband means B2C organisations are having to adopt solutions to meet the demands of their customers.

Recently, a host of specialised applications built around this premise have entered the marketplace. They bring businesses closer to customers and deliver benefits such as increased customer satisfaction, reduced costs and more productive staff.

Below are four industries benefiting from the power of visual communications.

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Retail Banking

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Mortgage applications are complicated, require multiple consultations and are time-consuming. When such an important financial decision is involved, people still want to meet face-to-face, but after an initial consultation in-person meetings can slow down the process.

Most follow-up discussions can be done via video. This maintains the personal relationship, speeds up applications and appeals to both parties as banks opening hours are often inconvenient for those who work full time.

And, in an era of branch closures and efficiency programmes, anything that raises productivity and reduces costs is a welcome advancement.

Still sceptical? Banks that are adopting video are experiencing impressive results – one bank experienced a 60% revenue uplift on mortgage sales.

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Independent Financial Advisors (IFA)    

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Most IFA firms have distributed teams servicing specific locations and clients spread across large physical distances. As with Retail Banking, many meetings are routine updates on portfolio performance.

Having an advisor travel meeting-to-meeting is inefficient. It also takes up the client’s time by having to be in a specific location on a set day. The intention of a financial advisor is to free up your own time!

Video and virtual meeting rooms are the ideal solution. Secure technology maintains client confidentiality and trust, the advisor can present their expertise with none of the expense of travel and investment information can be shared in real-time.

Other benefits include better collaboration internally and easier access to external contacts – banking staff, fund managers, brokers and other services that firms rely on.

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Private Healthcare Providers

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If there’s any one sector where people want to see a friendly face, it’s healthcare. That said, many patient-doctor consultations involve minor ailments and are resolvable from a short conversation.

Offering people the ability to contact doctors directly via video can lower hospital admissions, increase doctor efficiency and provide a more connected patient experience. For someone with a chronic condition, this is particularly valuable, especially if they live in a rural area or outside of the country.

The model has already been proven – mobile services such as Babylon show people will pay to avoid NHS GP waiting times. However, bear in mind that hospital IT systems are complex so it is important to invest in a robust solution that provides patients with a flawless user experience.

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Utilities                                           

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Following above-inflation price rises across the industry, energy suppliers certainly aren’t in the public’s good books! Most are searching for ways to regain trust and improve customer relationships.

Video might not prevent rising costs, but it can improve the contact centre experience. After all, someone with a complaint or query wants to be taken seriously. Which do you think is better, an approachable representative on video or talking to a distant voice on the phone?

Some providers have already implemented video chat into their customer channels. It’s safe to say that those providers that stick to traditional communications channels will potentially see more disgruntled customers in the long-term.