Video could revive the human touch

The use of video could help consumers build better relationships with their financial service providers.

Research has revealed that 50% of people think that video would help build trust with their financial services provider, while a similar number think it could contribute to a better relationship.

The study also revealed that 48% of consumers think that having a named individual to email or phone would help them warm to their financial services providers.

However, the findings also suggested that a balance needs to be struck by finance companies in how they use modern technology. As 55% of people think that banks, building societies and insurers have focused too much on automating services, while 57% say that they are too faceless.

Further findings from the BT and Avaya research showed:

• Video is beginning to be used for the first time, with 3% of people having now tried it when contacting their financial services companies (versus 0% in 2012).
• The number of different ways (or channels) that people use to contact their financial services providers has grown by 44% since 2012.
• People currently use an average of 6.2 channels.
• The number of people using mobile apps has jumped from 7% in 2012, to 23% in 2014.
• Webchat has grown from 1% to 11% in the same period.

“Successful financial services companies will be those that strike the right balance between automation and human interaction — whether that interaction takes place face-to-face or is delivered over the phone, video or web-chat,” said Tom Regent, President of Global Banking and Financial Markets at BT Global Services.