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POPi/o Archives - Page 5 of 8 - POPi/o

Jun 24
1
Man looking at smartphone meeting with agent, coffee cup in background

How Video Can Bring Digital Sales To Life

By | Blog, Video Banking | No Comments

I’m a big fan of the convenience of digital services, unfortunately, most deployments are targeted to such narrow use cases that it doesn’t address most consumer’s needs. This is especially the case for more complex financial service products. It shouldn’t be that difficult, right? Consumers should just go to the FI’s website, find the products they want and “sign-up”, or in the model of Amazon, add the product to their “online shopping cart”.  Yet as branch traffic dwindles and digital adoption grows financial institutions are finding that their “online shopping cart” abandonment rates remain sky-high.

According to research by UK-based behavioral marketing company SaleCycle, the financial sector has the highest global online shopping cart abandonment rate at 83.6%. The overall average for all sectors wasn’t much better at 75.6%.

Why so high? In general, digital channels are a one-way experience. Closing a sale has traditionally been a five-step process that requires two-way communication, which is missing in digital sales interactions.

Below are the five most common sales steps:

  1. Introduction
  2. Discovery
  3. Offer
  4. Objections
  5. Close

Research shows a variety of reasons online carts are abandoned; however, they all have one thing in common, a stalled sales process. But Video Banking can help since it provides a customer experience that combines two-way, face-to-face service with the convenience, security, and efficiency expected with digital interactions. When Video Banking is leveraged to its full potential it can become the ultimate sales channel, providing financial institutions the ability to take a customer through all five sales steps in just one call.

Let’s examine how Video Banking supports these five sales steps.

Introduction

For institutions focused on increasing wallet share, the introduction and rapport building stage are already occurring while providing service to existing customers. Video banking provides an ideal channel to discuss complex transactions, solve problems, and ultimately builds rapport that leads to additional sales. Video banking helps build trust quickly with prospective and new customers in the moment of need when facing major life events.  Our customers expressed the value of providing an empathic face with video while discussing consumer loan modifications and payment plans during the recent branch closures.

Discovery

Video banking allows your customer service representative (CSR) to initiate conversations that reveal unmet financial needs, which is the purpose of the discovery step. Customized digital sales pages backed by data and artificial intelligence (AI) can perform better than general digital sales tools, but only a live CSR can listen to the customer’s needs and effectively tailor their sales pitch or presentation accordingly.

Offer

No matter how well you craft an online offer and sales page, it will never compare to a well delivered presentation by an experienced CSR. Video banking can integrate professional presentation tools that add consistency and polish to your message. And, a two-way conversation during the offer step allows CSR’s to confirm that they are matching the customer’s needs with the right features and benefits of your product.

Objections

Handling objections is where two-way communication truly shines. Data and AI can anticipate which objections a digital customer may have, but video banking has a definite advantage with two-way communication that effectively identifies objections and provides the opportunity to answer questions. Additional POPi/o tools like dynamic call routing, warm transfers make accessing the right experts easy.  Plus our Positivity Coach feature allows the CSR to monitor the consumer’s reaction and adjust if emotions indicate some fear or trepidation.

Close

The most important step in making a sale is asking for the business and closing the deal. However, even expertly optimized digital sales pages convert just 20% of leads. That’s because the close step can only be completed if the previous four steps were successful. Your seasoned CSRs knows when all questions and objections have been addressed and when the time is right to close the deal..  With this step, it’s essential that Video Banking tools include workflow abilities like E-sign, document exchange, and screen share, to allow for the product purchase to be finalized before the video chat ends.

Introducing POPwelcome

It’s the extra tools and system integrations that make the POPi/o Video Banking app so robust and successful. However, not all customers have downloaded the app onto their mobile devices. For customers that are browsing an FI’s webpage, your representatives can now use POPi/o’s new POPWelcome for online or mobile chat messaging, providing a truly omnichannel experience by seamlessly transitioning the customer from text chat to video banking.

Personalized service sets community financial institutions apart from national and global competitors. However, without sales, no company can prosper and grow. No matter the size of your institution, you must provide your sales team with technology that allows them to provide the best of digital and face-to-face service, without any disruption to the five-step sales process. Video banking can provide that experience. To learn more about how quickly and effectively POPi/o Video Banking can boost your digital sales conversions, request a free demonstration with a video representative.

For more information about video banking, request a free demonstration.

Request Demo
Jun 04
0

Creating Relevant Branches Post Covid-19

By | Webinar | No Comments

Webinar Highlights

Effects and Trends from Covid-19 - 2:43

Changing to the New Normal - 24:00

The New Face of Your Branch - 27:45

Video Banking Post Covid-19 - 30:16

Technology For In-Branch Transactions - 41:10

Branch/Call Center Design to Consider - 46:35

For more information about video banking, request a free demonstration.

Request Demo
May 06
1
People out of focus at financial institution

Easy Social Distancing Ideas When Branch Lobbies Re-open

By | Blog, Video Banking | No Comments

Digital service providers are reporting explosive increases in user data over the past two months as shelter-in-place orders have forced consumers to go digital. Attitudes toward digital have seemingly changed overnight – what was once a user experience enhancement is now literally an essential service channel.

The term disruption had run its course before COVID-19, but this largely unexpected even is just that, a major disruption for nearly every sector. Now that we’re about three months into this global pandemic, financial institutions are no longer wondering if, but how much COVID-19 will change the way they deliver products and services.

The answer could mean shuttering even more branches and once again rethinking branch strategy. Consider this: increased digital adoption won’t be the only drain on branch traffic. Experts say the stay-at-home environment could be a way of life for a long time. Certain groups of people, including retirees, those with compromised immune systems, and those fearful of infectious disease may forever avoid in-person interactions.

There’s more. Experts say social distancing could be required by authorities well beyond 2020.

As long as someone in the world has COVID-19 and there is no vaccine or herd immunity, breakouts can and will keep recurring without stringent controls, wrote MIT Technology Review Editor-in-Chief Gideon Lichfield. Even if social distancing measures are only put into place every time ICU admissions begin to spike, research models predict that strategy would still require a schedule of roughly two months under quarantine and one-off.

Harvard disease experts agree, saying that some form of intermittent social distancing may need to be in place until 2022 and possibly longer.

Social distancing is beginning to be referred to as physical distancing, which is a more accurate description. Despite being physically separated by quarantine, people have still found ways to be social. Neighbors have entertained each other around the world with balcony musical performances. Friends and family have honored graduates and birthdays with car parades. We’ve turned video conferencing into virtual happy hours that even have their own signature drink, the Quarantini.

Those under COVID-19 quarantine have shown that while they are willing to adhere to physical distancing, they still require face-to-face contact, even if it’s via video. To maintain brand loyalty, financial institutions will need to find ways to provide that level of human service. Many of them will have to find ways to make branching work despite the challenges, which will likely include the need to keep everyone at least six feet away from each other, limiting people in the branch at one time and increased personal hygiene and cleaning standards.

The solution lies in using technology in new, creative ways to provide meaningful social interaction, just as parents have created virtual graduation and birthday parties for their children. We’ve seen credit unions and banks integrate video banking like POPi/o into their branches in creative ways that provide a superior user experience while also supporting the institution’s bottom line.

For example, one financial institution completely centralized its lending operations, even going as far as to restructure branch employee incentives to guarantee their support of video banking in lending. To ensure privacy, an office in each branch was reserved exclusively for video banking sessions. This institution already had a pandemic-friendly branch strategy that minimizes employee exposure and maintains excellent physical distancing between two groups of customers: those completing transactions and borrowers.

Another video banking institution has closed its branches to walk-up traffic, performing only select services for customers by appointment only. However, it had already installed personal video teller machines outside of the lobby, providing an on-demand way to accept check and cash deposits, make cash withdrawals, and, if needed, connect to a live video teller who can perform more robust transactions and problem-solving. Time will tell if this strategy will work long term, but because video tellers had already been integrated into the branch strategy – even if only intended to extend service hours, not perform essential services during a national emergency – this financial institution didn’t skip a beat providing full branch service while being a good corporate citizen.

Are you frustrated with what seems like no-win options to adjust your branching strategy to physical distancing and other measures that will keep your employees and customers safe? Let POPi/o help you brainstorm ways your financial institution can use video banking to quickly and effectively meet the needs of your customers and your bottom line.

Dec 11
6
Blue holiday infographic of staff saying thank you to customers with gift

We’re Grateful for Video Banking’s Unexpected Gifts

By | Benefits, Blog, Video Banking | No Comments

The Holidays are a time to reflect upon the past year and focus on gratitude and service. Gratitude can take many forms, such as feeling grateful for financial success, heartwarming gifts, the important people in your life, and even the wisdom you’ve gained from life’s ups and downs of the past year.  As we dig even deeper into gratitude we begin to feel grateful for the things we take for granted, like our health, mobility, food, clean drinking water and even our freedom.

Freedom isn’t just political; it means different things to different people.

Blue holiday infographic of staff saying thank you to customers with gift

According to the Center for Disease Control, more than one in four adults in the United States live with some type of disability. The most common disability is a lack of mobility, which makes the freedom of being able to walk severely difficult or impossible for nearly 14% of Americans.

Many of us take for granted the freedom of being able to handle day-to-day tasks on our own without relying on help from someone else.

When we first started exploring video banking and the impact it would have on people’s lives, we always focused on convenience and how to get services directly to a consumer without friction. Never once did we think it could help so many gain freedom in the way they banked.

But we are incredibly grateful it did.

For example, Idaho Central Credit Union a $4.8 billion credit union headquartered in Chubbuck, Idaho, was able to use video banking to serve a quadriplegic member face-to-face that was an hour away from any branch location. The ability to see and talk to his loan officer allowed him to feel like a piece of independence was given back to him. Service provides assistance to those in need, even when you’re not aware of it, and we are grateful video banking was able to help this happen.

Cobalt Credit Union, a $1 billion institution in Council Bluffs, Iowa, shared a different kind of assistance success story. This member, who is deaf, wasn’t able to access the credit union’s call center and if they needed assistance beyond what was available online or through the mobile banking app, they had to visit a branch in person. With Cobalt’s new video banking channel, however, the member was able to both see the representative on screen and use the app’s chat feature to clarify their banking needs. Now, this member can enjoy full service, at-home banking. We are grateful video banking was able to change how this member interacted and accomplished their banking needs.

Pioneer Federal Credit Union, a $500 million institution located in Mountain Home, Idaho, was able to serve a member who was severely injured in a rodeo accident and had to adjust to depending upon others to assist with their financial transactions and business. We hear a lot about accessibility when it comes to your financial institution’s digital channels, but providing accessibility to your people can mean the world to those in need. We are grateful Pioneer was able to go above and beyond with video to help serve this member and countless others who have let Pioneer know that this engagement channel “has given them their freedom back.”

There are countless more stories of how video banking has supported financial freedom and accessibility. We’ve heard about pilots making video banking calls from the tarmac, consumers accessing financial assistance via video from overseas, parents receiving face-to-face service without having to drag kids along to the branch, and working class Americans who were finally able to connect and accomplish their financial needs.

We didn’t anticipate video banking would change lives. But this Holiday season, as we reflect upon the past year, we are beyond grateful that it did.

Jun 18
4
Timeline of POPin video banking evolution

Video Banking Evolution

By | Blog, Video Banking | No Comments

As I’ve reflected on my 20 years in video banking, it’s been fun to see how far we’ve come. To highlight milestones in my video banking journey, I created this timeline. I hope you enjoy reviewing the milestones that have lead us here. Now let me welcome you to join us in the milestones to come.

timeline_post

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What is video banking? Learn more here >

Nov 12
5
Person holding a piece of paper up to sky with cloud cut out

10 Reasons to Look to the Cloud

By | Blog, Video Banking | No Comments

Financial institutions have been wringing their hands for years, wondering when tech giants Amazon and Google will compete against them directly.

The answer might be never.

According to an article published in The Wall Street Journal, Amazon and Google aren’t as interested in banking as they once were. The reason is that as financial institutions increasingly transfer technology to the cloud, Amazon and Google are making more money offering cloud computing services to FIs than they could make competing against them offering banking services to consumers.

Business is booming for Amazon’s AWS, Alphabet’s Google Cloud and Microsoft’s Azure as financial institutions transfer infrastructure, platforms, software and recovery systems from on-site servers to the cloud.

POPi/o Mobile Video Cloud recently changed its name to reflect our Software as a Service structure (Saas). When it comes to leveraging everything the cloud has to offer technology, we’re all in.

Why has POPi/o and the financial services industry finally embraced the cloud? Here are 10 reasons.

  • Disaster recovery
    • We’ve all seen the horrific damage to buildings that Hurricane Michael caused. I’m sure there were plenty of bank and credit union executives who watched nervously as the hurricane veered dangerously close to their service bureau or backup facilities. Don’t let natural disasters – from which you’re protecting your systems – be the weak link that causes disaster recovery failure. Cloud-based disaster recovery services will keep you up and running and allow you to focus on serving victims of natural disasters who need your help.
  • Faster updates
    • The policy of prevention over cure rules today’s digital-first marketplace. The cloud allows you to automatically fix bugs, update customization and make other updates without having to individually upload to each workstation.
  • Quicker deployments
    • The cloud allows you to deploy new technology and services in hours instead of days … or weeks … or even months. All you need is a browser and a bit of training.
  • Serious cost savings
    • This is a biggie. Not only do on-premises hardware and the required software upgrades cost big bucks, but you also have to pay for someone to install and update software, install and manage servers and run backups. With the cloud, those expenses are the responsibility of the vendor; you only pay for what you need.
  • Security
    • For too long, financial institutions were afraid the cloud posed a security threat. Yet research has consistently shown that human error is a greater risk. The cloud doesn’t require in-house physical access security and deployed security protocols. Encryption can be deployed across a wider network quickly, and cloud servers are located at secure locations that are rigorously tested and have multi-factor security.
  • Ongoing education
    • Cloud service providers take the guessing out of getting a new solution to work for you. Rather than relying on in-house expertise, which will require you to pay for educational courses and conference to keep current, your vendor will be your expert.
  • Flexible scalability
    • The cloud is scalable as you grow. If you need more licenses, you can get more licenses. If you need to take some away, go right ahead. As your business grows or slows, the cloud will adapt with you.
  • Mobility
    • Cloud-based services are internet based, so you can access your systems from wherever you or your remotely-based staff have an internet connection.
  • Competitive
    • The cloud allows you to disrupt your market with enterprise-class technology and speed while staying lean and nimble.
  • Environmentally friendly
    • Not only will you reduce the space required in branches and your headquarters to store and access servers, but cloud protocol is also greener than onsite technology because you only use as much as you need.
Nov 01
3
POPi/o Mobile Video Cloud logo

PR: POPin becomes POPi/o Mobile Video Cloud, New Clients & CUNA Award

By | Video Banking | No Comments

SALT LAKE CITY NOVEMBER 1, 2018

Today, POPin Video Banking Collaboration, the industry’s first interactive mobile video banking solution, announced its name change to POPi/o Mobile Video Cloud to reflect the company’s evolution as the premier platform for providing point-of-purchase (POP) experiences consumers can easily move in and out (i/o) of, seamlessly blending physical and digital interactions across all channels by utilizing the mobile video cloud.

Read the full press release here: POPin Video Banking Collaboration Changes Name to POPi/o Mobile Video Cloud, Announces New Clients & CUNA Award

Press Contact
POPi/o Mobile Video Cloud
Kristi McCain, (385) 204-4341
mccainconsultingllc@gmail.com

Learn more about POPi/o Mobile Video Cloud & Video Banking by clicking here.