VHT Study Drives Home the Dynamic Potential of Mobile Conversation Strategy in Financial Services
As consumers continue to move smartly toward making mobile devices their preferred method of communication, it’s hardly surprising that more people are downloading apps and using them to perform more tasks in real time. But it is revealing to take a closer look at the problems that these users encounter in completing these tasks, how it affects their behavior and perceptions and what solutions can make a difference.
Virtual Hold Technology (VHT), an innovative provider of intelligent callback solutions, commissioned a newly released study conducted by The Adcom Group. The research finds that while one in two people (50.7%) use financial apps, nearly three quarters of users (70%) report problems in completing tasks with them and 80% say they would like a customer service solution that would enable them to either directly contact or get a callback from a representative.
Besides difficulty in logging in to the app—which was an across-the-board dilemma related to all apps--the second most reported problem was missing transactional information when customers didn’t immediately see their latest activities posted. To ensure that the task had been completed, people had to go back into the app to locate the right person to call and often repeat information they’d already provided. The end result was that many any simply abandoned using the app.
“People are understandably more sensitive about self-service apps that affect their personal finances,” said Eric Camulli, vice president of marketing for VHT. “Customers want to use technology to accomplish tasks and achieve goals in real time, but they also want reassurance when they’re not certain about the results. Our Conversation Bridge tap-for-a callback solution allows customers to both serve themselves and get help easily when necessary.”
The study revealed a significant difference in consumer approval for companies that offered callback solutions. Responses were calibrated to standards used to quantify NPS (Net Promoter Scores. When asked whether they would recommend a financial service company based on their experience with apps that they had used, consumers gave such firms an average rating of 6, which falls into the “Detractor” range. But when the option of getting a callback from the right person was added to the question, the rating jumped to 8, bringing it up to the “Promoter” level.
According to Camulli, VHT’s Conversation Bridge has given the company new momentum in the mobile arena. “It’s a multichannel callback platform and an essential part of a customer conversation strategy that conveniently bridges the gap between any self-service channel and the people who can help the customer.” he said. “Employing a mobile conversation strategy eliminates the dead ends often encountered in self-service experiences. It's a simple solution with huge impact”.
Conversation Bridge is a natural extension to VHT’s ongoing philosophy of providing greater operational efficiency by having customers called back instead of put on hold. “We’ve always said that hold time is a killer in any call center,” said Camulli. “Now that we’re offering an intelligent multichannel solution that blends automation with the human touch, we’re having deeper strategic conversations with companies that care about customer relationships and brand image.”