How Financial Institutions Will Reduce Costs With VideoBots

A Chatbot That Uses Video

At this point most financial services players have either deployed, or are actively exploring chatbots. If you’re not familiar, a chatbot is a text or voice-based conversational agent that you interact with. It’s powered by rules and sometimes artificial intelligence. Think of Siri on a website.

So it’s not human, but it can seem like a person is on the other end. And the technology is evolving and improving quickly.

Man chatting with chat bot on smartphone vector illustration. Communication with chat bot use smartphone, message for chat bot

Chatbots are most frequently deployed in the customer service area, with the idea of reducing costs.

In financial services, they can help customers find the right products and services, and deal with frequently asked questions.

But here’s the thing… the jury’s still out on customers accepting them. Again, think of Siri.

So back to the title of this blog – what is a VideoBot, and why do you want one?

Essentially a VideoBot can turn the chatbot experience into, well… a video experience. Why? Because video has the engagement factor. Because video is such powerful learning medium. And to top it off, video can now be personalized.

So what does that look like
in financial services?

Here’s a scenario. A customer is on a bank’s website. She is looking for the phone number to contact the bank, and inquire about mortgage payment options. She can A) call customer service and hope for someone knowledgeable B) navigate her way around the website looking for the specific mortgage payment options she’s interested in C) A VideoBot asks “How can I help you today?”

If she chooses the VideoBot, she tells it what she’s looking for. The VideoBot quickly gives her the list of mortgage payment options, asking her to check off the ones that she’d like to know more about. She checks off bi-weekly and accelerated bi-weekly. Up to this point, chatbot and videobot experience is similar.

But here’s where they diverge; at this point the customer sees a short video explaining both options, and the advantages of each. She is offered to enter a few numbers to calculate how much her payments will be, and how it will shorten the number of years to clear her mortgage. She sees all this in a personalized video with animated graphs representing the impact. If she’s already a client and logged-in she doesn’t even have to enter any numbers to get this.

The VideoBot quickly gives her the list of mortgage payment options

The customer is then asked if she is satisfied with those options, would like more details, or to look at other options. Where possible, transactions can be completed by the VideoBot online.

The VideoBot’s goal is to provide personalized assistance online, without requiring a human
on the other end. That, and to engage using the power of visuals, animation mixed with
voice. This technology will quickly evolve, and artificial intelligence will play a major role in
that evolution.

That said, there are some very simple steps any company can take to get started in this direction. When we think of the base tools required, what will be needed are;

  • Great Video FAQs covering your major products and pain points. These are thebuilding blocks of reducing call centre costs, even in standard video format. If you don’t have these already, or if you do and they’re weak, start here! Build them right and they become the building blocks of a VideoBot. One more thing – make sure they have visibility right beside your contact information pages so customers about to contact your call centre see them!
  • A few simple, interactive questions can link these FAQs into a basic VideoBot experience. Voila!

From there your VideoBot can evolve over time to cover more topics, and offer more options and depth of information. But even in basic form, if well executed, it should yield solid results and data on customer satisfaction and cost reduction.

Previous installment: Note to My Financial Advisor

By | 2017-05-25T20:32:39+00:00 February 9th, 2017|0 Comments

About the Author:

Len Smofsky is Executive Vice-President of BLUERUSH – a leading digital services and solutions company. Len leads the INDIVIDEO™ team of personalized video specialists and strategists, with a focus on personalizing the customer journey. Please feel free to contact me directly at:

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