The Multichat Blog

Contactless and secure Video Chat for Financial services

by Multichat Team Company news, Company news Features, Features Technology, Technology Video Chat,


…and how does it connect to “conversational banking”?


Any quick poll shows that one of the single most disliked aspects of any financial process is the long wait times. It was already pretty normal to calculate with up to a few hours of your time before but COVID-19 and the related measures took these wait times to the extreme. In fact a recent article in The Washington Post about the topic starts with the sentence “Thirty minutes. An hour. Three hours. Never.” to show the depths of these extremes.

Customers are asked to wait outside of the banks, customer service is often working on a limited staff so providing even just the same level of customer satisfaction is getting increasingly difficult but at the same time the demand for financial services whether that be accessing savings, unemployment funds, work insurance or investing when stocks are low is skyrocketing. 


Digital Banking


Finances are a sensitive topic, privacy is always a top priority and given the long term importance of financial decisions a human assistance is always preferred. This eliminates any misunderstandings and provides comprehensive information. Also, it is not only there to answer any questions a customer may have but it also protects the financial provider from any later complaints. 

The game-changer in Video Chat is that it can provide the same level of human assistance but it is also completely safe so even people under strict stay at home restrictions can use it easily (and you don’t even need to wear a mask in front of the screen).

Of course, you can’t just switch to public services like Zoom, Skype or Google Meet because of the really strict data privacy aspects and this is where dedicated services such as multichat.ai come into the picture. 



What are the requirements for financial Video Chat?


  • Secure: as already described, data privacy is one of the most important aspects of any Video Chat setup especially when talking about the financial sector. The channel has to be end to end encrypted to prevent malicious external access.
  • Recorded: recordings are a good way for quality assurance, they provide data when improving services and they also help in training new team members. As an added benefit, recordings can also help settling any potential later disputes.
  • Catalogued: to be able to use and gain the most from the recorded sessions, the saved videos need to be properly tagged, linked to the customer account and stored for at least a number of years. Meta tags can include the financial products and services mentioned in the call but can also include more general information like session length.



“Conversational Banking”


Of course video chat and online video meetings have been widely used for business communication for a number of years now, there are completely free solutions available and with modern internet speeds bandwidth is not really an issue anymore. However, these video tools were running mostly isolated from the other internal systems so other than sales representatives adding notes to the CRM system manually or linking the recording of the video to the thread there wasn’t really a comprehensive integration which also minimized the opportunities for true automation. 

The idea of conversational banking is meant to solve that and provide an automated way to maximize efficient personal client conversations. 

  • Conversational tools like automated or chatbot operated chat windows are the first entry points, helping in routing the requests to the right department and representative.
  • These automated chat widows also provide a way to answer FAQ type or basic account related questions immediately 24/7.
  • Once a lead is auto qualified in the chat a meeting can be also auto-scheduled taking into account the availability and calendar of the staff. Meeting bookings show up automatically in the calendar of the team alongside with all the information collected in the chat saving precious time in the preparation phase.
  • Handover to live or video chat can be automatically arranged and the information from the sessions can be added to the account information through the integration within the systems.
  • Conversational tools are not only useful for handling inbound traffic but they can be a really effective method for following-up or sending further promotional or campaign messages through Messenger, WhatsApp, Viber.. etc.



Conversational banking offers a complete user journey from the first contact point to the close of the deal and even during the after sales process.

Traditionally potentials and customers are sorted by the deal stage, their status in the sales channel and whether they need sales, marketing or customer support related information. This separation doesn’t match the real customer behavior and this is why a hybrid automation that combines video, live, automated and social chat not only minimizes wait times and maximizes efficiency but also creates a customer experience that can set financial institutions apart.