Digitalisation process is definitely unstoppable in the era of internet and omnipresent technology, especially when it comes to the fintech sector which is in need of advanced and legit solutions. We had a pleasure to talk with Vice President of one the most promising projects in digital banking sector – LiveBank Virtual Branch – about current technological drivers, that are powering fintech industry.
What makes digital transformation so necessary and visible these days?
Consumer habits are changing faster today than ever before. There is nothing to wonder about, it just happens and is unstoppable. Everyone is moving into a comfortable digital world, and it is obvious that if your Client is digital, you must be online 24 hours a day, serving him everything he expects.
As we know, current tech-savvy customers are quite demanding, how to meet their – sometimes excessive expectations?
90% of digital global data has been generated in the last two years. This is unbelievable at first glance, but when we think how many of us create content, even in private – photos, videos, posts in social media, etc. Suddenly, it turns out that this is true, our way of communicating with the world, as well as our communication skills have changed irreversibly. In this excess of information and data, consumers have a need for immediate accessibility, speed and security, but also, as reports say, the desire for humanised digital experiences.
That is why more and more banks and finance institutions decide to improve its customer journeys by implementing virtual branches or introducing other technological solutions, giving the best-class service and ensuring with personalised assistance.
One way to meet these expectations is to provide great convenience designed to help at every step bringing bank reliable communication and collaboration center, which generates proven profits for both – bank and its clients.
Ok, so tell us briefly, what exactly LiveBank is and how it responds to digitisation trends?
We create and implement fintech technology, bringing ‘human touch’ into the world of digital customer service and living up customers’ unspoken needs.
LiveBank is the video, audio and text omnichannel platform supporting complete sales processes and customer service. It’s technologically advanced system, transporting 95% of bank’s offer to the virtual branch. Such solution is helping financial institutions fill the gap between cost-efficient, self-care internet or mobile banking and branches that are rich in advice and effective in terms of conversion rate The video channel allows personal service around the clock, coming to aid with every, from the most basic to the advanced problem. As an comprehensive solution LiveBank is equipped with instruments such as voice biometric authentication, file exchange or screen sharing, which makes communication totally safe and comfortable.
It sounds reasonable. Do you have any successes? Tell me more about how you run your business in line with digitalisation trends.
So far LiveBank is available for 150 million bank clients worldwide. We are currently in the process of launching our Virtual Branch solution in 16 countries of APAC and EMEA regions and soon it is going to be rolled out in other venues in Asia. We owe our clients’ satisfaction to continuous development – that’s the key to underpin position in the global market. Additionally, now thanks to partnership with Microsoft it is already available Azure cloud, what makes it complying with the highest international standards.
Nowadays cloud solutions seems to be must-have, especially in big companies. Do they conquer digital world for good?
By the example of Microsoft Azure Cloud I can say that it is more than certain. It’s the best solution when it comes to implement apps, increase data centers capabilities or leading project in the international area. Initial costs are relatively low not to mention that its implementation is quick and effortless. With the pure of heart I can confess that cloud solutions truly pay off.
It looks like a well-thought-out strategy. So what else do you plan to keep banks interested in your solution?
In 2019 our conversational AI will be launched, as an important missing component of LiveBank. We see great value in optimising chat conversations, so we will deliver AI chatbot solution for finance.