In the first part of the "Evolution of Immersive Video in the Retail Bank Branch" series, I discussed how the retail banking industry is currently undergoing organizational changes that are affecting customers' banking experience, including the knowledge and interaction they receive upon entering a bank.

Through these new organizational changes, banks are integrating new technology as part of their business processes to attract the more tech-savvy customers that desire choices and convenience when banking. Through Cisco's Remote Expert solution, banks can meet these customer needs while making their business processes more cost and time-efficient and improving the customer experience. The Remote Expert solution enables virtual face-to-face meetings with high-definition audio and video.

Through Remote Expert's integration with Cisco's contact center, retail banks can leverage their existing database of enterprise-wide, skills-based information on the organization's experts and make it available to customers at any time during business hours. Remote Expert allows a customer in the branch to find the right banking expert to meet their needs, including inquiries about annuities or questions specific to mortgage brokers.

Not only does Remote Expert enhance the bank's existing channels and provide convenience for banking customers, it also reduces costs for all parties involved.Traveling can be expensive. Today, banks have large mobile sales forces for small, commercial, private and wealth management customers, so for the sake of mobility and convenience, it's crucial that bank representatives sync up with customers via video instead of driving across town for every interaction. By doing this, representatives can increase the number of customer interactions they have daily while reducing travel costs. Due to declining telecommunications costs and rising travel expenses, Remote Expert is becoming a viable solution for banks, providing mobility and convenience options for customers.

When introducing a customer to Remote Expert, there are three main methods of engagement:

1. Branch visit:This engagement occurs when a customer comes into a bank branch with a specific question, looking to speak with a mortgage expert, but the bank doesn't have an expert on site. A bank employee can then direct the customer to a private location in the bank, where the customer and an off-site mortgage expert can meet via the Remote Expert solution and discuss the customer's questions via high definition video and audio.

1. Teller introduction:This method of engagement happens when the bank teller spots an opportunity to cross-sell to a customer based on information the bank possesses about them. Usually this information is gathered through data mining conducted by the bank in order to tailor bank products and services to customers' individual needs. For example, if a bank teller is helping a customer and pulls up their information and notices that they don't currently have a mortgage with the bank, the teller can engage the customer in that conversation and if there is interest on the customer's part, lead them to a private location to engage with an offsite expert to answer their questions.

1. Scheduled:This form of engagement may come as a referral from a contact center to schedule a meeting at a local branch for a time that is more convenient for customers. Also, a customer may personally schedule a meeting with an expert, through Remote Expert, due to a pending transaction or questions about services and needs.

Remote Expert is changing the banking landscape, providing customers more options on how they bank and as a key differentiator of service. It is a complete solution that starts with the sales conversation and through the use of technology and access to experts, helps close sales. Keep an eye out for my next blog, where I'll discuss more in-depth, a few banking scenarios in which Remote Expert is helping solve customers' diverse set of needs, questions and transactions.