While changing client preferences is a major contributor to live chat’s popularity, it’s not the sole reason financial institutions are going digital. Organizations are also embracing live chat for its numerous business benefits, including high efficiency, increased productivity, and enormous return-on-investment (ROI).
Compare live chat to phone, one of the most common service and support channels. Phone support can be very costly, both in terms of toll charges and labor-per-call costs. On the other hand, Forrester research has shown that live chat is at least 17% – 30% cheaper than a phone call.
This is mainly because live chat enables your agents to assist several visitors at once. On average, with proper training most live chat agents can handle three or more chats simultaneously.
This live chat benefit, called chat concurrency, translates into considerable savings in personnel costs, as it allows a few live chat agents to serve the same number of clients as a larger team of phone support employees.
As for ROI, even deflecting just 5% of your call volume to chat will give you a cost savings of at least $50k per year for a minimum ROI of 4,222%.
However, with any technology investment, no financial institution can overlook the importance of security concerns. Financial institutions need to ensure they choose a secure chat platform that offers rigorous security standards including PCI DSS compliance, credit card masking, ISO certification, and SOC II compliance, and other features that align with their own organization’s security protocols.
The right chat vendor will make it possible to deliver quality service without compromising on security.