Billing. It's rarely been a subject to spark lively conversations. But technology is driving huge change, and soon, you might actually look forward to receiving your bills. The reason? Personalised Interactive Video Billing. Smart service providers are taking transactional customer touchpoints and using them as opportunities to educate and engage with customers. They do this by sending them a personalised, interactive video experience, taking customer engagement to a new level. The videos draw on different customer data sets - location intelligence, financial data - and use them to create dynamic, meaningful real-time video content which changes based on responses to customer prompts.
Video is huge. A shift in lifestyles, an increase in device ownership, the improvement in quality of film produced on devices and the ease of sharing it are all key drivers for the uptake of video. As consumers, we watch hundreds of millions of hours on YouTube every day. From the best way to dice an onion, to fitting a new dishwasher part, to filling in our tax return, we look to video to educate and inform us quickly in our time-pressed lives.
Enterprise video uptake is growing too, as employees look to replicate the multimedia content experience they're used to outside the office, in training videos at work or to educate themselves on complex new products. Video can improve the understanding of a product or service by 74%, so it follows that companies are turning to video to explain complex information to customers in a clear, precise and accurate way.
For customers, Personalised Interactive Video Billing highlights and prioritises information. It reduces the need for time spent on the phone to helpdesks to talk through bills and insurance quotes (and the frustration this can cause). It facilitates a two-way relationship in real-time, as different prompts embedded within the video lead to instant outcomes: more detail on charges, credits and account inclusions for example. It educates, as customers can learn of other products and services. And it can save customers money, as they can quickly and easily explore other options available to them.
For businesses, creating engaging, Personalised Interactive Video Billing can reduce operating costs, with resource diverted away from front office customer service desks as complexities are explained within the video. It generates brand loyalty and higher retention rates, as customers understand their services when they are clearly explained. It's a great way to give personality to a brand, and to make sure that the opportunities produced by regular customer touchpoints are maximised. It's an opportunity to upsell, and to boost customer interaction. And it's measurable, as businesses can study and analyse viewing activity.
Humans are visual animals. Up to 90% of the information that comes to the human brain is visual. We learn faster and remember more when we participate and experience things for ourselves - think of all the interactive activities in museums and galleries. Video can be captivating. And how often can you say that about a phone bill?