Are video conference calls the future of client outreach?

Welcome to the age of Zoom calls and video conferencing tools

Prior to the Covid-19 pandemic, video conferencing and online streaming were by no means a preferable communication method. In fact, in the world of the financial services, such tools were only considered as a last resort or supplementary option. For example, video conferencing was a useful solution for meetings involving people from multiple locations. Similarly, online broadcasting of workshops, conferences and exhibitions were becoming available, but these were always a secondary concern to the physical event itself.

The coronavirus pandemic has changed all of this. Now video conferencing calls have become the primary way of communicating with colleagues and clients. This is particularly true in the financial services industry. From brokers to private banks and large financial institutions, online conference calls have become part of our daily routine.

Don’t get me wrong, these technologies have been extremely important in helping the sector overcome the obstacles posed by the pandemic. And based on how things are playing out at present, this will remain the case for at least the rest of the year.

The more interesting question here is whether this sudden, mass adoption of online tools symbolises the beginning of a new normal. By this, I mean will Zoom calls and Microsoft Team meetings replace the need for physical meetings in the financial services?

There is no universal answer to this question, and perspectives will no doubt differ depending on the different sectors. However, as someone who works closely with high net worth individuals (HNWIs), I feel that technology cannot replicate the numerous advantages associated with physical meetings.

Building relationships through trust and confidence

Anyone who works with wealthy and ultra-wealthy clients understands the importance of effective relationship building. This is not something that can be achieved overnight; rather, it is part of a long-term strategy designed to create trust and confidence. HNWIs want to work with financial service providers who are experts in their field, backed by the resources and capabilities to cater to their needs.

Generally, HNWIs differ from the wider market due their complicated income structures and investment portfolios. As a standard rule of thumb, the wealthier individuals are, the more complicated their finances are likely to be. Someone with limited in their knowledge and experience of HNWIs will not be able to meet their needs. Wealthy individuals are aware of this, which is why they place a huge emphasis on building relationships with the banks and service providers they engage with.

Traditionally, this was best achieved through physical interactions, be it professional and social networking events or office meetings. I believe this will still be the case long after the pandemic has been contained. HNWIs value physical engagement, and while technology can play a useful role in building trust and long-term relationships, I see this as only having a supplementary function.

Interestingly, a recent survey commissioned by BML revealed that 31% of homebuyers and homeowners were frustrated by the ways their banks depend on chatbots and automated services. Evidently, the financial services sector should not overlook the value of physical interactions with clients.

Looking to the coming months, there will of course be a greater reliance on technology to overcome the obstacles posed by lockdown measures. However, I also think it is important for those working in the financial services sector to also come up with new and creative ways of engaging with their clients beyond video conferencing calls. Interestingly, I have seen the term “Zoom-fatigue” being used to describe the challenges some people are facing at the moment when it comes to constant video calls and meeting. No doubt, clearly this is resonating with wider society, not just HNWIs.