FR: Why have you moved to Vizolution?
The opportunity to work with Bill Safran at Vizolution was too good an opportunity to miss. I had worked with Bill for many years at Trigold and I saw the huge impact he had on that company taking it from a start up to the leading sourcing system in the UK, so the opportunity to be a part of his new venture was one I didn’t want to pass up on.
Vizolution has massive potential and although it’s currently being used in financial services it could work across many industries. Quite honestly, I can see vScreen easily being used in a variety of markets and geographical locations as it solves the universal issue of how to better engage the customer when you’re selling remotely and increase success rates. Wherever there is a remote sales or support process vScreen can be utilised.
FR: What do you hope to achieve while you’re there?
I want to publicise the great number of client wins that Vizolution is achieving and get the message out to a broader spectrum of companies how simple and effective vScreen is to use.
The next six months is crucial for the mortgage market as we approach the implementation of the MMR and vScreen will be an effective tool to help mortgage firms deliver and evidence a compliant process to the FCA. Using vScreen will also enable firms to keep their customer engaged in what is going to be a vastly extended mortgage sales process and make the customer experience more instructive and enjoyable. In addition the use of electronic signatures and the ability to send and receive documents via the vScreen solution removes a swath of unnecessary delays and breaks in the process.
I also want to help Bill to expand vScreen into other markets. Vizolution is already making inroads in other countries and we’re shortly to announce our first overseas client. Helping Vizolution break into into these markets is an exciting challenge.
FR: So what exactly is vScreen and what makes it so special?
vScreen is a patented screen sharing technology for business. It enables call centre staff and advisers to work from their offices but still bring all the benefits of a face to face meeting to a remote engagement with the customer to provide a visual element to what otherwise would be a verbal call.
vScreen was three years in development and was piloted with five of the largest UK banks and insurance providers in the UK. During the pilot it was proven to improve sales by over 20%, achieved through greater engagement of the customer by using visuals, including slides, calculators and illustrations – and by elimination of breaks in the sales process through the use of electronic signatures and the secure delivery of documents.
It also has compliance benefits as it improves customer understanding so minimises the risk of them going to the financial ombudsman at some point later. All documents are recorded and time stamped and it enables documents to be shared with both the client and the adviser at the discretion of the lender or insurer. Finally vScreen also improves customer satisfaction by providing a more engaging and entertaining process. Surveys carried out with customers after their vScreen session received on average 94% positive feedback.
FR: Does it require a big technology project to get vScreen set up?
Not at all. A key element for banks in implementing new technology is how a new system gets through the bank’s firewall or is integrated into their IT system. vScreen doesn’t need to do this as it is completely web based so firewalls are not an issue, while also providing 100% secure encrypted data transfers. This means that there is no need for an IT department’s involvement in the set up process; vScreen can be used on day one.
What’s more it can be used on any device with any software, so it can be used by every client with an internet connection, be it on a smart phone, a tablet, a pc or a Mac. My 73 year old mother would now prefer to sit in her armchair and answer an email or be talked through something on the phone rather than trek into town to visit the local bank branch.
Technology such as vScreen is helping banks and insurance companies to become more accessible, in the right way, by people of all ages.
FR: Why do you describe it as ‘screen sharing for business’?
Many people are familiar with screen sharing, but with the traditional version there are compliance and privacy risks and one or both parties may be able to see other screens that are open on a person’s PC.
vScreen was especially developed for financial services business so it’s completely secure. It is web based so both parties can only see the agreed screens with no access to the other person’s computer, and every screen shown can be pre-authorised by compliance. Therefore this is the business adaptation of what most people would consider screen sharing. Also, vScreen has a number of enterprise features that do not exist in standard screen sharing, such as electronic signatures, sending and receiving documents securely, complete audit trail and complex calculators.
FR: Who are you targeting?
Our key audience in financial services at the moment are large firms of advisers, banks, building societies and insurance firms – in fact any company that has a medium to large remote sales team, with typically in excess of 40 telephone advisers. With vScreen case studies showing over 20% better sales conversions using vScreen, the larger the team the results will increase exponentially.
vScreen will be a key tool when the MMR is implemented in April so for the next six months it will be absolutely key for mortgage firms preparing for the MMR as it achieves so many of the key requirements laid down by the FCA.
FR: Do you think advisers are open to changes in technology within the industry?
Absolutely. I think that there has been some unflattering and unsubstantiated press in recent years about advisers uptake of new technology which is simply not correct. What I do think is that brokers are not susceptible to fad or whimsy but, when a genuine technology innovation comes along, they embrace it wholeheartedly. There have a been a few false starts over the years in terms of the promise of technical advancements but brokers know what does or doesn't work and only decent systems have prevailed which I think bares this out.
FR: If you weren’t in financial services, what would you be doing?
I would almost certainly divide my working life between being a famous rock guitarist, professional tennis player and wine taster to fill the days before I return home to my wife Kylie Hurst nee Minogue. Sadly, or I hope endearingly, there is a small part of my brain / ego that still thinks that's an option!
