Video banking is an upcoming way for financial institutions such as banks, credit unions, and building societies to create engagement for their customers or members. This is done by creating a scenario where face-to-face transactions are possible using remote video collaboration sessions. There are two main types of video banking:
- Online Video Banking: This is where all customers/members can join a video session on their device such as a computer or smartphone remotely.
- In-Branch Video Banking: Here, the customers/members participate in a video session on a branch kiosk or at a dedicated office so that they can speak with a remote staff member.
Financial Services Organizations Buy Into the Concept but Are Moving SlowlyA lot of financial institutions are planning on using video banking to improve their customer experience as well as to improve their operational efficiency and their revenue. There has been less increase in deployments and pilots for video banking in the last few years because it usually is not that high a business priority and a lot of these institutions do not have the IT resources required to implement the service successfully. Even though there is a rise in the number of institutions that offer video banking, not a lot of their customers have been able to use them.
Value of Video Banking in the IndustryAll the customers that have used the service find great value in video banking. Their experience was considered compelling and they generate impactful ROI for the organization.
- The institutions who have implemented video banking claim that their outcomes from the implementation have either been at par with their expectations or have surpassed them.
- The Net Promoter Score for video banking is either higher or the same as other channels.
- The Sales Close Rate for institutions have been either equivalent or higher than expected after implementing video banking services.
Get The Ball Rolling NowIt is time for companies to establish their video banking strategy because it is gaining popularity and will soon become a must-have service. This is because all the early users enjoyed their experience and a lot of organizations have the service already in their pipelines. The aim should be to drive higher adoption and expand all services to gain competitive advantage over other institutions.
- Video banking has been a positive experience to all its early users
- It is gaining popularity across various financial institutions
- Organizations need to make it a priority to stay ahead of the competition