12th June 2017

Video Banking Keeps the Human Element in Digital Transformation

Written by Andrew White, VP EMEA, Vidyo, Inc.

Since its inception, the foundation of personal banking has always been built on face-to-face relationships that establish trust. Today, financial institutions desire to see the continuity of these core values into the era of digital transformation, as the customer experience becomes increasingly transactional rather than interactive. Video chat is emerging as the modern way for branches to build in-person customer relationships, while saving time and key resources.

Platforms like Vidyo are letting today’s software developers quickly and easily video-enable essentially anything with a processor and a screen, from kiosks to mobile apps and beyond. According to a recent survey from Vidyo, CUNA Strategic Services and Efma, more than 80% of respondents said that they are planning to offer a video banking solution for their customers in the future, and almost 20% of survey respondents have deployed at least one form of video banking, while more than 40% are currently piloting a video service. View the report here.

Although customer engagement is increasingly becoming transactional in today’s digital world, research has shown that offering the ability to connect face-to-face is important to customers at pivotal moments along their journey. Video is helping financial institutions increase Net Promoter Scores, first-call resolution and customer engagement – all while reducing unnecessary overhead and lowering costs. Time is the new currency along the customer journey, and a highly differentiated customer experience that reduces headaches, inconvenience and/or frustrations helps increase engagement and foster customer loyalty.

Until recently, video chat for banks and building societies has been relegated to mostly in-branch solutions, such as kiosks, ATMs or bank advisors’ computers. These solutions have historically been easier to video-enable because they run on institution-owned hardware, software and networks. However, the proliferation of mobile technology and easy-to-use API platforms is now changing all of that. Today, developers can use platforms like Vidyo to easily embed video collaboration into any desktop, mobile and web application. This means that customers can visually connect with their financial institution and recreate the in-person experience on their own schedule, from their own device and from wherever they happen to be. According to the report, in-branch video banking deployments, and deployments from wherever the customer wants to join (i.e. from mobile devices on the public Internet), are now almost equal at 10% and 11% respectively.

Video banking is on the rise; in fact, analysts at Finovate recently said that video banking “is king” from a consumer fintech perspective. Today, Vidyo counts six out of the top 25 largest banks in the world as video banking customers, along with credit unions and regional banks, with use cases ranging from wealth management to mortgages and real estate advisory. In an on-the-go world, in which “the office” can often mean the car, the airport or pretty much anywhere, video collaboration is helping institutions keep the human element in their digital transformation, offering customers the best of both worlds of convenience and connection.

Please register or login to add this to your interests.