bankingciooutlook

Why is Video Banking an Exciting Trend to Watch?

By: Banking CIO Outlook | Wednesday, June 03, 2020

Video banking is cultivating a next-level efficiency in banking by allowing customers to access service from anywhere at any time, increasing the sales of financial products, and lowering operational costs.

FREMONT, CA: Banks around the world are integrating innovative technologies as part of their business strategy to attract tech-savvy customers who desire choices and convenience while banking. Mobile video banking is the latest service that banks offer to modern-day customers to pacify their digital hunger. Combining digital capabilities with a live human video connection provides consumers with a near-branch experience on their mobile banking platform. Video banking is often considered as a way for banks to differentiate themselves from their competitors. So why not take a video trip to the bank and connect on the phone with banking assistant to get assistance in banking services? According to Global Banking Finance & Review, four out of five banks and credit unions already offer video banking service, cementing the gap between physical branch banking and digital banking.     

The report says that a broad range of demographics uses mobile technology. Financial institutions are also witnessing a surge in mobile banking adoption by younger generations. As these rising generations become comfortable with video chatting, it is natural for them to prefer communicating with financial advisors via mobile video. Mobile video banking allows consumers to interact with banking experts via personal devices at their convenience, while maximizing resources and resolving many major branch limitations. Besides, by gathering employees into a centralized video call center environment, banks can make their best employees available to more customers, regardless of their physical locations, which in turn will boost customer experience.

The potential of video banking to provide multilingual support from anywhere at any time offers a huge advantage for staffing and scheduling. A robust video banking platform allows banks to customize workflows to best support representatives in providing superior service to customers. Maintaining a streamlined workflow ensures that every customer receives the same experience. With this standardized workflow, banks can collect and store all customer conversations and documents in a single location. The entire digital interaction can be recorded and stored for future feedback. 

Modern-day consumers are searching for time-saving technologies in all lanes of their lives, and banking is no exception. This dramatic shift in consumer behavior is driving the adoption of mobile banking like never before. Video banking is that missing piece that will allow banks to bridge the gap in the puzzle of declining brick-and-mortar branches and rapidly rising digital banking services.

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