Technology today has made life more convenient than ever before. Businesses have made it easy, and in some cases ideal, to completely forgo human interaction while still being able to leverage their services. One sector that offers several examples of this new digital relationship is banking and finance. Between ATMs that accept deposits and make withdrawals, online platforms with bill paying features, and the ability to deposit checks from anywhere with your phone, customers can now handle virtually every banking responsibility, well, virtually. However, there are some actions that simply can’t be done remotely. Sensitive information, specific questions, and personal insights can only be shared face-to-face. According to a survey done by Investopedia 99% of participants claimed that the quality of customer engagement is important for the success of their business. So how can a financial institution bridge the gaps between digital accessibility, convenience, and engagement?
Video banking has become a highly effective tool for banks, bankers, and customers alike. This technology blends the safety, security, and connection of face-to-face sit-downs with the convenience of remote accessibility and information. Video banking offers the ideal conditions for both, the financial institution and the customer:
Branch Visit: Low Customer Convenience / High Bank Cost / High Customer Engagement
Online Banking: High Customer Convenience / Low Bank Cost / Low Customer Engagement
Video Banking: High Customer Convenience / Low Bank Cost / High Customer Engagement
The personal use of free video conferencing apps like Google Hangouts and FaceTime have created a sense of comfort and trust when it comes to visual, yet remote, communication. However, financial institutions require a sophisticated platform and integrated system, like Vidyo’s VidyoWorks platform.
93% of survey respondents expect a positive impact on customer satisfaction after the implementation of a high quality video banking service. Furthermore, 50% of banks plan to launch a video banking service by the end of 2017, with 80% adoption by 2018. While we’ve discussed the strategic advantage of video banking from both sides, the capabilities of VidyoWorks technology are allowing banks to expand their online and mobile services.
Implementing video banking and evaluating technology is a critical step. Poor integration will be detrimental to the customer experience and can cause other perils as well. Your video banking platform should include these seven traits:
High Audio & Video Quality
For the sake of communication and the reflection of your institution’s image, both audio and video fidelity need to be of the highest quality. Collaboration, participation, and communication will all be contingent on the platform’s quality.
Whether a customer is accessing your system via mobile, public, or private internet connections, your video banking platform needs to be able to account for connectivity fluctuations.
Ease of Use
The user interface needs to be designed to accommodate a low level of technical confidence. Customers need to be encouraged, not intimidated by the platform.
Compliance & Security
Of course the financial sector has a wide range of security and compliance concerns. Privacy is also a key concern. Built-in features like recording and digital signatures can help to meet compliance measures and peace of mind.
Access from Multiple Devices
Flexibility is key. Incorporate a platform that can be accessed from a variety of devices, while offering the same experience from channel to channel.
The integration of this new technology is vital for the customer experience. The video component needs to be seamlessly included to make it simple to move from one channel to another.
If done correctly, and correspondingly adopted, having the ability to scale and expand services will be invaluable.
Vidyo’s wide range of communication platforms meet all of these criteria and more. The VidyoWorks line is optimized for video banking. Link Integration Group, a commercial integration firm based in Baton Rouge is the only Vidyo certified deployment and support engineer in the state of Louisiana.