Video Banking - The Next Gen Banking Experience



Jay Anthony

26 June 2020 8 min read

Video Banking - The Next Gen Banking Experience

The age-old traditional banking services have taken a back seat and the all-new digital banking facilities are moving ahead at the speed of light. Banking branches are starting to shrink and their numbers are considerably declining. People are becoming more and more aware about digital banking services and how it helps them save not only their time but in some way it also helps them save money. This is because people no longer need to visit banks in person, wait for their turn,wait for resolutions etc. People can comfortably sit on their couch in their house or be in their office and still be able to enjoy benefits of so many banking facilities. The need for people to visit banks in-person has reduced by large numbers making people more and more open towards accepting this change in the banking sector.

Money and finances are of much importance to people and we as people are also very dependent on finances thus making it even more complex for us to adopt this new open banking method. But in some way, slowly and steadily, digital banking has paved its way through these complexities and is attracting a large audience.

We know that with technological advancements we have a wide range of banking services that can be operated digitally.

Fund transfer, bill payments, utility payments etc. are a few services that can be easily managed on fingertips from any geographical location. It is not only easy to use and handy but digital banking services are also very quick.

Yes, the word “instantly” is used a lot in banking apps and websites, this is because electronic technologies have advanced so rapidly it makes online activities very quick. So with digital banking services people not only get the comfort of being in their space and managing their account but also get the benefit of saving their precious time.

There is an evident gap and the need for human interaction still prevails.

It is observed that even though digital banking is so convenient and viable for people, they are still a little hesitant about fully adopting this method of banking and managing funds.

So what next?

How do we bridge this gap and ensure that users have the best customer experience throughout their digital banking experience?

How can we build the trust factor among users to be able to completely trust digital banking facilities and leave behind the traditional way of banking?

It is not as complex as it seems to be...

Ideally, when banking professionals and credit union executives hear of the term “video banking” they instinctively relate it to ITMs also know as interactive teller machines which is mostly used in in-branch kiosks or drive-up banking. The reason why video banking is so easily thought to be this is because this is how it has always been. Many people would very often co-relate the two because they are still not aware about many technological advancements that happen in this field daily.

One of the major advancement is Video Banking

No, not the video banking most people think of. This is actual video banking. Consider this, if you want to open a bank account and you can easily do this by having a banking professional assist you throughout… Sounds good doesn’t it?

Now imagine, if you were in your house and it was past bank working hours and you had somebody you could easily see and talk to at the same time. This person would not only be a banking expert but would also be guiding you through every step of the procedure! Sound even better doesn’t it...

Yes, this is what video banking is, combining both, live human interactions along with digital advancements. You can have face to face conversations with bank representatives and get instant solutions for all your requirements.

You can connect with banking professionals with just a click through your mobile phone, laptop, desktop or tablet and get a resolution for all your queries big or small instantly. Here you are not only hearing somebody and just speaking to them but you can also see the person on your screen, yes it is as good as having them physically present in front of you just like how it would be if you visited a bank yourself.

Video Banking is beneficial for both Customers and the Bank

It is not only the customer who is of great benefit with the all-new video banking facilities, but, even banks are standing high with huge profits coming their way. Banks could save up a lot on their financial spendings with this technology. With video banking services, banks have their trained representatives virtually attending customers face to face, this is also a golden opportunity for marketing and sales propaganda and agenda. Smart sales and marketing strategies can be built to make the most of this next-gen video banking technology.

Also, with this technology, representatives from financial institutions can actually see facial reactions of customers and grasp when to say what, if trained well they can gauge the perfect time to throw in a sales or marketing propaganda. All in all Video Banking brings with it a heap of benefits for both users and the banks who adopt it.

Video Banking Artificial Intelligence used to few of its best of abilities

AI and video banking services compliment each other beautifully and when combined it can add a lot of value to any financial institution. Financial institutions that have adopted video banking in their business model are more likely to build a rapport and leave a lasting trail on their customers. Building brand loyalty is of utmost importance for any brand and video banking can be used as a very effective medium to achieve great customer satisfaction and increase the brand loyalty.

Once a bank has managed to break the ice and inculcate the trust factor among its customers, they are very likely to have them come back and stick with the same bank for very long. So instead of going through the lengthy and tedious task of acquiring new leads and filtering them to get potential leads, video banking makes it very easy for financial institutions to have repeated customers which is mostly of equal of higher value.

Video Banking is safe and secure

This is also a very safe way for users to manage their account and funds. Banks take utmost care of compliance and data safety. Video banking interfaces too are made keeping in mind all the safety and regulatory measures. Thorough verification and identification processes are thought through and there is absolutely no scope for any loophole to accommodate any breach of information of both, the user and the bank.

In conclusion

Video Banking is definitely a great way for financial institutions to connect with their customers, to give them the facility of interacting with bank representatives face to face from their mobile phones or laptops.

The convenience of just being in your space and not having to physically travel to a bank for making transactions, opening bank accounts etc. is a blessing for many who are unable to do so because of hectic daily routines. From working professionals to businessmen and many more, video banking is a complete package to manage bank accounts and funds.

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Concluding message

A well-designed website for users with disabilities is a site that is more accessible to use for all types of users.

A well-designed digital business can easily explain the process of online buying and selling for users with disabilities and can add more value to the business.

Therefore, add some mint into the users’ cup of tea and provide an accessible zest to your digital assets by making it more compliant.

Feel free to get in touch with TECHVED Consulting!

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Jay Anthony

Marketing Head | TECHVED Consulting India Pvt. Ltd.

He led efforts to develop a fully integrated marketing communications plan and growing team. He is responsible for successful corporate re-brand and update of all branded assets.

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