Video Banking - What is the hype about?

# VideoBanking

blog

Neha Modgil

Insight 1

Let’s sit back and think about it, banks are indeed a very huge part of our lives. We deposit our paychecks, keep our life savings, take loans, pay bills etc. through banks and many times completely trust them with the safety of our funds. A banking system or a financial institution is a network of institutions that provide financial services to people. These institutions are responsible for operating payments and transactions, providing loans, helping their customers with the right investment plans so on and so forth which makes it very important for these institutions to be well equipped in terms of operational efficiency and safety of funds, customer data, data security etc.

We have all witnessed great steps and initiatives taken by the government and financial institutions for digitalization in the banking sector and this has affected all our lives deeply as we ourselves and everybody around us is in some way or the other associated with a financial institution. It is great to see how the banking sector has a big customer base and almost every individual uses banking services and products to manage their money.

Digitalization of financial institutions has been very beneficial for many people who are tied up with their hectic daily chores. In this fast paced world everybody has tight schedules and people barely have any time to spare to personally visit banks, take tokens and wait in ques, so digital products and services introduced by banks have been beneficial for millions of people around the world who are stuck in their daily hustle and do not have any extra time in hand to travel to a bank and carry out their banking activities.

Video Banking is one such breakthrough in the banking sector, but how did the concept emerge?

Video banking is the next chapter for a digital transformation in the banking sector but ever wondered from where did this concept emerge? What made financial institutions think about a concept which is far from the traditional way banks function?

In 2016, a non profit organization Efma, which is an association of around 3,300 retail financial service companies in more than 130 countries, collaborated with Vidyo which is a leading visual provider and conducted a series of Think Thank meetings and sessions to understand the role and benefits of video banking and how it can transform the way banks and financial institutions function. Bank professionals from all around the world participated in these meetings and discussions. Participants from 24 countries came together and were active members in these meetings and discussions.

Many surveys were conducted to collect quantitative and qualitative data about the attitude of individuals towards video banking services. A thorough report was created with all important points covered which integrated primary information gathered for these sessions and feedback and suggestions from banking professional across the globe which resulted in implementing video banking systems with financial institutions all around the world.

Video banking helps in increasing the customer engagement for the bank and 99 percent of respondents from the sessions conducted believe that the quality of customer engagement is either “Important” or “Extremely Important” for the success of any business.

Advantages of Video Banking

1. Transparent Transactions

Video banking happens online and any transaction or activity done in the account is documents and a thorough data base is maintained about the same too. Let’s say if you go to the bank and have a conversation with a bank representative about your funds, there is no recording or evidence about the conversation between the two of you. However, in case of video banking everything is recorded which helps keep transparency between the bank and the customers.

2. Location & Time Convenience

The feature of video banking can be accessed at any time and at any place. Yes, customers can connect with banking professionals even after bank working hours to complete their banking tasks. Apart from the benefit of having a bank representative assist you for all your banking needs at any given time, video banking also offers the comfort of customers being wherever they are while they connect with a bank person. This means that you could be travelling, be in your house or office or even on a vacation in a different state or country and yet have the privilege of having face to face conversations with professionals from your bank.

3. Easy to use & saves money too

In a world where almost everything is technologically driven, it is very easy to have access to internet. Many people have smartphones, laptops, desktops etc. to help them virtually connect with a bank representative. The concept of video banking has been simplified to a beginner level so that it is viable for a large audience. Since you can access this service anywhere and anytime, it is not important for you to visit the bank. This saves a lot of money that you would otherwise spend in travelling or taking half days from office.

4. Reduces The Scope of Fraudulent Activities

With utmost care taken of customer data and strict regulatory norms set by the government and financial institutions for video banking, there is minimal chance of any fraud activities taking place with the funds and account of customers. Well planned identification and verification processes ensure that there is absolutely no scope of breach of security when it comes to customers and their money. Best technology and data safety tools have been implemented in video banking services.

5. Increases Customer Engagement

People have adopted the concept of call centre assistance for banking needs. But, it is noticed that there is still a gap. This gap is very often related to the human touch that is missing with call centre representatives. Yes, you can speak to them over the phone and they are also very skilled to provide great solutions but there is still a disconnection between the representatives and the customers. Video banking bridges that gap and enables customers to have face to face conversations with banking professionals who guide them throughout their interaction. This helps in increasing user engagement and rapport building which is very beneficial for financial institutions. On the other hand, even users are comfortable because not only can they speak to a bank representative but they can also see them over their screen in real time.

It is very important for banks to build a rapport and connection with the customers to build the trust factor in customers. Video banking is indeed the best solution that helps financial institutions build the trust factor among their audience.

In conclusion

Customer satisfaction and convenience is of top priority for banks. Money is a very sensitive topic and people deal with money transactions very carefully to avoid any kind of mishap. Customers need to felt safe and secured. Video banking is a great solution for both, customers and financial institutions because while it allows customers to virtually connect with bank executives face to face and have their queries resolved quickly, it also gives the banks a platform to have their executives not only speak but also see their customers while they assist them. This is great for building a rapport with customers and increasing the brand loyalty for any company.

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