The banking industry – the pillar of business – is on the brink of disruption.

Over the past few years, we’ve seen banks implement tech-savvy digital solutions to change the way they interact with customers. Today, because of the advent of ATMs and online banking, we’re able to complete a lot of simple bank transactions remotely, without having to wait in line at our banks’ local branch.

Customer convenience has become top priority for banks. But money is a sensitive topic, and simple transactions are only one aspect of handling our money. Customers often need more complex services – which means that trust and customer relations need to find their place on the top shelf of that priorities rack, too.

According to Vidyo, a global leader in video conferencing solutions, for centuries, the foundation of banking was based on the core value of creating and nurturing personal, face-to-face relationships that help customers feel safe and secure. 

Over the past few years, this aspect of banking has somewhat shifted out of focus. It’s likely that your customers have carried out their last banking transactions only a few hours ago, but haven’t visited a branch or spoken to a customer service representative in weeks. The focus of banking has changed to ‘convenience’. A lot of these convenience features, however, have taken the ‘personal’ out of personal banking. 

But what about when customers need to take a big investment decision? The truth is that when it comes to making hard decisions about money, customers want to be sure that they’re getting trusted advice. A long-term personal relationship is key for both banks and for customers. Video banking is an innovative solution that fosters this relationship, with all the benefits of virtual conferencing.

What exactly is Video Banking?

Video banking is a term used for performing banking transactions or consultations via a remote video connection. With an interface similar to any regular video-chatting platform like Skype, customers can connect with bank representatives for product details, apply for loans and obtain information on other larger transactions. What sets it apart is that due to the nature of these consultations or sessions, all video banking is conducted on a completely secure online channel.

According to research conducted by Vidyo, nearly 80% of all banks plan on using video banking as a solution in the near future. The benefits are clear: banks need an innovative, technology-driven competitive solution that keeps them relevant in the digital world, and companies like Vidyo are providing it.

Here are some advantages of video banking that will help set your bank’s customer service process a cut above the rest:

Consultative selling

When it comes to complex financial services, the sales cycle is long and complicated. Decisions aren’t made within a split second. Customers are often confused, go back and forth, and have valid questions that warrant thought, discussion, and in-depth response.

Video banking helps nurture a relationship in which banks don’t sell products just for the sake of selling them – instead, sales people within banks consult customers and talk them through the cycle of the sale.

Currently, many customers go through 6-step phone-menus or wait hours in line at the local bank to get answers. With video banking, customers can have quality meetings with their banks as and when they want, and from wherever they want.

For your bank, this leads to higher conversion rates because selling is no longer just about meeting targets, but about helping the customer.

Enhanced customer satisfaction and trust

Video banking enables you to build trust. This leads to increased customer satisfaction. As opposed to online and telephone banking, video banking engages customers more and provides personalized interactions. Through video banking, you can visually troubleshoot for the customer and help streamline the problem-solving process in a more efficient way, paving the way for happier, less frustrated customers. Video banking is a way for you to tell your customers that you care about them.

Video banking also enables bank representatives to communicate the quality of their products and services. Through video banking, customers feel empowered and engaged as they have the opportunity to learn directly from bank representatives about a specific product. As a result, customers feel assured that they’re putting their money in the right hands. Through two-way, face-to-face interaction, any concerns or doubts that a customer may have over a service or product can quickly be attended to by experts. This is more a more effective way for you to build a long-term relationship with your customers than telephone or online banking.

Lower operational costs

Currently, more and more banks are axing their brick and mortar branches and migrating their services online in an effort to be more cost-effective. Video banking takes cost-effectiveness to the next level: your bank can cut operational costs like never before.

Video banking allows your customers to hop online and remotely connect with your service experts on a variety of topics — like international transfers, mortgages, investments, private loans and so on.

Banks no longer needs to place multiple experts in different locations. Instead, banks can have a few experts in a centralized location, available for customers all over the world to connect with.

This is just scratching the surface. The benefits of implementing a sophisticated video banking system are many. You eliminate borders, inconveniences and close the space between you and your existing customers as well as potential customers.

In a world where surgeons are operating from 400 kilometers away, surely, there is scope for a bank account to be opened or a mortgage to be signed over a secure online channel from anywhere on the planet?

Granteq provides a wide variety of cutting-edge technology and smart solutions for banks and financial centers. Our team provides complete support to teams and organizations of all sizes and is committed to keeping you one step ahead at all times. 

If you have any questions or queries with regards to Video Banking other digital solutions, write to us at info@granteq.com and one of our experts will get back to you.

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