What is it and where did it start?
Video banking is the concept of utilizing video collaboration services to deliver live agents to you consumers from anywhere for the purpose of serving, selling, and completing banking related transactions remotely through video without the use of a physical meeting place.
Consumers want to use digital channels and FI's need to adapt and move towards a digital first strategy. As the financial industry goes through this transition, we can learn a bit from Retail's Digital Journey.
Millennials, millennials, millennials.
All financial institutions work hard to attract these young adults born between 1982 and 2000. According to the U.S. Census Bureau, they number more than 83 million and are beginning to represent a significant portion of the economy.
If you want to attract millennials, you must offer top notch digital service - there's no doubt about that. But what about the rest of your customer base, which prefers face-to-face branch service?
Or do they?
Many POPin Video Banking clients have been surprised to discover the digital channel has appealed to far more customers than just millennials. Some of these markets have been downright shocking. Here are five unexpected video banking customers you could potentially serve better with video banking.
According to a new mobile banking study from Citi, 81% of U.S. consumers use their phone to manage their money at least ninedays per month. Nine out of 10 said they preferred using apps over visiting a branch, and one-third of Americans use their mobile banking app more than any other on their smartphone.
“If you don’t have a strong digital and mobile strategy, I don’t know if you’re going to be around,” said Lisa Huertas, Chief eXperience Officer at the $166 million Texas Tech Credit Union in Lubbock, Texas. “I don’t say that to be a doomsday person. Right now, today, you’ve got to be building those bridges between the physical and digital experience.”
Video provides tremendous benefits to banks and credit unions, but beware of meaningless "video science projects". By that I mean a deployment that merely proves that a team can get video to work, to see if people will use it, or to model the branch of the future.
Don't get me wrong, I get just as excited as anyone when an experiment works. However, technology is only as valuable as the business problem it solves.
I've worked with Gene Pranger for 10 years now, and our goal has always been to use video to transform the bank or credit union business. Video banking, when done right, offers much more than a Skype-like experience. It solves business problems.
In particular, video banking can substantially improve operational efficiencies and service. Here are four ways: