Banking was largely the same for centuries before the invention of the internet. Then, suddenly, the world was introduced to the concept of internet banking, and soon afterwards, mobile banking. Internet and mobile banking are enormous technological advances that did not only change banking forever, but also client behavior. Soon, the majority of clients began to access and manage their accounts using the internet, and with that phenomenon the way banks were perceived changed as well—they were no longer just buildings.
But somehow, despite all the progress, this transformation has been incomplete, and we all find ourselves being forced to visit a bank branch every now and then when an actual meeting is necessary, and stand in a queue while we could be getting something else done. Why has the innovation stopped, then? It may come as a surprise to you that Polish, Turkish and Spanish banks have been the leaders in banking innovation for the last several years, with Scandinavian banks falling behind. So maybe we should take a look at what those countries are doing right.
Time is money!
An entrepreneur’s most valuable asset is time, something most entrepreneurs don’t have a lot of. The 60-90 minutes an entrepreneur has to spend in traffic and then in a queue to get something done could be spent finding new clients or coming up with new solutions. How do we solve the problem of wasted time using technology?
As it turns out, actual meetings and physical handshakes can be replaced by a tool being used by some of the most innovative banks in the world: LiveBank interactive video banking. LiveBank combines the speed and comfort of the internet with good old-fashioned face-to-face communication to be one of the biggest revolutions in banking technology in years.
LiveBank video banking has millions of users all around the world and user statistics show that the most clients are willing to replace physical handshakes with a video chat if that can save them an extra 30 minutes. The statistics also show that video banking users tend to be extremely loyal to that particular channel of communication, meaning that once a client uses it, he/she will most likely never go back to the old methods. The main reason for this is how much time can be saved.
And time is not only saved by the client not having to travel to the bank branch, but during the “meeting” as well. By displaying interactive materials and documents on the client’s screen during a video meeting, a teller can solve the client’s problems 200% faster than would be possible during a real-life meeting, and 110% faster than during a phone call. Humans are quite visual, thus seeing the information on the screen allows problems to be understood and solved much quicker.
The bank should be there for the client, not the other way around
Statistically it is very important for clients that the conversation with the bank gives immediate results. LiveBank video banking allows transactions to be authorized during the video call, and this seemingly minor function has turned out to be of utmost importance. With a LiveBank video chat, you can draw up and finalize agreements from A to Z in a short amount of time, from the comfort of your home, office, boat or lakeside cottage.
More and more banks around the world are in search of the most modern internet banking solutions available in order to keep their clients happy. And what could keep clients happier than their bank being available anytime and anywhere?
Autor: Paavo Pauklin