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What Is Video Banking?
In simple terms, video banking is the practice of communicating with finance clients via video calls and related technology. This way, banks can embrace remote customer service while maintaining the face-to-face experience that clients often prefer. Hence, this type of communication has become increasingly popular.
Video banking may be used for various procedures and areas in banking. For instance, you may apply it to:
The fact that you might use multiple technologies to establish your video banking communication—a kiosk, a mobile app, or an IT platform—makes it extremely versatile. After all, it enables you to utilize your digital contact centers to the fullest, even in physical locations.
The Role of Video Banking for Customer Experience
What is the role of video banking in terms of customer experience? To showcase this fully, let’s explore the benefits of such a solution.
Optichannel Communication
The optichannel banking approach refers to giving your clients the possibility to use whichever channel they wish in a given situation. Yet, is communication the same via a chat as in person? Can they complete the same actions using both of these mediums? Usually, not. That’s when video banking comes into play, leveling the ground for digital banking.
With video calls present as a reliable way of communication with the agents, you enable your clients to use the digital channel effectively for a wider range of purposes. Hence, with video banking customer service you can embrace the optichannel approach to the fullest.
Different Channel, Same Experience
One key difference between traditional and digital banking is the client experience. When clients communicate with your agents via chat or a phone call, they don’t actually see them, which might cause them to encounter new obstacles in communication and, ultimately, not have the same customer experience in digital banking as when using in-person services. Video banking changes that.
With secure video calls, it becomes possible for you to deliver the exact same customer experiences across the digital channel.
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Operational Efficiency
Embracing video banking also benefits your operational efficiency, which directly impacts the customer experience. With video calls available as a form of communication, you can reduce the number of agents in each of your branches (or even close up some of them!) and turn towards more developed digital, remote contact centers, thus boosting bank efficiency. This way, you’ll have all your experienced agents in one place, streamlining internal information flow and leading to quicker responses, hence better customer experience.
Personalization
Finally, there is the case of personalization. With video calls, it’s easier to collect and use customer data. Your agents may display everything they know about the customer on their screens and use this to tailor their responses, tone of voice, and product offers to the needs of a given customer.
Can Video Banking Customer Service Be Truly As Effective as In-Person Services?
Knowing the role of video banking, you might be wondering: Can video banking customer experience really substitute traditional meetings with tellers? On its own, this approach has its limits. But, with the proper tech stack, you can go beyond them.
Take, for instance, identity verification for banks: client identification and authentication. With proper biometrics and AI modules, you can verify whether it is really the customer your employees are talking to, hence enabling them to perform the same tasks and actions as they would in a face-to-face meeting. Or, you can use co-browsing to help clients solve more complex cases themselves. The simple implementation of video calls is not enough to boost your customer experience with video banking—it needs to be supported by other tech!
Video Banking Customer Experience & Service – The Takeaway
Video banking is the future as more and more users become mobile-only and strive for the best experiences when contacting financial organizations remotely. Therefore, if you still haven’t got proper technology in place, it’s time to consider investing in it—soon, those banks that cannot provide customer service/support via video calls will become a minority in the industry.
You might also read: Future Trends in Digital Banking: What to Expect
