Finovate Chats with Vidyo About the Top Trends in Fintech, and Video Banking Leads the Way

Finovate with Vidyo

It’s hard enough to figure out what to do with our money and when. A simplified banking experience is what every customer wants at the end of the day – and the leading banks are well-aware of this. Yet, to reach the point of delivering a delightful experience, banks must make sure that cutting-edge technologies make life easier – without creating security risks.

Breakthroughs in financial technology are making it easier for folks today to make sense of the complex and continuous job of managing our assets. For example, video banking is playing a major role in the digital transformation of banks around the globe, in a time when they are striving to be innovative – letting us chat remotely with our advisor from anywhere.

Bank customers’ expectations are changing – soon, connecting to our banker via video chat – from our smartphone or laptop – will be the new normal. Video chat is a great example of how banks are using the latest technology to help us maintain a personal, face-to-face relationship with our banker, while letting us bank conveniently, without disrupting our work/life balance.

bankingquote300The goal of making banking simple for customers is challenging in a space that is as tightly regulated and delicate as finance, on both the commercial and individual levels. From security to devops, blockchain, AI and more, today’s top trends in fintech reflect a universal need for speed, flexibility, transparency – and stability plus safety – all at the same time. We spoke with Julie Muhn, a research analyst at Finovate (Finovate conferences showcase cutting-edge banking and financial technology,) on what to expect in 2017 and beyond. Founded in 2007, Finovate spotted early on soon-to-be trendsetting companies such as Mint.com and Lending Club. Here are the trends that Julie sees as the most important to understand right now:

What are the biggest trends in Fintech today?

First, artificial intelligence and machine learning: there are a few primary reasons for this. While the first is obvious, it’s one banks are hesitant to admit – computers don’t ask for a salary, paid leave, and health insurance. By substituting a computer to do work that a human usually does (to crunch numbers or answer simple customer service questions, for example) financial institutions can save costs.

These technologies enable banks to meet customers in channels where they already are, which improves the customer experience. This, in turn, is not only beneficial to customer retention but also facilitates customer acquisition.

The application of these technologies appeals to millennial customers. By drawing in a younger customer base now, banks stand a better chance of serving them in the future when they are more valuable clients. It’s the same reason we’re seeing fully-fledged advisory services launch robo-advisor platforms – it’s like training wheels.

Second, the use of the blockchain for KYC and identity purposes, as well as for real-time payments: there are key pieces about the blockchain– it’s secure, it works as a permanent ledger, and it records data in real time–  that make it the perfect record to use for identity verification and rails to use for payment in real-time.

Finally, the API-ification of banks: the increased availability of open APIs allows banks to offer their customers better tools and higher security. And because many APIs consist of only a few lines of code, it can take just minutes to integrate very powerful solutions.

What challenges will have the most dramatic impact on our system moving forward?

One of the biggest challenges that has (and will continue to) impact the entire fintech industry is security. The increasing rate of malicious hacker activity both in finance and across the web is alarming. Security and privacy concerns work against the industry by making consumers nervous about adopting new technologies. It also impedes the ability for both incumbent and new fintech players to launch new solutions. Overall, hackers have stunted the growth of fintech and will continue to do so.

Vidyo specializes in video banking – what do you think about video chat for banks?

From a consumer perspective, in a world of chatbot banking, video banking is king. When a customer is able to talk with a real person through complex account issues or complicated retirement or tax questions, frustration is minimized and the customer experience is enhanced.

Vidyo Embedded Video Communications and the Magic Quadrant

Gartner has recognized Vidyo’s technology time and time again. Vidyo was named a Leader in the Magic Quadrant for Group Video Systems in both 2015 and 2016* and was additionally positioned as a Visionary in the Magic Quadrant for Web Conferencing in 2015 and 2016. We are always honored to be recognized for these accolades, and what’s of equal interest is the overall pervasiveness of Vidyo’s technology platform throughout the breadth of Gartner’s research. 

Gartner Lauds Vidyo

In the past two years alone, Vidyo and more than 20 global partners who are leveraging Vidyo’s technology, have been featured in over 25 Gartner Magic Quadrants on topics including Unified Communications, Contact Center as a Service, UCaaS, Customer Engagement Center Workflow Optimization, Cloud Enabled Managed Hosting, Network Services and Healthcare, testament only to how Vidyo is truly powering the most influential and well regarded companies in the world.

Vidyo customer engagementSome of the largest and most highly esteemed companies featured in these Magic Quadrants, like Genesys, Genband, West/Intercall, ServiceNow, Arkadin, Mitel and Epic, and many more, are building, delivering or integrating innovative video communications with Vidyo’s technology.

From companies spanning the Fortune 500 to the top ranked global banks, from the most innovative leaders in healthcare to the most groundbreaking enterprises in tech, Vidyo is the platform powering the face-to-face interactions that are driving communications forward, and industry analysts are recognizing this strength across the board.

According to the Gartner Magic Quadrant For Group Video Systems, 2016*, the highlights of Vidyo strengths are as follows:

  • Vidyo continues to gain significant traction for large video deployments. This demonstrates the market’s growing acceptance of its approach to scalable video services.
  • Software standardization across endpoints, infrastructure and the cloud reduces Vidyo’s deployment and support requirements.
  • Vidyo’s streamlined pricing structure, which includes a concurrent licensing model, simplifies sizing and budgeting for new implementations.

It is the uniqueness of Vidyo’s technology platform that allows so many of our partners to innovate and integrate video communication applications and workflows that are ultimately changing the way we work and collaborate today and into the future.

*Source: Gartner, Inc., Magic Quadrant for Group Video Systems, by Mike Fasciani, Robert F. Mason and Tom Eagle, July 14, 2016

Required Disclaimer:
Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

Vidyo, Hurricane Matthew and Telehealth: Training for Disaster Response

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In the aftermath of Hurricane Matthew, which has devastated Haiti, it’s important to note the grassroots organizations that focus not just on relief and recovery, but also community and cultural sustainability. The Haiti Medical Education Project’s mission is to keep the best and brightest Haitian medical talent living and working Haiti, creating a continuous  braintrust that will put the country’s care in a better place for decades to come. We’ve donated our video technology to the project for several years to help them do so.

The Haiti Medical Education Project is a non-profit organization established by international healthcare providers, academics, and social activists after a major turning point for the country, the massive earthquake in 2010 that killed more than 100,000 people. Vidyo has helped Haiti train its doctors since that cataclysmic moment that changed the country forever. Through our video conferencing technology, Haitian medical students connect to physicians and medical educators around the globe, thus continuing their education – while remaining at home in their own country.

haitiblog300The historic 2010 earthquake, in one fell swoop, exposed Haiti’s dire need for highly-qualified medical doctors that are also well-trained in mass emergency situations that deal with entire populations. In Haiti, while plans for disaster response are laid out, implementing a system for delivering emergency care has not been so easy. It’s been a challenge for them to put repeatable medical processes in place throughout a fragmented nation. Hurricane Matthew has yet again challenged this nation in disaster response. How the state will coordinate with NGOs to normalize these systems is what the Haitian people want to see moving forward. Vidyo has become a key asset.

It is not only the day of Hurricane Matthew itself that has caused destruction, but its effect on the existing cholera epidemic in Haiti that is now going to get worse. There have already been 400 suspected cholera cases reported in the wake of Hurricane Matthew. What encompasses a system for disaster response is complex and different everywhere, and the Haiti Medical Education Project has little time to waste, which is how Vidyo has helped them stream critical lectures and lessons to hundreds of doctors across the country at the same time. They need to act fast, with little downtime to spare.

To act quickly and efficiently, the HME Project has built out five or six (sometimes up to eight) different lecture sites around the country, with anywhere from 100 – 150 medical students and professionals connecting remotely via Vidyo all at the same time to share their strategies and knowledge. The challenge is that they have to achieve this while operating under very low bandwidth conditions and bad networks. According to HME President Dr. Cruff Renard, the ability to connect to the lectures via mobile devices, with stability regardless of location, has recently been a gamechanger for the project.

Vidyo has worked with HME for six years, with evolving needs. The Haitian government and NGOs operating in the country have learned lessons in relief response from the 2010 earthquake. For example, PTSD psychological services will be essential for medical professionals to be aware of when treating patients going forward.

Initially, to do distance learning, HME struggled to find video technology that just worked. Regular electrical problems and unpredictable internet are made worse when disaster strikes. Vidyo has helped HME focus on their task at hand, not IT issues.

By conducting distance learning via Vidyo, more than 500 Haitians health care professionals (medical students, residents, nurses and practicing physicians) from five differents hospital and institutions have attended HME’s weekly lectures, and they expect the number of hospitals they partner with to double by next year. Additionally, over the last 18 months, HME – in partnership with Global CALS – has trained more than 100 Haitian nurses and physicians on basic emergency care delivery, using standardized evidence-based guidelines that have been adapted for a country with limited resources. According to Dr. Renard, using simple skills and simple tools that are readily available is a key factor in access to emergency care in Haiti.

Vidyo has assisted HME in recently creating an integrated research course based in Port au Prince, involving participation from 35 different faculties. After learning basic research methods, each faculty has to then design an adaptive curriculum for their respective institutions throughout Haiti. The professor, from the City University of New York, is able to remote in from anywhere thanks to video chat technology.

The long-term mission of the HME is sustainability. According to Dr. Renard, Hurricane Matthew will unfortunately be a major step back for Haiti. However, they maintain a positive outlook. He also believes the resilience of the Haitian people will persevere once again. To learn more, visit http://www.hmeproject.org.

Video Customer Communication in an Omnichannel World

Vidyo Call Center Integration

The widespread adoption of consumer video communication services such as Microsoft Skype, Google Hangouts, Facebook Messenger or Apple FaceTime has democratized video calling. Together with the development of WebRTC, it created the expectation that video can be easily added as an interaction channel for customer engagement and support.

At Vidyo we learned with our customers that video is not yet another channel. Furthermore, treating it like voice or text chat carries the risk of creating an interaction silo, failing to accommodate essential consumer expectations and enterprise cost-effectiveness targets.

Time raises the bar for video engagement

Time has become the currency for many consumers looking for help or trying to buy something conveniently online. Consumers hate being on hold. They often choose their initial channel to communicate based on convenience and immediacy. Video becomes a channel added either to enable a trusted in-person conversation or for showing something live while on a call. This prevalent use case comes with limited tolerance for having to wait or for not being easily and immediately connected to a competent person.

Video interactions tend to be longer. They use video to make the most of pivotal “moments” in a customer’s journey and focus on high-value customers and/or high-value transactions.

The sourcing of associates handling video interactions is an important consideration. When using resources already helping customers, existing service levels must be preserved. Enterprises are often leveraging the option of scheduling video meetings. For high-value interactions, it is possible to connect to remote expert resources of other departments, beyond customer service.

Video needs to be embedded into, not added to, omnichannel

All these considerations mandate the integration of video into the overall enterprise omnichannel strategy. In particular, it requires:

  1. Offering video communications in the broader context of all existing touchpoints, including in-person,
  2. Making video an option that can be added to customer interactions taking place on other channels, and
  3. Sourcing associates for video conversations in a way that addresses consumer expectations for immediacy and competency while preserving service levels

It becomes paramount to make a video setup as seamless and as repeatable as possible, ideally as simple as a single click of a button. Video has to be woven in customer processes and workflows and let enterprises brand the experience as well.

Communication Platform as a Service

It made us realize that what was needed is not a point solution but a platform. A rich set of APIs enables businesses to customize how video is offered from an engagement standpoint and how it is integrated with existing applications and information systems.

We found we needed to go beyond offering a video communication Platform as a Service (PaaS) and provide integrations to sales and service applications of reference. Together with our partners, we have embarked on a journey to expand our portfolio of such integrations.

In particular, we have announced in recent months several strategic alliances:

  1. With Genesys, an omnichannel customer experience leader to bring to market integrated contact center solutions
  2. With Servicenow, the leading provider of customer service management to build integrated field service solutions
  3. With NCR, a leader in branch-office optimization to create video-enabled branches and ATMs

Video is evolving rapidly from being a nice addition to becoming an essential element of an omnichannel customer engagement strategy. Embedding video into customer communications requires video communication Platform as a Service (PaaS) and integrations with the customer service application ecosystem.

Vidyo and Genesys Make Waves at G-Force 2016

Vidyo at G Force 2016

Vidyo was proud to participate as a platinum-level sponsor at G-Force, a customer engagement event hosted by Genesys. G-Force featured more than 100 educational and breakouts sessions and networking activities that explored a wide range of key topics, including digital transformation, customer journey management, hyper-personalization and the Internet of Things.

Sam Waicberg at G Force 2016

On the first day of the conference, Vidyo was named Genesys AppFoundry Partner of the Year for delivering high-definition video conferencing solutions to a number of large Genesys customers, as well as its investment in integrating with Genesys across desktop, chat, routing and reporting functions. The AppFoundry marketplace allows Genesys customers to discover, research and connect with a broad range of customer experience applications, integrations and services that address their unique customer needs.

Sam Waicberg wins an award

Vidyo’s SVP of Marketing and Business Development, Sam Waicberg
with the AppFoundry Partner of the Year award

For the Demo Battle contest, Vidyo won the People’s Choice award – an award selected by G-Force customer and partner attendees. Vidyo’s video highlighted VidyoEngage for Genesys, which helps contact centers and service centers connect seamlessly with customers with the highest quality video over any device and any network.

Eran Westman wins award

Vidyo CEO, Eran Westman and VP of Customer Engagement Solutions, Ran Sharon with People’s Choice Award

Furthermore, Vidyo was the sponsor of the Giveback: A Journey of a Lifetime contest, a chance for G-Force attendees to make a difference by fulfilling a personal mission to give back to the community of their choice and make an impact through service. The winner of this year’s contest was Ramon Parada – see Ramon’s story of giving back here.

Eran Westman at G Force

Vidyo CEO, Eran Westman, presenting Journey of a Lifetime award


Vidyo Showcases Telehealth Solutions at Epic UGM “in Wonderland”

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Vidyo joined about 18,0001 people at Epic Systems’ annual users group meeting (UGM) this week in Verona, Wisconsin. The conference, themed “An Adventure in Wonderland,” showcased a select group of technology partners that are able to integrate into Epic’s suite of electronic health records software.

epic300The Vidyo booth exhibited live demos featuring the latest Vidyo telemedicine technology. One demonstration showcased VidyoDesktopTM calling directly to a medical cart. The medical cart displayed an AMD general examination camera, which enables healthcare professionals to assess a patient from an entirely remote location. To top it all off, Vidyo showed how the entire call could take place on a tablet using the power of VidyoMobileTM and VidyoSlateTM.

Epic Founder and CEO Judy Faulkner spoke on the importance of working together to form alliances in the healthcare and technology spaces.

"We’re not going to be the best at everything, and that’s why…collaboration amongst health systems is so important," said Faulkner2.

Vidyo works closely with Epic Systems, enabling video integration for telehealth applications and modules including Hyperspace, MyChart Web, MyChart Mobile, Canto, and Haiku.

The VidyoWorksTM platform provides unparalled workflow integration and ease of use, both of which are crucial components to physician adoption of telehealth technologies. Vidyo’s comprehensive APIs enable Epic to reduce complexities through native integration of high quality video communication into all applications supporting the EpicCare virtual care and telehealth workflows.

1. http://www.beckershospitalreview.com/healthcare-information-technology/down-the-rabbit-hole-at-epic-8-key-points-from-the-users-group-meeting.html

2. http://wtnnews.com/articles/judy-faulkner-focuses-epic-systems-future-annual-users-group-address/

The 7 Attributes of Great Video Experiences

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In a former life I was the CMO at Genesys and when I was there, we commissioned several surveys on how consumers felt about customer service. I was stunned by how many people were reluctant to use the phone. As companies start to add video to the array of channels they propose to their customers, it is important to reflect on what should be done differently to make sure it doesn’t face a similar fate.

Vidyo has garnered an impressive experience deploying video services allowing enterprises to engage customers. I want to share a bit of knowledge in the form of a checklist to ensure the experience offered during a video session lives up to the promise.

Don’t spoil the moment!

Video quality matters. One of the shared frustrations with calls to customer service is the time commitment they require. Wait times and transfers to get to the right person are taking too long by our new attention deficit standards. Time has indeed become a currency. Many of us have no longer the patience to block several minutes to make a call to get a question answered. So, when we give our time, we expect an impeccable conversation. The same expectation exists with video. It is actually further exacerbated by the fact that video sessions tend to be longer. Video quality must be on the top of the agenda for your video projects.

Offer universal access

Regardless of the device used to communicate, and the network used to connect, video services need to always be accessible. Moreover, video usage by consumers is highly correlated with smartphones. It is thus critical the video channel accommodates consumers on the go and let them choose when and where they want to engage.

Ensure it is uneventful

For many new technologies, consumers are willing to accept “good enough” solutions, but video communication is measured using a different yardstick. Derailed attempts to make a video call or the inability to consistently rely on it working have a devastating impact on video usage and adoption. There is a table stake expectation of a predictable and reliable connection.

Make it effortless

Like any customer experience provided, a video interaction must be effortless. It means that a video connection needs to be as simple as pressing a button. In addition, it needs to be immediate and on the customer’s terms. Many video services are designed to offer zero-wait time.

Brand the experience

In today’s customer’s economy, a brand is defined by the experience it offers. It is critical that all customer interaction channels offer the same branded experience. Two things make video unique though. As an emerging channel, the experience should be customized in the context of what the customer is trying to accomplish. In addition, video interactions are most often offered as part of a broader experience and need to be woven into their workflows.

Provide a seamless engagement

The purpose of a video interaction is to have a quality conversation with a person. Be they knowledge workers or contact center agents, employees have other duties. So the video experience has to be integrated into their workplace. Furthermore, it needs to manage potential employee interruption and maximize access to the broadest pool of talents.

Guarantee a secure and private connection

Adoption of video hinges on a zero-compromise on both security and privacy. Consumers should be put in control and decide if and how they can activate their video channel.

Video brings a unique, personal touch to customer communications. It adds the necessary face-to-face element to omnichannel interactions. It requires, however, an impeccable experience.

Vidyo Named IDC Front Runner for Video PaaS

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Embedded Interactive Video Conferencing Market in the U.S. to Hit $1.7 Billion

IDC released numbers this morning that show the U.S. market for Video Platform-as-a-Service (Video PaaS) will grow from $44 million in 2016 to $1.7 billion by 2020 as the market for embedded video communications explodes.

“Vidyo has been selected by market leaders in the largest growth areas in our Video PaaS market report, including the only embedded video in the leading electronic health records (EHR) systems, and is poised as a front runner to capitalize on the tremendous growth in this $1.7B market,” said Mark Winther, group vice president and consulting partner, Worldwide Telecommunications at IDC.

According to the report, “To broaden the market for its high-quality real-time video communications technology, Vidyo introduced a developer-friendly API cloud platform in early 2016. This makes Vidyo one of the first companies to enable comprehensive enterprise-grade multiparty video via an open API delivery system.”

Read more about the business value of video collaboration in the cloud

Vidyo has the broadest deployment of video-enabled applications, which are increasingly being used to improve customer experience, and is #1 in embedded interactive video communications

View the complete IDC Research Report, Video Communications Platform as a Service (IDC#US40958616, August 2016) on the growing Video PaaS market

Ten years ago Vidyo unleashed video conferencing from the room.

Since then hundreds of enterprise companies and service providers have used Vidyo’s SDK and APIs to video-enable applications, drones, phones, smart glasses, robots, kiosks and other new form factors. More than 50 million patients around the world can access our video-enabled telehealth offerings. This year alone we saw the following companies announce innovative Vidyo-enabled applications:

Vidyo didn’t invent these use case but we video-enabled them all.

Vidyo.io, our video PaaS, enables developers to video-enable their vision and quickly, easily and affordably use the company’s video chat APIs to embed enterprise-grade, real-time video communications at web scale.

Vidyo.io will be generally available this fall and developers can request an invitation now to participate in the Vidyo.io Beta.

What can we video-enable for you?

Read the press release.

Introducing the VidyoRoom HD-3

New VidyoRoom HD-3 Video Conferencing Room System from Vidyo

We are excited to announce our latest group system, the VidyoRoom™ HD-3. It is the industry’s first and only dual 4K video conferencing collaboration system. Built on Vidyo’s industry leading technology, the VidyoRoom HD-3 delivers exceptional multiparty video experience and collaboration capabilities.

Businesses are facing increasing pressure to be more competitive and agile. Distributed teams need clear collaboration for rapid decision making to maintain a competitive edge. The VidyoRoom HD-3 delivers the industry’s highest resolution group collaboration endpoint providing two major advantages for distributed teams.

  • Detailed Content Collaboration – With up to 4K resolution for content collaboration, highly detailed spreadsheets, engineering drawings, or high resolution images are displayed without losing any clarity.
  • Clear Multiparty Communication – Communication of complex ideas is much easier when you can see all remote participants clearly on screen. With dual 4K displays, 8 participants can be displayed each in 1080p full HD resolution.

The VidyoRoom HD-3 offers flexible screen deployment options. It can be configured with one or two screens at each running at 4K resolution. Alternatively, if using 1080p resolution screens, the VidyoRoom HD-3 can support up to four displays providing flexibility for a variety of use cases.

The VidyoRoom HD-3 is also easy to buy! You can purchase the VidyoRoom HD-3 as a complete bundle including the Logitech® GROUP camera and speaker phone with the INOGENI HDMI-to-USB for content sharing. Want to use your own peripherals? No problem! The VidyoRoom HD-3 is available by itself so you can add your own audio and video devices.

As the successor to the VidyoRoom HD-230, the VidyoRoom HD-3 provides the same innovative software features that are part of existing VidyoRoom architecture making it perfect for medium to large size conference rooms.

Want to learn more about 4K conferencing? Check out the VidyoRoom HD-3 data sheet or contact your Vidyo representative.

#VidyoToolbox posts highlight new product updates and features across the Vidyo portfolio. Stay tuned for continued updates!

Blog Series: Business Challenges solved by Cloud Collaboration
Part 1 – Connecting Highly Mobile Employees

Video Cloud eBookIn this four-part blog series we’ll explore the top business challenges solved by cloud-based video collaboration. Part one focuses on connecting highly mobile employee roles that can be found in any industry, like field sales, field services, and consultants. And some industries have even greater needs for reliable mobile collaboration, like manufacturing, oil & gas, and healthcare.

As organizations seek to optimize field operations, the adoption of BYOD mobile collaboration is expanding. According to a recent report published by Nemertes Research1, 32.5% of enterprise employees now use WLAN, cellular, or other forms of wireless as their primary network technology. This ups the ante when it comes to video-enabling mobile users for business collaboration, because mobile and wireless networks are often unpredictable in terms of performance.

The definition of mobile video collaboration is expanding as well: mobile collaboration is no longer limited to smartphones and tablets. There are emerging mobile use cases, like “see-what-I-see” field services applications leveraging smart glasses, drones and more. According to ABI Research2 the enterprise wearables market is exploding and expected to reach $18 billion by 2019.

Many IT managers are turning to cloud to video-enable mobile devices for employees. But not every video conferencing cloud is the same when it comes to delivering video that has the error resiliency to stand up to the challenges of wireless networks (both Wi-Fi and 3G / 4G). In fact, this is an area where users can regularly experience 20% packet loss, and many cloud video conferencing solutions provide an unacceptable experience with only 10% packet loss.

So how do IT managers deliver a reliable video experience to mobile if they are looking to the cloud to solve this issue? They need to select a video cloud solution that can continuously optimize the video being transmitted by adapting the video streams for the specific mobile device’s capabilities and current network conditions. This dynamic network adaptation is crucial to the reliability of the mobile experience, and reliability, quality and predictability drives the success of mobile video initiatives in the field.

1. https://www.nemertes.com/reports/2015-16-enterprise-technology-benchmark-unified-communications-and-collaboration
2. https://www.abiresearch.com/press/enterprise-wearables-market-to-reach-us18-billion-/