The financial services industry is at a crossroads, as advancements in consumer-facing and mobile technologies are changing how we do just about everything, from how we manage our work to our health, finances and more. How will banks, credit unions and other financial institutions remain competitive and innovative in a time when customer expectations are evolving? How will they seek to earn loyalty from Millennial customers and Generation Z?
To help answer these questions, we published our new video banking survey today, titled “Video Banking: Advancing on the Road to Maturity,” in partnership with CUNA Strategic Services and the European Financial Management Association (Efma), an organization of 3,300 retail financial services companies. The data was collected from 282 financial institution representatives across 63 countries. View the full report here: “Video Banking: Advancing on the Road to Maturity.” Read the official press release here: Video Banking Deployments Are on the Rise, According to Vidyo Survey
Almost 20% of survey respondents have deployed at least one form of video banking, more than 40% are piloting a video service and more than 80% said that they are planning to offer video banking in the future. In the 2016 survey, a little more than 10% of respondents had deployed at least one form of video banking, while 30% were piloting a video service.
Vidyo is helping financial institutions increase customer engagement, Net Promoter Scores (NPS) and first call resolution. 64% of survey respondents said that video banking has increased customer satisfaction for their institution, while 60% said that video banking has created faster customer service. In the near future, we can expect most financial institutions to be taking advantage of the power of video collaboration.
Moving forward, video for financial institutions will be mobile-focused. Until now, many video collaboration tools have been limited to in-branch kiosks and ATMs. Video-enabling hardware that is owned by the institution has traditionally been more cost-friendly and easier for application developers. Now, that’s all changing – according to the report, in-branch video banking deployments, and deployments from wherever the customer wants to join (i.e from mobile devices on the public Internet), are now almost equal at 10% and 11% respectively.
Recent advancements in cloud, video and mobile technology are making it possible to extend video banking far beyond ATMs and kiosks, without the headaches or risk. Cloud-hosted, pay-per-usage API platforms like Vidyo.io are making it easier and more affordable than ever for software developers to video-enable any application on virtually any device, and build or embed custom video tools for financial institutions that are reliable, flexible and dependable. For customers, the ability to join a video call easily via WebRTC (with no downloads or installations needed) is making the modern video experience simple, clear and convenient.
It’s clear that video banking is gaining steam. In fact, last November, analysts at Finovate stated that “video banking is king” from a consumer fintech perspective. Connecting via video is making life easier for customers, while at the same time helping financial institutions offer a better customer experience – while reducing overhead and operating more efficiently (62% of survey respondents said that video banking has decreased their branch’s workload.)
From minute to minute, today’s financial markets move at faster speeds than ever before, requiring quick decision-making with quality advisement. In an increasingly mobile world, everyone is getting things done while on-the-go, whether you are a recent college graduate, small business owner or a professional trader. Financial institutions are turning to video chat so that branch managers, relationship managers and centralized executives can maintain and nurture these key relationships face-to-face, from anywhere, anytime and on virtually any device. For customer support, video-enabled contact centers resolve tickets quicker and and effectively meet other service KPIs, enhancing the customer experience. Video is giving customers personalized service from their financial institution, from anywhere.
Today, Vidyo counts six out of the top 25 largest banks in the world as video banking customers, along with credit unions and regional banks, with applications ranging from wealth management to mortgages and real estate advisory. We have seen first-hand how video is transforming the customer experience throughout financial services. To learn more about the power of Vidyo for financial institutions, read our case studies from the Royal Bank of Canada, BluCurrent Credit Union, IndusInd bank and more. View the full results from our new survey with CUNA Strategic Services and Efma here: “Video Banking: Advancing on the Road to Maturity.”