There is an explosion of Fintech in the marketplace right now. Fintech is a term used to describe the technology serving the Financial Services market. These technologies range from mobile payments, peer-to-peer money transfers, alternative lending, innovative omnichannel options like robo-advisors and video banking. These technological advancements are improving the consumer experience and making it more efficient.
When looking at the workflow of how consumers engage with their financial institutions, it becomes clear the importance of video banking technology as a way to build and retain relationships with customers. Think about the last time you went to your bank or credit union. The most recent interaction you’ve likely had with a bank has probably been online or a mobile app, allowing you to quickly handle a transfer or check your account balance efficiently without interrupting your day-to-day life. But sometimes, there is a need to physically visit a branch for something important where a face-to-face interaction is critical. These are the instances when video banking becomes key. Consumers want a personal touch when it comes to banking, they want to know and trust their banking agent, which is why video communications has become such an important tool for financial services. In fact, a recent EFMA research study shows that 80% of the banks surveyed have video banking in their longer-term roadmap and 50% plan to deploy within one year.
Vidyo is leading the way in enabling financial institutions, like BluCurrent, to provide high-touch, face-to-face customer service with embedded video communication. By installing video-enabled, private banking capabilities in each of BluCurrent’s three physical branches, the credit union has centralized key banking services through one main operations center called the Member Experience Center.
“Vidyo allows the right subject matter expert to be available to the member, regardless of a physical branch. They are able to help the member faster
and get them the service they need as quickly as possible.”
— Derek Williams, Chief Operating Officer of BluCurrent Credit Union
And the benefits are being seen in a variety of ways! BluCurrent’s cross sales of banking products have increased by 20 percent since they first video-enabled their banking services and customer reaction has been all around very positive. BluCurrent members who have used the system, rate it 4.5 out of a possible 5, and 93 percent say that they would recommend it to someone else.
At Vidyo’s core is a flexible, patented software solution that delivers consistent high-quality video experiences over any device. This is why the largest and most prestigious brands in finance have selected Vidyo to power their video banking experiences. With costs down and client satisfaction up, video banking is a macro-level trend about to take off.