As we head into a new year, we can better understand the impact of the pandemic on how we live our lives. In the beginning, we found ourselves cut off from most of the face-to-face interactions that we were accustomed to. Yet, over time, we have adapted well to managing day-to-day activities like shopping, doctor visits, and banking and learned to embrace technology for the ease and convenience it offers. Specifically, video banking.
For this article, I want to address the transformation that has taken place in the financial industry due to its implementation on video banking. However, this plays out the same across all industries. Digital transformation, the adoption of technology to create business efficiencies and cost savings, has been in play since well before the pandemic. However, the pandemic accelerated this transformation out of sheer necessity – so businesses could maintain a connection with their customers.
Branch traffic declines, but digital banking grows
According to a recent S&P Global Market Intelligence report, in 2021, the U.S (United States) banks posted 2,927 branch closures, a 38% increase from the 2,126 closures in 2020. To continue to meet the needs of its members and protect against the competition, modern financial institutions are using technology advancements to their advantage by taking a hybrid approach to customer engagement, combining an online and in-branch experience using video. In fact, in a Vidyo sponsored survey, 82% of respondents already offered video banking or planned to provide it soon. There is no time to waste with the dramatic increase in branch closures these last two years.
4 reasons to consider exploring video banking solutions
- Increase member satisfaction: Some complex banking services require one-on-one support. Members should receive a variety of alternatives to engage a financial professional. This service provides the ease, expertise, and convenience that many consumers expect while differentiating your institution from the rest of the pack.
- Increase staff efficiency: Today, the labor shortage has impacted bank branches across the nation. When local staff are unavailable or do not have the required expertise, video can empower the entire organization. By integrating video banking solutions with existing tools, staff workflows are streamlined, and labor costs are kept in check.
- Increase branch sales: With an effective video banking solution in place, members are more satisfied, engaged, and loyal, resulting in lower customer churn and more opportunities to upsell banking services.
- Increase security: Controlling how to handle confidentiality, integrity, and availability of information, protects your business from cyber-security threats – critical in today’s digital world.
What makes Vidyo the best video banking solution?
As we settle into what many have referred to as the “new normal,” it will be essential for the financial industry to embrace a hybrid strategy that includes reliable and secure video to meet the needs of online and in-person members, as well as remote employees.
Vidyo’s robust platform is bringing the future of face-to-face transactions to leading financial services organizations around the world. The solution provides all the elements required to reduce average handling times, increase first call resolution rates, strengthen member rapport, increase loan closure rates, shorten the sales cycle, and optimize branch network costs. Key features include:
- Feature-rich Video Banking: Host ad-hoc or pre-scheduled high-quality, real-time video meetings that replicate an in-person experience. Single-click to connect, online document sharing, and secure digital signatures via DocuSign, make banking fast and easy.
- User-friendly and Cost-effective: The Vidyo platform easily integrates with existing desktop and mobile devices and applications, including Windows, macOS, and Android. With no app required and completely configurable by the organization, site, or department, the member experience is seamless.
- Seamless Financial Institution Dashboard: The waiting room dashboard displays member queues, wait times, and other pertinent data so you can share targeted messaging perfectly for your members. When the meeting is ready to begin, the call is routed to a specialist based on schedule or the member selection.
- Enterprise-Grade Security: Encrypted to protect video streams; the Vidyo platform provides extensive protection with essential security features, including HTTPS login using public key infrastructure, AES encryption over TLS (Transport Layer Security) and SRTP for audio, video, and shared content, and more to address new and emerging security threats.
- Analytics and User Insights: Performance monitoring and visual dashboards enable you to visualize data, spot trends, and identify issues in real-time for improved performance and streamlined business planning.
Explore Vidyo’s video banking services and see why financial firms are turning to Vidyo for their video conferencing needs”, then add the following link to “Explore Vidyo’s video banking services”: https://www.vidyo.com/video-conferencing-solutions/industry/financial