Video Banking Solutions

Video banking is more than just a type of communication between a bank employee and a customer. It’s a transformative tool using video conferencing technology that’s dramatically changing the landscape of customer service in banking. Banks in the US, Canada, China, France and countless other countries are turning to video kiosks to service their clients remotely, significantly reducing the need for physical space and waiting lines.

The customer initiates a video call from the kiosk to a customer service representative. The representative can see and hear the customer, and the customer can see and hear the representative. The customer can use the kiosk to conduct transactions such as checking account balances, making deposits and withdrawals, and paying bills.
Kiosks differ depending on the bank and the number of features, but all of them are equipped with a video camera, a headset or a microphone and a speaker, a screen to display the manager’s video window, and a video conferencing app.

The use of video banking has many benefits for both customers and banks. For customers, video banking can provide a more convenient personal experience than traditional banking methods. They can conduct transactions from the comfort of their home or office, without having to wait in line. For banks, video banking can help reduce costs by eliminating the need to rent physical space and hire employees to staff it. It can also help improve customer service by allowing banks to provide more personal attention to their customers.

With the implementation of IT services, video banking, the mobility of bank managers has improved greatly – they no longer have to be always in the office to be able to do their job. They can take calls from customers from home or on the go; they don’t have to worry about being late to work, as the traditional office hours may now be switched to a schedule set individually with each employee.

Video banking is a huge advantage for bank owners who wish to expand, but are not sure whether the new branch would be a success. A video kiosk would require less investment than an actual branch office, but the service with a live manager and the ability to complete transactions online will absolutely allow you to attract customers and occupy your niche on the local market. Moreover, ensuring a seamless integration of the video kiosk into your customer service strategy will not only provide cost-effective solutions but also contribute significantly to customer success renewal.

Another advantage of online banking is an unmistakable boost in customer experience. As long as you install your kiosks in well-chosen areas and have enough employees online, your clients wouldn’t need to waste time getting there and waiting in long lines to make a transaction or to get an account statement. Customers appreciate care and attention to details, as well as a personal approach.

The future of bank branches was thrown into question. As the coronavirus pandemic began spreading all over the world in 2020, we in the banking industry found ourselves in an unprecedented situation. The shift towards digital platforms has highlighted the importance of robust loan management system development to support the evolving needs of the finance sector. The urgent need to eliminate all mass in-person contacts in order to prevent further contamination created an immediate and pressing demand for digital solutions like video banking.

The new social distancing practices insisted on moving online all interactions, including customer service. People have turned to technology not only to speak to their friends, relatives and loved ones, but to work, study, get medical attention and pay their bills. For the first time banks relied on their kiosks not to reduce costs, but to keep their workflow steady and their employees and clients healthy.

“Banks have planned for years for disaster recovery if their technology failed but have never planned for disaster recovery if their buildings closed,” says Chris Skinner, leading influencer and champion of digitalization in finance, in an article from The Economist.

Remote interaction and online collaboration technologies adopted by financial organizations worldwide have provided their staff with tools to both communicate internally and help their customers in a risk-free way.

For financial institutions there are even more reasons to incorporate video conferencing into their routines. Video-enabled customer servicing sessions allow some brands to stand out among others, “make their brand name and logo design popular” to provide better service as well as build even more trust. Now that we’ve seen and experienced all the advantages of the video banking organizations can implement even more technologies and communication channels into their work for further benefit and optimization. Branches can even combine regular offices and kiosks for better management of customer flow in particularly challenging areas.