Video Banking Solutions
The tool you need in your arsenal to increase conversion rates, deepen relationships and give you the competitive advantage.
The banking relationship is changing and the consumer is driving the experience. Video Banking solutions seek to address the customer experience by providing omnichannel touchpoints.
Branchless banks are acquiring customers in mass numbers. Without the cost of physical locations, they can offer better pricing and technology due to unconstrained legacy technology and thinking.
Traditional banks have been centralizing functions such as mortgage, auto loan, wealth management, and credit cards for years. Video banking solutions for financial services companies to not only connect to centralized specialty areas “branch to branch” it allows consumers to connect from home to the right resource, at the right time.
How do traditional brick and mortar banks and financial institutions acquire new customers and retain them? Consumers are all about convenience and technology. The consumer is not comparing their customer experience across banks, they are comparing it across brands.
Video Banking software allows for the highest convenience and engagement while being the lowest cost to implement.
The rise of online and digital-only banks have been keeping financial service executives up at night. Over $25B has been invested over the last four years in Fintech banks. Each day, more and more Gen Z and Millennials are making financial decisions.
While these demographics are mobile native generations, all generations have increased their use of mobile banking. Interactions made using a desktop will decrease by 63% between 2017 and 2022. With mobile banking increasing, the number of physical visits to the branch has decreased across all demographics. While the average number of branch visits today varies by household, it has historically averaged 8 visits per year. By 2022, the average number of visits will shrink to only three per year.
The advancements in video banking software and mobile banking adoption have already led to 9100 branches in Europe closing in 2016. While traditional brick and mortar banks will never 100% go away, the footprint, the number of employees and bank transactions will change.
Implementing video banking solutions for today’s digital customer is a win-win for them and the financial institution. Video banking software allows banks to still get the “face to face” time with the customers or prospects while providing the convenience the consumer is demanding.
Our virtual web branch platform allows you to create branch-like experiences, everywhere, with an average 300% ROI.
The Executive Guide To Budgeting For Video Banking in 2022
The world of banking has changed dramatically over the last five years. Customers are managing their money in their pocket, 24×7 but banks are still heavily reliant on physical locations and physical face-to-face relationships. Consumers are about convenience, comparing their customer expectations to other industries that have moved to instant gratification.
For banks and credit unions to acquire new customers and provide the high-touch servicing that customers demand, you have to think outside of the branch four-walls to communicate where customers are, everywhere.
If video banking is not in your budget plans for 2020, it should be. It could be one of the largest ROI’s (averaging 300%) on your budget line items for next year. What to see what your ROI could be? Get your custom ROI calculation using industry standards and 3rd party data.
What You’ll Learn From The Executive Guide For Success In Video Banking:
- How Can You Be Successful In The Future Of Banking?
- Why Doesn’t Video Conferencing Doesn’t Work For Video Banking?
- Where Is Video Chat Providing Personalized Banking?
- Digital Video Banking Lobby: What Is It & Why It’s Now Critical.
- 8 Moves To Add To Your Video Banking Playbook.
- How Do You Promote For The Highest Current Customer Adoption Rate?
- New Customer Acquisition | Promoting For Growth.
- How Can Video Banking Work When Somebody Comes Into The Branch?
- How Do You Utilize The Data In Video Banking?
Insights & Lessons Learned From Video Banking Real-Time Data - Constituents For A Successful Video Banking Roll Out.
AREAS OF OPPORTUNITY
CONSUMER
Increase branch reach in acquiring and servicing more customers. Increase wallet share to have more time with customers when they aren’t in branch “rush” mode to talk products and services.
LOANS
Provide the increased level of virtual hand-holding required for high touch loan products.
WEALTH MANAGEMENT
Create more touch points, education, and proactive communications.
BUSINESS
Provide a higher level of customer experience with a video business banker at your fingertips throughout the changing needs in a business owners journey.
MORTGAGE
Create memorable face to face virtual interactions to build relationships in a highly competitive market.
COMMUNICATIONS & HIRING
Increase clarity and communication to visualize body language. Hire smarter and faster while reducing cost to hire.