Video Banking Solutions for Today's Digital Customer
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.
The banking relationship is changing and the consumer is driving the experience. 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 chat 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 new socially A-D-D consumer is not comparing their customer experience across banks, they are comparing it with every experience they have with brands.
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.
Video banking software allows for the highest convenience and engagement while being the lowest cost to implement.
Banking Hybrid Model
Centralized specialty resources or branch distribution
- Square Feet
- Number of Locations
- Number of Branch Employees
Tablets for basic transactions
- Remote video to specialized experts in other branches or central location
- Employees set up for video banking
- Mobile APP banking
- Mobile video banking connecting to branch and central location
- Video banking from ATM using consumers’ device
AREAS OF OPPORTUNITY
Deepening financial advisor relationships through video chats is the best way to deliver high-quality financial advice to hard-to-reach clients.
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