Coffee with Carrie Video Blog: Video Banking Comparison: “Old School” vs. “New School”
This video blog is a video banking comparison that should add some clarity for banking executives when they hear the word “video banking”. Historically, this meant you had to have expensive hardware, camera equipment installed at your branch location, drive-thru, or ATM’s. We like to refer to that as “old school”. This method requires travel for your customers and large investment from each and every branch as well as the flagship. Sure, it still nurtures a human connection through video, but convenience is sacrificed. Investment is also large and very difficult in strategy and implementation.
The “new school” video banking when you hear it referred to in 2018, is to enable your prospects and/or customers to connect with you on THEIR own smartphone. There is no need for them to come into the branch, drive-thru, or find an ATM. They could be checking their account and need to talk about more complex products. They can then connect to an expert and conclude any business at their convenience. Any branch or employee can scale easily without the need for expensive hardware and software. All a bank representative needs is a camera (either built-in or installed at no more than $20 for the hardware) and our software solution. The software continues to easily scale with the organization.
The video banking comparison highlights the differences in all three models: video banking for branches, drive-thrus, and ATMs.
To see a real use case of a video banking journey vs. a traditional branch journey, watch our quick video. It highlights the customer experience and the real cost of a physical branch visit.