What is your banks Video Banking ROI?
Video Banking ROI can be seen in a matter of months if not weeks when implemented properly. In addition to increasing your CSAT scores by 50-80%, there is tangible ROI in revenue and cost reduction.
Banks and credit unions, large and small can see their video banking ROI in three main areas:
- Online conversation rate increase 4X
- Phone or online close rates by 30-40%
- Increase wallet share by 10%+
The banking industry average website conversion rate is 3%. Our Video Banking ROI infographic outlines an increase in $8.6M for a bank with 1.5M monthly visitors. This is a direct result of video banking marketing to new prospects for acquisition. This model only assumes a 10% increase in conversation rate vs. 30-40% which is the proven industry analyst numbers.
This model does not take into consideration the increase in wallet share and cross-sell opportunities with current customers during a video banking call. Customers are more open to “account reviews” when using video banking at their convenience vs. being rushed in/out of the branch.