Video Banking, like Interactive Teller Machines (ITMs), offers a multi-channel advisory service valued by clients. This service centralizes expertise in critical areas such as lending, account opening, and wealth management. For transactions that are less frequent, require human interaction, and often lead to increased revenue, a banking via video solution is ideal.
What is Video Banking?
Video banking is the opportunity to sit in a private or semi-private branch office and interact with a bank or credit union employee via a computer monitor and pre-set printer. Standard transactions which can be served via live teller, ATM, or ITM continue. This solution, however, encompasses lending, account opening, and wealth management discussions. Financial education and future planning are also ideal for for this technology.
Why Banking via Video?
In instances where specialized product knowledge isn’t at all branch locations, banking via video provides access to securely connect with an expert anywhere via video chat. Seated in a quiet environment within the branch, the client is serviced by one of your expert associates located at another branch location or call center. Statistics indicate that 80% of video calls are associated with value-added transactions (i.e., loans or new accounts) resulting in a remarkable 95% positive feedback rate.
Key Benefits
- Staffing Challenges Solved: Utilize your current talent without hiring for each branch location.
- Versatile Access: Use the platform in-branch, as well as on mobile and web banking applications.
- Real-Time Expertise: Connect clients with product specialists from anywhere, ensuring immediate access to the right knowledge.
- Cost Consideration: Implementing this solution is estimated to be roughly equivalent to the cost of one full-time employee (FTE) per year.
- Appointment Scheduling: Facilitate client appointments when key revenue-generating staff are available.
- Enhanced Conversion Rates: Reduce website abandonment rates and potentially improve closed cross-sell opportunities by up to 30%.
In conclusion, integrating a video banking solution allows your financial institution to enhance customer/member interactions and drive profitability in an increasingly competitive landscape. Those who can seamlessly align banking via video experience with other physical and digital experiences creates an environment where customers/member flourish.
For more information on FSI’s Live Stream Station program or to consult with us on your next branch transformation project, contact us.
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