Video banking is an online service that customers use to speak remotely with a bank teller using a smartphone, tablet or laptop. Customers receive 1-2-1 financial advice or customer support over a video connection.
Video banking solutions allow customers to easily access support services like mortgage advice, financial health checks or finding out more about a bank’s products or offerings without having to visit a branch. It is also beneficial for banks, who can increase sales, boost productivity and reduce unnecessary spending.
IndusInd Bank became the first organization to launch a video banking service in 2014. As demand for digitized interactions continues to grow, more and more top tier banks are following suit and rolling out video banking apps.
How does video banking work?
With a video banking software, your bank teller connects with the customer via a digital connection.
Here’s how mobile video banking works:
- Your customer books a video appointment through your website. Alternatively, one of your employees can set up a video appointment on the customer’s behalf.
- The customer receives an automated email with the details about their video banking appointment.
- They click the link when the video appointment begins.
- Your customer immediately joins the video banker on a video call.
- Once the appointment is finished, you can request feedback from the customer to monitor the quality of your video banking service.
With live video chat, the process is even simpler. When the customer wants financial advice, they can hit a click-to-video button on your website to instantly join a video call.
Prominent retail bank, NatWest, has been offering a highly effective video banking service to its customers for a number of years now.
NatWest uses the Qudini by Verint Video Appointment Scheduling System to power their video banking.
Why is video banking becoming so popular?
You could have been forgiven for thinking that video banking would be a flash in the pan to get banks through the global pandemic. However, the truth is that demand for video banking is still rising.
The reason for this is two-fold: banks are under more pressure to increase efficiency, and customer behaviors have changed.
Firstly, banks are under more pressure to increase efficiency as the global economy teeters towards a banking crisis. With regional banks like Signature Bank already shutting down in 2023, the need to innovate is greater than ever. For many CX leaders, video banking has come at the eleventh hour, enabling them to expand their customer base and digitize the banking experience.
Digitally-native banks have also changed the nature of the game. Now that customers are accustomed to using banking apps for simple tasks, they expect a consistent experience across all banking services.
How can you use video banking?
The main use cases for video banking apps include:
- Mortgages and loans
- Customer support
- Retail banking
- Business banking
- Private banking
- Investments and wealth management
- Insurance
7 key benefits of using video banking services
Video banking has become a permanent service because it has many benefits–not just for your organization, but also for your customers.
How video banking benefit banks and credit unions
Here’s some of the top benefits your organization will see with a video banking solution:
- Shorter wait times: With more available services channels for support, wait times in-branch decrease.
- Lower staffing costs: A smaller group of employees can remotely support the same number of customers across several locations.
- Monitoring calls: It’s possible to record calls to assess script effectiveness.
- Improves data privacy: With advanced and GDPR-compliant video banking technology, remote bankers can securely check customer information.
How video banking benefits banks your customers
There are also several advantages of using video banking as far as your customers are concerned.
- Increases accessibility: For customers that are unwell, injured, live in a remote area, or otherwise have difficulty getting to physical locations, video banking is a great alternative.
- Higher customer satisfaction: With the added convenience of digital banking, your Net Promoter Score (NPS) is bound to jump up significantly.
- Boost conversion: Video banking is proven to boost conversions and acquisitions because customers enjoy a more personal experience.
Frequently asked questions
Have a burning question? We have the answers you need. If you don’t see your question, contact us using the form below.
What does a video banking software include?
Typically, video banking services include support with simple transactions and tasks. You can also log a request for support with more complex issues during a video call.
What is a virtual bank?
A virtual bank is a bank that provides financial services online and doesn’t have any brick-and-mortar branches.
What are bank selfies?
A bank selfie is the online equivalent of an ID check at a brick-and-mortar branch to authenticate the customer’s identity. Customers can open banking accounts by taking digital self-portraits using their smartphone cameras.
Want to learn more about the best software for video banking?
Get in touch using the form below to learn more about how Qudini by Verint is helping the world’s most successful banks to perfect the omnichannel experience with our sophisticated video banking software.
