How is video enablement changing the global banking landscape?
The current banking scene has been completely alienated from its authentic form. Banking is no longer about long queues, but has transformed into banking anytime, anywhere. Banks and financial institutions around the world rely on cutting-edge technologies to radically change the way they do business. In a recent survey by EFMA, a banking association in Europe, it was found that banks around the world have a huge appetite for video-enabled banking services. (Computerweekly.com). This is due to the improvement in the level of customer satisfaction that video banking brings to the banks and financial sectors.
Wealth Management has greater efficiency with “face to face” meetings where the executive can communicate with the clients and also present the latest offers, investment schemes on the go. Data, documents, graphs, forms can be consulted and completed collectively during the meeting, thus saving a lot of time. In addition, the video has digitized banking but has not stolen the custom thread. Connecting personally with the customer is exceptionally effective when it comes to higher value-added services like mortgages. Customers may prefer not to visit the bank in person, but can still receive video links to connect with the mortgage advisor.
In 2014, Barclays became the first UK bank to trial face-to-face video banking. The service was extremely successful. This prompted Barclays to move forward with the addition of Sign Video, where people using British Sign Language spoke to the bank executive through an interpreter. (letstalkpayments.com). Taking the example below, it can be said that video banking is a revolutionary advance with clients with mobility or hearing problems.
The video enablement of the banking and financial sector has helped organizations win and retain more NRI and HIG clients. Most customers in this group are not inclined to visit the bank in person. Video enablement helps banks complement a relationship manager for high-value customers to provide personalized assistance with banking and financial matters. Thus, adding to the credibility of the organization.
The Indian banking scene has more opportunities for video banking growth than any other country in the world. A large part of the population of India is made up of servants who prefer to bank at their own pace and convenience. Video-enabled kiosks, smart banking, video tellers have successfully brought youth into more active banking. Video banking has made unbanked branches win business by ignoring their location disadvantage. The IndusInd Bank has joined the video bandwagon to provide its clients with video conferencing solutions, through applications readily available on Google Play and the Apple Store. Clients can now speak directly to the financial expert in question and seek help with matters related to investments, loan approvals, etc. The State Bank Of India has also launched 6 digital branches across the country called sbiNTOUCH that provide services such as instant account opening, loan approvals and personal financial advice.