Video banking services are set to become ubiquitous as banks look for ways to maintain strong and meaningful relationships with their customers in a digitally connected world, according to research by Efma and leading visual collaboration provider Vidyo.
A new report, ‘Video Banking: The next chapter in a bank’s digital transformation’, draws on the findings of think tank meetings and an online survey of banking professionals from around the world to explore the role of video banking in the digital transformation of financial organisations.
The research found that 10 per cent of banks have already deployed video banking services, with early adopters such as IndusInd Bank and Barclays already benefiting from their implementations. A further 80 per cent of respondents said their organisations intend to offer video banking services, either in branch or directly to customers using mobile and desktop devices, in the future.
Key benefits of successfully deployed video banking services include enhanced customer engagement and positive impacts on customer loyalty and the public’s perception of the bank as an innovator. Increased customer satisfaction was the top reason for deploying video banking, with 93 per cent of survey respondents saying they felt it would have a ‘positive’ or ‘strongly positive’ impact in this area.
The report also identifies the perceived challenges faced by banks in implementing video services and provides guidance on how these can be overcome. It stresses the importance of a strategic go-to-market plan that combines deployment of the right visual communication technologies with training and marketing approaches to make sure bank employees and customers are ready to embrace video banking services.
As the momentum of video services continues to build in the banking industry, the report argues that now is the time for the widespread adoption of video banking. By working with an experienced partner, banks can deploy video services that enable the high-quality interaction of a branch visit while offering more convenience to customers and enabling new and valuable engagement opportunities for the bank.
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