How video enablement is changing the global banking scenario?

How video enablement is changing the global banking scenario?

The modern banking scenario is completely alienated from its authentic look. Banking is no longer about long queues, but is transforming into anytime, anywhere banking. Banks and financial institutions around the world are relying on cutting-edge technology to radically change the way they do business. A recent survey conducted by EFMA, a banking association in Europe, found that banks around the world have a strong appetite for video-enabled banking services. ( This is due to the improved level of customer satisfaction that video banking brings to banks and the financial sector.

Wealth Management has increased efficiency with Face to Face meeting where the CEO can communicate with the clients and also present the latest offers, investment schemes on the go. Data, documents, graphs, forms can be collectively viewed and completed during the meeting, thus saving a lot of time. Also, video has digitized banking but hasn’t stripped away the personalized thread. Personal contact with the customer is extremely effective when it comes to higher value-added services such as mortgages. Customers may prefer not to visit the bank in person, but can still get video links to put them in touch with a mortgage advisor.

In 2014, Barclays became the first bank in the UK to pilot face-to-face video banking. The service was extremely successful. This prompted Barclays to go ahead to include Sign Video, where people using British Sign Language spoke to the bank executive through an interpreter. ( Taking an example further, it can be said that video banking has been a revolutionary advance with customers with motor or hearing impairments.

The video capability in the banking and finance sector has helped organizations win and retain more NRI and HIG customers. Most customers from this group are reluctant to visit the bank in person. The video capability helps banks appoint a high-value customer relationship manager to provide personalized assistance on banking and financial matters. Thus it adds to the credibility of the organization.

The Indian banking scenario has more scope for the growth of video banking than any other country in the world. A large part of the Indian population consists of servants who prefer to bank at their own pace and convenience. Video enabled kiosks, smart banking, video cashiers are successfully pushing the youth towards more active banking. Video banking has made unbanked branches win business by ignoring the disadvantages of their location. IndusInd Bank has joined the video bandwagon to provide its customers video conferencing solutions, through readily available apps on Google Play and the Apple Store. Customers can now directly speak to the respective financial expert and seek assistance on matters related to investments, loan approvals, etc. State Bank of India has also launched 6 digital branches across the country called sbiNTOUCH, providing services like instant account opening, loan approval and personal financial advice.

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