Video Banking : The next chapter in Bank’s digital transformation! Ain’t we lagging behind as usual?Scimitar Global Services Limited
“ In Q1 2016, Efma, a not-for-profit association of 3,300 retail financial services companies in more than 130 countries, and Vidyo, a leading visual collaboration provider Vidyo conducted a series of Think Tank meetings to understand the role that video banking plays in the digital transformation of banks. Sixty-three banking professionals from 24 countries participated in the meetings.
Additional quantitative data was collected regarding attitudes toward video banking via an online survey that was conducted in Q1 2016.Respondents included 136 bankers from 52 countries. This report consolidates the outcomes of these two activities and integrates primary information gathered from Vidyo’s experience in implementing video banking systems with banks around the globe.
The results of our survey strongly suggest that video bank solutions would be a welcome addition to existing options, with 93 percent of survey participants responding that they felt video banking would have a “Positive” or “Strongly Positive” impact on customer satisfaction.
This indication of consumer enthusiasm and high level of interest in video banking makes perfect sense considering how today’s free video conferencing apps such as Google Hangouts, Skype and Facetime are being embraced by the general public as a trusted and effective means of communication. The time is now for the widespread adoption of video banking…..” culled from a publication from Vidyo and Efma.
Bringing it back home they also stated that “When customers and bank staff engage in banking transactions or consultations through remote video collaboration sessions, there seems to be an obvious solution as it offers more convenience to customers, since they can make their transactions from the comfort of their homes instead of traveling to the bank.
A choice not available for non-resident Nigerians and like they rightly pointed based on the trends and adoption , the time is now! Providing live online video interaction to your customers enriches the customer journey and builds trust and brand loyalty. Using the VidyoWorks API’s and contact center reference design, We can video enable your high value client services in as little as a few weeks, without in-house video technology expertise. Ease of use and convenience flatten the adoption curve.
Employees are quickly proficient and there’s no intimidation factor for clients to interact over video. They simply click, join and have highly personal and effective interactions with your organization’s customer care professionals.
Video banking enables new and valuable engagement opportunities, such as the ability to include people who would not be able to attend in-person meetings, like remote subject matter experts or customer family members.
Verifiable Banking references according to the publication by Vidyo: put Video Banking as the next best thing in Banking. Please read on:
“One successful early adopter of online video banking is IndusInd Bank, one of the fastest growing next-generation private sector banks in India. Induslnd launched their Video Branch service in June 2014, and made it available to their customers via desktop and mobile devices.
IndusInd Bank customers are now able to connect with their branch manager, relationship manager or with a centralized video branch executive. Patrons of the bank who are not residents of India are also able to experience this personalized video banking service from outside the country.
“Our Video Branch ‘face-to-face’ online banking customer service, powered by Vidyo, is the next frontier of banking and brings our branch managers and centralized banking services closer to our customers with highly personal interaction. VidyoWorksTM is the only solution that could deliver on the promise of high quality connectivity from any location, on any device over any network and we are pleased to offer this very high-quality, easy to use service to our customers.”…….. Romesh Sobt (Managing Director and CEO,IndusInd Bank).
The offering encompasses all banking services that had previously been only available via IndusInd Bank Phone Banking. Additionally, Bank customers can choose to make other kinds of financial transactions such as opting for fixed deposits or recurring deposits, or transferring funds through NEFT and RTGS.
The Induslnd Bank launch was supported by an extensive nationwide advertising campaign and the new service is now positioned as a key innovation, creating a competitive advantage for the bank. Since the launch, IndusInd had seen a
massive ramp-up of the service and by mid-2015 the system was supporting 1,000 daily video calls and experiencing higher than 65 percent repeat usage.
Also see the extract on another Video banking reference : “Barclays Bank. To provide a new, secure, video-based service so that their customers could engage in banking activities wherever and whenever, Barclays Retail Bank launched its Video Anywhere service in the U.K. in December 2014. Today, in addition to the availability of bank representatives in a growing number of Barclays branches, the 24/7 service offers customers to speak to a video banker that can be accessed via smartphone, tablet or computer at a time and place convenient to them. At Barclays, video banking has become a powerful tool in deepening relationships with Clients and Customer; allowing multiple video bankers to be in one place enabling quick and easy sharing of best practice whilst also providing workforce flexibility without the constraints of the traditional Retail Network operating times.
The Barclays Video Anywhere service, initially offered only to Barclays Premier customers, will soon be available to the broader Barclays customer base. The phased roll out over the next 6 months targeting specific customer profiles such as frequent retail network users, digitally savvy but nervous adopters and
customers with accessibility requirements”.
Simon Separghan, Director of Global Contact Centres & Omni Channels of Barclays Retail Bank was also quoted in this report that “Customers continue to demand human touch and empathy and there is significant benefit to provide not only a voice, but a face of Barclays. The majority of our customers who experienced video banking now demand that their future servicing activity takes place via a video interaction. And If I take a like-for-like servicing request via traditional telephony vs. video banking, the NPS is almost double. It has incredible value for us as an organization.”
Scimitar Global Services Limited (SGSL) in partnership with Vidyo and Granteq is offering Video Banking solution to Banks in Nigeria and all players in the financial services industry to leverage this technology to add a face to face interaction in addition to the existing channels to maintain customer loyalty, trust and satisfaction which all assures revenue. So feel free to contact us immediately for a demo and next steps. Our Business consultants will be very glad to come and and show the benefits of Video engagement in Banking. We strongly believe that adding video will reduce fraud.
Please drop your details below:
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Credit to Efma_Vidyo_Banking _Report
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