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While they turn to online banking, and given the rise in digital transformation, most customers still value financial advice face-to-face, especially for complex transactions. Accenture’s recent study of financial service consumers show that on average two-thirds of them favour face-to-face interaction with their bank.
But, as banks rationalise branch networks,how can they facilitate cost reductions, while keeping a customer-centric strategy?
Alongside how they might empower staff to be advisers and consultants and consider the use of robo-advisers , video banking is another part of the answer. Some major banks like Barclays and Natwest are making video consultations available over customers’ own mobile services.
However, it seems customers would welcome in-branch video banking. A 2018 study supported by the retail banking industry group EFMA, Vidyo and CUNA Strategic Services suggested most customers would be willing to use in-branch video (90%) which was marginally ahead of using than online video banking (85%)
There is an opportunity for financial institutions to integrate video banking into the remodelling of branches around digital hubs and consultation suites. Being able to extend specialist financial help can support of the retention of extreme remote banking.
For example, someone in rural mainland Scotland or the Highlands and Islands can access face-to-face support setting up a bank account by remotely accessing a video teller based in Edinburgh, not only making better use of existing staff members’ time but also keeping their local branch open and profitable, while potentially increasing its hours..
Technology must be a priority
In branch video banking technology can support accessibility to financial services and deliver a high quality service experience. With a remote teller available via video link, banks can service customers beyond the usual opening hours and even keep branches open 24/7, seven days a week. According to the Kantar report, over half of organisations that had deployed video banking (56%) reported improved customer satisfaction. Anecdotally, branches deploying video technology are as much as twice as productive as others.
Among the banks that are proactively using in-branch video banking to improve the quality of customer support is Portugal’s Millennium BCP bank.
There are potential pitfalls to implementing video banking. The biggest of these is howwhen video is simply added as another channel that’s not properly integrated with other systems and channels. As with every other aspect of modern retail banking, in-branch video and mobile video banking need be a seamless element of a positive omnichannel experience.
There must be a unified data-and service-sharing platform to ensure continuous transfer of customer data across all channels, including all forms of video banking, so that information exchanged via one channel is available on all other platforms.
A good example of what you might see happening is how, with the authorization of the customer, a video banking operator can remotely take control of the self-service terminal and complete an operation like form filling on behalf of the customer.
Auriga’s insights: 5 tips for banks
So, as banks pilot or expand their video banking plans, what should they consider?
Here’s five pieces of advice:
Get started early
There’s competitive advantage to introducing in-branch video banking. So get your plans off the ground as soon as possible.
Take a 360 degree view
Access to live consultants via video banking can enhance all lines of business and types of transactions. So don’t be afraid to consider all options.
Measure, measure, measure
The importance of pre-planning and wide evaluation of use cases for video banking also put the onus on defining KPIs and having tools in place to measure the effectiveness of video banking delivering a positive customer experience. But first transfer the necessary customer service skills to your staff!
Reject video communication solutions
The goal of video banking is to improve workflows and to be an integral, not an add-on, to the omnichannel approach that’s so vital. So choose a technology vendor that has proven experience and offers an omnichannel service platform.
It’s not just for the You Tube and Social Media Generation
It may seem futuristic but existing video banking deployments aren’t simply designed to appeal to Gen Z and the Millennials. There’s less resistance to accessing services over video links so long as they are secure and private, especially in branch. Never hesitate in making video banking a mainstream banking option.
