The future of banking and the world of digital
So much of our daily lives has changed since the launch of the internet back in the ’90s. The way we shop, watch TV and even travel has been influenced by the digital age and the rise of businesses like Netflix, Uber, Amazon and Google. Not surprisingly, the internet has even changed how we bank. Between mobile deposits, access to online accounts, video banking and even video ATMs, the growth of digital banking has changed the way customers interact with their financial institutions.
The Rise of Digital Banking
When banks and credit unions first launched the popular mobile deposit feature, it seemed like a game changer. It was convenient, easy to use, and it meant customers could bank anywhere and anytime. Today, online and mobile banking platforms are must-have features. The digital age has changed the way customers bank, and they expect their banks to have digital integration. According to PYMNTS.com, 55 percent of Americans have a full-service banking app on their mobile device, and 16 percent of those people check their banking apps at least once a day.
The growth of digital banking has increased the way consumers can access their financial institutions. They can now work with agents through video banking. They can transfer funds, make deposits and pay bills through mobile banking. And they can use video ATMs to update their address, schedule appointments and make withdrawals even if their card is lost or at home.
Two of the financial institutions leading the way in the growth of digital banking are industry giants including Bank of America. BofA has sunk serious investment dollars into expanding its digital integration, and it’s paying off. Business Insider reports that BofA added more than 1 million users to its digital channels. And mobile banking users grew from 21.3 million to 23.6 million in the third quarter of 2017.
But that does not mean customers are satisfied. They might be turning to their phones and computers before heading to their nearest branch, but PYMNTS.com reports that 68 percent of Americans say they aren’t satisfied and are even frustrated with their banks’ digital capabilities.
How to Integrate Digital Platforms into Your Banking Model
As the growth of digital banking continues, it’s important to remember that there is not a one-size-fits-all solution. With a diverse group of customers, banks will have to offer multiple access points for digital banking. But banks, credit unions and financial institutions can’t forget about customer service. Reliability, security and expertise is part of what customers have relied on from their financial institutions. Whether it’s video banking or mobile applications, customer satisfaction should be the main focus.
At Invo Video Banking, we believe video banking is key to the industry’s digital future. If you want to learn more about how Invo Video Banking has helped institutions across the country improve their employee efficiency, track valuable data and improve customer satisfaction all through video banking, contact us by email, or call us at 855-468-6843 to schedule a demo.