What is Video Banking?
Unless you’re stashing money under your mattress, you’ve likely used some form of digital banking recently. Maybe you opened a new account online, deposited a check or scheduled a meeting with a financial agent. Like most industries, banking is becoming more submerged in the digital marketplace. And one of the newest platforms available for customers is video banking. If you’re unfamiliar with this online tool, and wondering what is video banking, you’re not alone. This technology is still being rolled out at banks and credit unions across the country, so the user experience can vary. But with more than five years of firsthand experience using Invo Video Banking software, we can introduce you to this innovative banking experience. So let’s talk video banking!
Probably the best way to think of video banking is to compare it to Skype or Facetime where two users are connected visually through webcams on their computers. But unlike Skype, video banking allows customers and financial agents to securely discuss and complete large financial transactions.
This software can handle any transaction that excludes the exchange of cash. Video banking can be used to open a new account, discuss loan options, secure a mortgage and even navigate refinancing. Besides installing software like Invo Video Banking, the only devices required for branch locations to get this platform off the ground is often a signature pad and a document camera.
Why Did We Create a Video Banking Software?
Like many financial institutions and customers, we found ourselves asking, “what is video banking” when the platform first appeared. But as more customers head online to complete their banking needs, we saw an opportunity to improve our customer experience online and at branch locations.
We focused our attention on in-branch interactions because we realized many customers still headed to their nearest bank to complete larger financial transactions. But with the rise of digital banking, we didn’t need as many agents on the lobby floor. This gave us an idea. What if we could replicate the in-person experience customers value when they visit their branch location without having to staff agents at that branch?
This is where we developed Invo Video Banking. The software allows customers who visit a branch to work with agents online in a secure and private room dedicated to video banking. This allows us to staff all of our agents in one spot instead of spreading them around our multiple branches. All customers have to do is take a seat in front of the computer and hit the start button. The next available agent will appear on the screen. From here, that agent can assist the customer with almost any need or question.
How Does Video Banking Improve a Customer’s Experience?
One of the biggest perks we saw by using video banking was the decrease in customer wait time. The average wait is now two minutes. But we also saw an increase in customer satisfaction, which might surprise some financial institutions that are still wary of video banking. When we look back at our data, customers who used Invo Video Banking rated their satisfaction at 4.82 out of 5.
We credit this to our focus on mimicking a customer’s in-person experience in a more efficient way. We wanted to make sure our digital platform was as close to an in-person exchange as possible. This is why we set up computers in private rooms that have a welcoming atmosphere much like an office. But it’s important to remember that this solution worked for our customers here at BluCurrent. Not every financial institution who uses Invo Video Banking has spent the time and money replicating our setup. Invo Video Banking can work in almost any setting, and we help new customers figure out what will work best for their needs and budget.
As the digital age continues to adapt and grow, we believe more banking services will be housed online. And while this can create opportunities to increase efficiency for both consumers and financial institutions, we don’t want to lose the focus on customer satisfaction. This why we are dedicated to developing video banking software like Invo Video Banking that can replicate an in-person exchange between a customer and a financial agent. If you want 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 or if you’re still wondering what is video banking, contact us by email, or give us a call at 855-468-6843 to schedule a demo.