Video Banking An Innovative Banking Leap

Posted by John Judge on July 28th, 2021

Banks are evolving by bringing video banking for the convenience of customers. This technological transformation will make banks more efficient and flexible in their services, with customers begetting individual attention and personalized services.

Makeovers aren’t restricted to parlours or salons. Your neighbourhood bank also may be on the verge of getting a digital makeover in the form of Video Banking.

Banking Goes Face-to-Face

Technology has invaded the banking sector a long time back, but a few sensitive procedures still demand face-to-face interactions. With plenty of personal information and monetary transactions involved, video-based interactions are more than welcome.

Enabling video banking promises a better experience to customers in more than one way – 

  • Customers save their time, effort, and energy by connecting with the bank manager on video. There will be no hassles of distance, parking, traffic on roads, time restrictions, etc.
  • Some customers show hesitancy in availing of automated banking services. For them, human interaction is the source of confidence. In this context, video banking will bring a broader appeal.
  • Video banking also brings ease in troubleshooting processes and grievance redressal.
  • Customers living in remote areas, or those who have relocated during the pandemic, or the ones suffering from disabilities – can find video banking useful for their interactions with banking staff.
  • There remains no need for physical interaction between bank staff and the customers. Video banking has brought the customer base closer to a better understanding of various banking services and products. 
  • Not every customer is a technology expert to make most of the digital banking. Video banking will bridge the gap and fill the missing links for not-so-expert customers. Their convenience will get the garnishing of human interaction for even better understanding.

Video Banking Versus Traditional Banking

The comparison is lopsided indeed. 

  • Ease of Banking:Video banking is all about convenience and ease. Unlike a physical visit to your bank, access all the information from the comforts of your homes or offices. It should be comfort of your home or office. 
  • Lockdown Proof: Considering the pandemic, video banking will fetch you a great user experience.
  • Better Customer Experience: While visiting the bank physically, you are one amongst the crowd of customers. Whereas, via video banking, you will get the undivided attention of the bank executive.
  • Better Control: Video banking diminishes the gap for those who prefer interacting with their favourite banking executive time and again. Instead of visiting your bank branch in person, have a video call and sort out your queries.
  • Save Time: No more lengthy meetings in the cabin of the bank manager for consultations on mortgages, retirement planning, wealth management, loan procedures. Get high-valued consultation effortlessly from your home.
  • Easier KYC: The bank is about to close in some time and you want to submit your ID documents. Stay relaxed! Video KYC will come to your aid. 

Progression Weds Innovation

The marriage of progression and innovation has brought benefits galore to the banking sector. Video banking may sound new presently, but soon it will be conversant to all the customers. Like a win-win situation, happy customers will enrich the banks and vice-versa.

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John Judge

About the Author

John Judge
Joined: February 19th, 2019
Articles Posted: 14

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