How Is Video Enablement Changing the Global Banking Scenario?

June 16, 2020 Stan

The present-day banking scenario has been completely alienated from its authentic form. Banking is not about long queues anymore but has transformed into anytime, anywhere banking. Banks and financial institutions across the globe are relying on avant-grade technologies to radically alternate their ways of business. In a recent survey conducted by EFMA, a banking association in Europe, it has been found that banks worldwide have a large appetite for video-enabled banking services. (Computerweekly.com). This is due to the improved level of customer satisfaction that video banking brings in for the banks and financial sectors.

Wealth Management has an increased efficiency with “Face-to-face” meeting where the executive can communicate with the clients and also present the latest offers, investment schemes on the go. The data, documents, graphs, forms can be collectively referred to and filled up during the meeting, thus saving a lot of time. Moreover, the video has digitized banking but haven’t robbed of the personalized strand. Connecting personally with the customer is exceptionally effective when it comes to higher value-added services like mortgages. The customers may prefer not to visit the bank personally but can still receive video links to connects him/her to the mortgage adviser.

In the year 2014, the Barclays became the first bank in the UK to pilot the face-to-face video banking. The service was extremely successful. This made Barclays move ahead to incorporate Sign Video, were the people using the British sign language spoke to the banking executive through an interpreter. (letstalkpayments.com). Taking the instance ahead, it can be said video banking is a revolutionary advancement with customers with mobility or hearing impairments.

The video enablement of the banking and financial sector has helped organizations to win and retain more NRI and HIG clients. Most clients from this group aren’t inclined to visit the bank in person. The video enablement helps banks to appoint a relationship manager for the high-value clients, for providing personalized assistance on banking and financial matters. Thus, adding up to the credibility of the organization.

The Indian banking scenario has more opportunities for the growth of video banking than any other country in the world. A large portion of the Indian population consists of the menials who prefer banking at their own pace and convenience. Video-enabled kiosks, smart banking, video tellers have been successfully driving the youths into more active banking. Video banking has made unbanked branches earn business ignoring their locational downside. The IndusInd Bank has joined the video bandwagon in providing their customers with video conferencing solutions, through easily available apps on Google Play and Apple Store. The customers can now directly speak with the concerned finance expert seek the help of matters related to investments, loan approvals and so on. The State Bank Of India has also launched 6 digital branches across the country called sbiNTOUCH providing services like instant account opening, loan approvals and personal financial advises.