AV integration expert, IVCi, explains how video conferencing can help financial institutions manage global accounts.

The retail banking sector is one of the most recent industries to benefit from video conferencing. It is an efficient way for financial institutions to grow and meet customer demands. With more and more people choosing to handle their banking needs online, banks need to find alternative ways to interact with customers and manage global accounts. Video conferencing is helping financial institutions to extend their reach by:

Connecting customers to tellers and experts. Video conferencing allows customers to reach experts from either a branch location or from home, whatever works best for them. Customers can ask questions, discuss options, or begin applications without having to drive to a bank in. It also allows customers within a bank to speak with specific experts on specific topics without having to go to a different bank location. This increased customer interaction positively impacts customer loyalty and allows customers to bank in a way that works for them.

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Offering ATM teller assistance. Some financial institutions are experimenting with having ATMs with teller assistance. This will give customers the convenience of an ATM while still handling more complex banking needs like cashing a check with exact change. The more advanced banking tasks are done with the assistance of a teller who is able to help the customer via video conferencing, some even if 24/7 support.

Keeping up with customer demands. Video conferencing allows financial institutions to keep up with growing customer demands without having to make expensive investments in branches and manpower. Since customers will be able to reach subject matter experts via video from any location, there will be no need to have several branches in one area or have subject matter experts at each branch. This provides significant cost savings without the sacrifice of customer relationships.

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As video conferencing technology further evolves, it’s predicted that customers will be able to take video banking mobile. In theory, with the help of video conferencing, banking can go completely virtual.

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