Future Of Video Banking In India: How Covid-19 Powered The Video Banking Application
Customers are now more willing to try out a new app than they were before the covid-19 outbreak, and they want banks to maximize digital interactions and comeup with digital alternatives for their day-to-day banking needs. In the face of the covid-19 epidemic, traditional banking is being replaced by digital banking. During the lockdown, video banking is quite useful. Millions of people around the world have been forced to isolate themselves and remain in their houses because of a global epidemic. People are hesitant to go to public places for fear of contracting covid-19 if they come into contact with other people.
Before the outbreak, a handful of banks and credit unions were running a video banking platform. But after Covid-19 shuttered branches and choked off in person visits, financial institutions around the world were desperate for digital alternatives to replace in person interactions. Greg McBride, the Chief Financial Analyst at Bankrate.com, says that the massive shift from brick and mortar to digital banking channels will help spur more widespread adoption of video banking platforms. "The way branches are used has changed dramatically in the last decade, that will continue to change in the next decade. Fewer and fewer transactions are taking place in the branch. The video makes it possible for the bank to go to the customer instead of requiring customers to travel to a branch," Greg notes.
POPi/o a leading provider of video banking technology, reported that its 120 retail banking customers were collectively generating around 30,000 video calls a month through its cloud-based application. They also added more than 50 new financial institutions since the pandemic hit, with implementation taking about 12 weeks.
Gene Pranger, POPi/o's Founder, & CEO says that banking providers'volume of video chats continues to grow and generate revenues for financial institutions. According to Gene, general service calls among the firm's video banking clients have dropped by four percent, while profitable interactions such as loans and new account openings grew by five percent. Four out of every five video interactions are related to new account openings or loans. Consumers give video calls an average of 4.8 stars on a five point scale. "That tells me we are doing something right by providing the ability to have eye to eye visual contact with people in a way they are used to today with all the video conferencing going on in the market place," says Gene.
How Can Customers Conduct Their Banking Transactions While Sitting At Home?
Video banking is one of the services that banks provide to their customers in order to make the banking process easier for them. Even before the lock down, video banking was widely used. Yes, many banks have kept up with technological advancements to provide the best service to their customersand have implemented video banking functionality to make the entire banking process easier for their customers. You will have complete control over your account, with all of your personal information and funds at your fingertips.
What Is Video Banking, And How Does IT Work?
VideoBanking is a technology that allows you to have face-to-face conversations and interactions with bank representatives on your laptop, desktop, or mobile phone to assist you with your banking needs and activities. Having the ability to manage your account and carry out your daily banking needs at a location and time that is convenient for you has been a lifesaver for many people around the world during this lockdown.
Would you be comfortable visiting the bank yourself if you were stuck in your house during the lockdown and needed to transfer money to someone? Currently, the answer to this question is ‘No’ according to millions of people all over the world. Nobody wants to interact with another human being, and many people don't want other humans in their immediate vicinity, so everyone is practicing social distancing. Nonetheless, almost all of us wish we had a personal banking advisor to assist us with all of our needs and requirements. Despite the fact that we can call our bank's callcenter and speak with banking representatives, there is a disconnect, a gap between what customers receive and what they expect. The lack of human touch between the customer and the call center representative is the cause of the disconnect.
Users can clearly understand and communicate with the person, but the visual aspect is lacking, making it difficult to establish a relationship between the customer and the bank representative. Video banking bridges the gap between a desire for human contact and a desire for no human contact at all.
Let's take a look at some of the reasons why many financial institutions have adopted video banking to ensure that their customers never feel neglected or unattended.
•Users can communicate with a bank representative through a virtual face-to-face connection.
•These conversations can take place at a time and place that is convenient for the customer.
•Reduces the need for realtime physical human interaction when conducting banking transactions and managing an account.
•Increases customer engagement with the brand, resulting in increased brand loyalty.
•Positive effects on the overall organization's ROI and conversion rate.
With the pandemic affecting so many cities and states, and many countries around the world implementing national lockdowns, video banking is one technology that can assist millions of people with their daily banking needs and activities. Customers can have virtual face-to-face interactions with banking experts to resolve all of their questions and help them complete their tasks while maintaining social distance and remaining at home. Video banking is completely riskfree. Financial institutions take great care to protect the privacy and security of their customers' data in order to prevent fraud. It's dependable and quick. People using video banking do not have to wait in long lines or use tokens. Customers can speak with a bank representative right away and get a response to their question in a matter of minutes.
Is Video Banking A Secure Option?
Financial institutions can shorten sales cycles, improve loan processing procedures, and even simplify the account opening process by using a safe and secure video banking feature. Banks have always been under a lot of pressure to provide a safe and secure video banking session for customers in order to comply with security and compliance regulations. For the protection of consumer data and bank data, numerous well planned security measures have been implemented.
Different governments around the world have strict video communication safety and security regulations for all financial institutions. These rules and guidelines are in place to safeguard consumer information and prevent any kind of data breach or fraud. Every financial institution must exercise vigilance in conducting due diligence on all transactions, closely monitor all financial activities, and improve customer identification & verification processes. Every financial institution is accountable and vigilant enough to report any suspicious activity immediately, reducing the risk of a security breach.
To keep customer data safe and secure, financial institutions have a very effective risk management and antifraud measures. In fact, banks and other financial institutions now have more control over their own and their customers' financial security than ever before. Customers can rest assured that their banking and account related data and information will remain private and secure, thanks to advanced technology that allows for a very secure and smooth banking experience.
Banks are doing everything possible to keep their customers connected and provide the best possible service. Banks ensure that they can provide a human touch even during the lockdown by providing video banking services. Overall, video banking is an excellent service because it allows customers to open or close bank accounts, transfer funds, pay bills, and conduct a variety of virtual face-to-face transactions with knowledgeable bank representatives. This is also completely secure and stable.