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The 4 maturity factors we used for our Video Banking benchmark

Video calling has established itself as a key channel in omni-channel customer communication across organisations. Especially since the start of the pandemic, consumer adoption of digital channels has skyrocketed.

Banks were the 1st to widely adopt video calls for interacting with customers. Long before the pandemic, over 90% of customer interactions in the Banking industry had already shifted from in-branch to remote channels, like online and mobile banking (Accenture 2019). While organisations in other industries might just be getting started with video calling for Customer Engagement, most financial organisations are a few steps ahead - scaling Video Banking as a mature CX channel.

As the expert in enterprise Video Banking, we thought now was the perfect time to create a benchmark report! How are retail banks in Europe and the UK implementing Video Banking? Which banks are mature leaders, and what can other banks learn from them? 

We ranked banks' implementation of Video Banking on different maturity levels. In this blog, discover the maturity model that our Video Banking benchmark is based on.

1. Channel Governance
2. Customer journey integration
3. Embedding in workflows
4. Data insights
 

Blog-CTA_download-video-banking-benchmark-general

 

Our benchmark model: 4 factors to assess Video Banking maturity on


To rank retail banks in the UK and Europe on their implementation of Video Banking, we created a Maturity Scoring Model. It is based on 4 factors.

The main thought behind it, is that remote Customer Engagement post-pandemic is about more than simply establishing a live video connection. Modern banks need to make a shift from a simple deployment to make remote advice ‘work’, to a strategic and scalable approach to Video Banking.

So we assessed the UK and Europe’s top banks on how advanced their Video Banking implementation was based on these 4 implementation factors:

1. Channel Governance
2. Customer journey integration
3. Embedding in workflows
4. Data insights


For each of these implementation factors, we ranked banks on a maturity level between 1 and 4, ranging from having video merely ‘available’ as a channel (level 1), to transforming financial services and Customer Engagement channels through Video Banking (level 4). 
 

Maturity-Model-for-video-banking-benchmark


The majority of retail banks today are at level 1 or 2 of our maturity model, offering Video Banking for 1 specific service. However, to achieve long-term business impact with Video Banking, banks need to evolve into maturity level 3 or 4.

The benchmark assessment taught us that there are true leaders, banks who excel at a specific Video Banking Maturity factor, or - usually - at several factors. Read on to find out which retail bank in the UK, Ireland and Europe scores highest on the 4 factors of our Video Banking benchmark 👇

 

Video Banking maturity factor 1: Channel governance


Channel governance is about having a clear strategy about where and when to offer Video Banking relative to other contact channels in an omni-channel CX strategy. 

Does your bank have a top-down vision on which channels to use for which customer interaction - phone, chat, a branch visit or video banking? Is that vision actively promoted by the boardroom, higher management or other high-level stakeholders?
 

video-banking-embedded-on-website-and-integrated-in-IT-architecture

 

The most mature level in Video Banking channel governance means your organisation markets video calls as a preferred channel for specific services both externally - embedded at different customer journey touchpoints (on the website, app and in messaging channels) as part of an omni-channel mix - and internally, i.e seamlessly integrated with the main IT architecture.
 

An example of a leader in channel governance from the Benelux, is the 3rd largest bank in the Netherlands, ABN Amro.

In 2018 already, ABN Amro's Director of Personal Banking Klaas Ariaans stated:

"We want to be a leading bank in offering financial advice via video. Soon 3,000 employees will be able to advise customers this way."

 

video-banking-leader-abn-amro

 
ABN was the 1st bank in the Benelux to launch video banking, even coining the Dutch term for it – ‘beeldbankieren’. The board decided to make video advice one of its 2 strategic pillars in 2018, setting a target of doing at least 50% of advisory conversations via video. 

 
For
Video Banking leaders in the UK, you can think of Barclays, who in 2014 was the first bank to launch face-to-face video banking in the home, or HSBC, who offers remote video advice globally.

video-banking-leaders-uk-ireland
 

Video Banking benchmark factor 2: Customer journeys


Mature customer journeys for Video Banking are defined by allowing customers to interact with you via video for any interaction where it’s a relevant channel.

It’s about how Video Banking is offered in the customer journey. Is channel choice driven by agents and processes, or can customers choose between booking an in-branch appointment or a video call themselves? And do you allow customers to request instant video advice as well, e.g. from your website, mobile app or a chat escalation?
 

Video-Banking-implementation-example-customer-journe-Natwest

 

NatWest, one of the UK’s ‘big four’, is a great example of mature, customer-driven Video Banking journeys. The bank offers both instant and scheduled video appointments for video banking, which customers can request or book via a form integrated on the NatWest website, as well as through their award-winning banking app.



Video Banking maturity factor 3: Embedding in workflows


This benchmark factor looks at whether banks have deployed Video Banking as a stand-alone solution, or if it is integrated in internal workflows – i.e. in the CRM system, scheduling tool or other key applications that advisors work with.

Maturity in Workflow integration assesses how easy you make it for your advisors to use Video Banking, and schedule, start or pick up a video call with a client. 

To score the highest maturity in Video Banking workflows means that on top of integrating video customer contact in your CRM or Contact Center suite, your bank has also connected the video banking technology with its main IT architecture – such as with its Business Intelligence tooling, with a SAML/SCIM integration, or with the help of an video call API.

benchmark-maturity-factor-embedding-video-banking-in-workflows

 
Dutch retail bank Rabobank is an example of a leader in Video Banking workflows. Rabobank has rolled out video banking centrally from mortgage advice only at first, to all 15,000 client-facing agents at the moment. This scaling up is made possible by full embedding of video call technology in internal workflows, like Rabobank’s CRM & booking system, Contact Center software Genesys and Business Intelligence tooling.
 

download-case-study-15000-video-banking-agents-rabobank

 

Video Banking benchmark factor 4: Data insights


The 4th maturity factor for Video Banking is the use of video call data for reporting (level 1-2), or for improving the quality and efficiency of remote video advice (level 3-4). 

We assess if banks collect segmented data on video banking specifically – such as popular time slots, average duration, NPS or other Customer Satisfaction metrics, and conversion rates. 

Does a bank turn that data into actionable insights to improve its Video Banking services and processes? For example, to optimise customer journeys and allocate its advisors’ time more efficiently - i.e. with the help of value-based routing or by generating automated conversation transcripts using AI? Is data used for making predictions, and does Management look at video banking data for decision making?
 

example-Video-Banking-implementation-data-insights-ING

 

An example of a leader in Video Banking data insights in the Benelux is ING Bank. ING Netherlands collects segmented data based on video call KPIs set by Management (which means they also score high on Channel Governance 🕵️), such as on popular time slots, conversion rates and agent performance. 

ING split data per meeting type (or video service), and use these insights to improve the efficiency and ROI of Video Banking, for example with value-based routing – i.e. smarter routing processes for high-value conversations like mortgage advice

 

Access the full Video Banking benchmark report


Like to see more examples of how UK and European banks have implemented Video Banking? Or how your bank scores according to our maturity benchmark? Click below to download our full Video Banking benchmark report (UK & Ireland):

Blog-CTA_download-video-banking-benchmark-general

 

 🇳🇱 🇧🇪 
Looking for banks in the Netherlands, Belgium and Luxembourg? Download our Benelux benchmark
 

Topics:Trends and ResearchBanking

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