Video banking brings great benefits for banks looking to offer remote financial advice in a personal way. It establishes a live video connection between a customer and a financial advisor.
The major benefit is that video banking allows banks to interact with customers digitally, in a secure and efficient yet still human way. These are the benefits for your customers and your bank 👇
Video banking benefits
The benefit of video banking is that it allows banking customers to talk to a financial advisor from home, using their laptop, tablet or smartphone. Video banking technology is safe, on-demand and easy to use for both the customer and the financial advisor.
Video banking brings benefits to banks looking to interact with customers safely and digitally, while staying personal at the same time. This year, the default channel for banking suddenly shifted from face-to-face in branch to 100% remote interaction with customers. Video banking has become the new standard for financial services, and remote video advice will remain a major channel in banks’ interactions from now on.
There are many different applications or use cases where video banking benefits both the bank and the customer, like wealth management and mortgage loan applications.
How video banking benefits your customers
The ultimate benefit of video banking is that your customers receive fast & efficient, yet still highly personal financial advice - also in times of social distancing and quarantine measures. The new digital way of video banking allows customers to interact with a bank agent or financial advisor from anywhere. Using any device connected to the internet, customers can start a video banking session with their bank from home, the office, or on the go.
Benefit 1: Video banking is convenient & easy to use
- Customers can contact you from their own home - a safe way to interact with their bank during the corona crisis, which also saves travel time
- Video banking works with a simple click on a link, offering a smooth User Experience.
- Customers schedule and start a video call themselves. You integrate video banking with your CRM and embed it on your own website & login environment, with an integrated booking form for example.
Benefit 2: Clear conversations & a smooth customer journey
- Video banking makes it easier to understand complex topics, thanks to the extra visual support during a video call, with screen sharing or co-browsing
- Customers get what they need faster, with less waiting time. The process for a mortgage application, for example, can be sped up online. And if a customer has a complex question for your Customer Service they can be instantly connected to an agent via video banking.
How video banking benefits your bank
The most important benefit of video banking for your bank is that helps you to provide the most convenient and efficient online banking experience.
Video banking benefit 1: Improve customer satisfaction
- With video banking, you continue to provide high-quality financial advice in a personal way, also when physical branches are closed
- You offer safe and personal financial advice from the comfort of your customers’ own home
- Build stronger customer relationships by making touch points more frequent and proactive. A big benefit of video banking is that it allows you to personally advise customers on the financial impact of current affairs, like Brexit or the corona crisis
- Boost customer satisfaction rates: clients of 24sessions receive NPS scores of up to +78
Video banking benefit 2: Boost efficiency and productivity
- Save precious travel time for both your clients and advisors
- Make high-quality financial advice and high-value conversations with your experts available to more customers, regardless of their physical location by centralising video banking
- Have shorter meetings. Financial advice via video banking takes up to +30% less time than physical meetings
- Give fast and personal advice for mortgages and loans. Customers can go through the decision process as quickly as possible, which gives you a competitive advantage
- Improve first-time fixes and reduce ticket handling time. With video banking, you can provide interactive, personal support to customers with more complex questions
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Video banking benefit 3: Increase revenue
- Speed up the sales cycle. Video banking is clearer and requires less follow-up than telephone conversations, because visual aids like screen sharing or co-browsing make it easier to explain complex topics
- Increase sales conversion rates by up to +33% thanks to efficient yet personal conversations
- As video banking is personal, it helps advisors to understand customers’ needs better and signal opportunities for upsell or cross-selling. This way it can increase sales conversions in comparison with contact via chat or phone only.
How can you use video banking?
Great use cases for Video Banking are:
- Remote advice on mortgages & loans
- Retail Banking
- Customer service
- Investments & Wealth management
- Private banking
- Business Banking
- Insurance
Establish a live video connection between one of your financial advisors or agents, and the customer. Video banking with 24sessions is 100% digital, remote. Our services are being used by major European banks, like Rabobank, SNS and Nationwide.
Discover more benefits of video banking
Like to find out how video banking can benefit your organisation? Learn more about our Video Banking solution.
Or discover examples & proven use cases of how leading European banks are implementing Video Banking in our State of Video Banking report:
