Financial Institutions Look to Video Banking

According to research video banking is set to take off over the next few years in order to improve the personal connection between banks and customers.

93% of banks believe the use of high-quality video in banking services will improve customer satisfaction, with 2016 set to be an inflection point.

The research report was conducted by banking association Efma and video collaboration technology maker Vidyo. It found that 10% of banks will use video for banking services in 2016; 50% will use it by the end of 2017 and 80% by the end of 2018.

The research was carried out through meetings with 63 banking professionals from 24 countries. More data was collected via an online survey with 136 bankers in 52 countries responding.

CEO at Efma, Vincent Bastid, said: “The findings show there is a strong appetite for video-powered banking worldwide. We firmly believe in the power of the technology to maintain and improve the personal connection between the customer and the bank.”

Despite the digital age changing the face of banking the personal connection with customers is still seen as very important to banks. Technology is being used to retain the personal connection with customers and to help save costs.

Lloyds Bank and Halifax customers can now receive face-to-face mortgage advice via video link and customers who are unable to travel can now opt to meet with a mortgage consultant via a computer.

The research also found that 70% prefer video banking on mobiles or desktops rather than in branch or at an ATM, with 60% saying they believe wealth management, mortgage and loan services are best suited for video banking. 

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