Date: February 20th, 2018
Video Banking Evolution
As I've reflected on my 20 years in video banking, it's been fun to see how far we've come. To highlight milestones in my video banking journey, I created this timeline. I hope you enjoy reviewing the milestones that have lead us here. Now let me welcome you to join us in the milestones to come.
Request a demo to see where video banking is heading.
Video Banking Is More Than a Cool Science Project
Video provides tremendous benefits to banks and credit unions, but beware of
meaningless “video science projects”. By that I mean a deployment that merely
proves that a team can get video to work, to see if people will use it, or to model the
branch of the future.
Don’t get me wrong, I get just as excited as anyone when an experiment works.
However, technology is only as valuable as the business problem it solves.
I’ve worked with Gene Pranger for 10 years now, and our goal has always been to
use video to transform the bank or credit union business. Video banking, when done
right, offers much more than a Skype-like experience. It solves business problems.
In particular, video banking can substantially improve operational efficiencies and
service. Here are four ways:
1. Convenient branch hours
For most credit unions and banks, providing convenient branch hours is extremely
expensive. According to a 2017 Gallup poll, only 30% of Americans work remotely,
which means 70% of your consumers find it inconvenient to visit your branch during
working hours. That results in heavy branch traffic early in the morning, during
lunch hour or at the end of the day. And it’s not just your consumers who are
inconvenienced; your branch employees must manage their time around the ebb
and flow of branch traffic. POPin Video Banking solves this problem by providing
face-to-face service from wherever your consumers may be, at their own
convenience. You can extend these face-to-face service hours by using employees at
a centralized, secure location without incurring the cost of extending or increasing
staff in each branch. And, longer service hours can help with recruiting, especially
among millennials, who want flexible work hours that don’t conform to typical 8-to-5 workdays.
2. Compliance Assistance
Does your bank or credit union struggle to collect documentation required to
process a change of address from remote consumers? What happens when a
borrower submits all of their loan documentation... except one last thing? And then
there’s Reg D, the dreaded federal regulation that limits account holders to six
electronic transfers per month. Complying with regulations, policies and procedures
can be difficult for consumers who struggle to visit a branch due to business hours or
because they live in another state. POPin Video Banking can provide substantial
compliance support because the service supports document and signature
3. Loan Workflow
Market research firm Forrester reported online loan application abandon rates
were a staggering 97.5% in 2016. POPin Video allows you to provide personalized
product expertise during the online application process to reduce abandonment
rates. We also offer a structured workflow that ensures all forms are consistently
signed and completed as efficiently as possible. So not only can POPin reduce your
online abandon rate, but also provides a superior experience for consumers and
POPin Video Banking provides face-to-face service for your consumers without
compromising the security of your tellers. Video banking representatives have
reported that they provide better service, particularly to irate consumers, because
they know they are physically safe. Whether the consumer is angry because of an
error, overdrawn account or loan denial, your employees have the confidence to
handle the matter calmly and professionally.
As an industry let’s stop video science projects and start deploying video solutions
which solve meaningful business problems. POPin Video Banking collaboration is a
great place to start. Not only will your bottom line experience relief, your employees
and consumers will thank you too.
Schedule a demo today!