Financial technology vendors have attempted to tackle this issue through a variety of solutions ranging from better mobile apps to more advanced ATMs. However, bank branches still want to be able to maintain a "human touch" to the experience even with this technology. A recent partnership between Popio Mobile Video Cloud and Jaguar Software is aiming to address this issue. Popio is integrating its video banking solution with Jaguar Software's digital processing and deposit services to deliver a full-service video banking experience.

Popio Mobile Video Cloud, a video banking and collaboration solutions provider, is partnering with Jaguar Software, a banking software solutions provider, to integrate Jaguar's digital processing and deposit services into Popio's video platform. With the integration, financial institutions can combine mobile video chat into other banking services such as check and payment processing, according to a press release.

I believe the best way to execute complex banking services and transactions is with the help of a dedicated professional. I imagine most people would find that statement agreeable. It seems obvious that people would need help selecting and opening accounts or applying for new loans. But with the implementation of digital self-service platforms, I’m surprised at how often that principle is compromised. When a self-service platform is the only digital channel through which users can open an account at a financial institution, they can be made to feel the institution is telling them to “visit a branch or go it alone.”

TEWKSBURY, Mass.--(BUSINESS WIRE)--TimeTrade SilverCloud, an industry-leading provider of customer engagement solutions, and POPi/o Mobile Video Cloud (POPi/o), a provider of video banking and collaborative technology, today announced a partnership to enhance financial institutions’ capability to conduct virtual meetings between knowledgeable banking staff and account holders or prospects. This partnership will allow consumers to conveniently schedule appointments with the right resources at a bank or credit union through virtual, face-to-face discussions, providing a more engaging, personalized experience.

This year, more than ever, the virtual branch has been discussed quite a bit -- for obvious reasons surrounding the pandemic. It's topic that's increasing more and more for credit unions, as they discover new ways to serve their members in our current, touchless environment.

If you really look at it, the pandemic has forced many organizations in various industries to develop more efficient processes and procedures to better serve their audiences. As we all know, video is many times a central tool in providing this enhanced customer service. Credit unions are no stranger to this development, as well.

While we were hopeful that members would comply, the shift to online banking was dramatic, with 50,000 more online transactions in April than in March – a 38% increase. April was another record month due to the stimulus payments, and the online trend is sure to increase as members adopt the newer technology, including a new mobile application we introduced in July to further facilitate online transactions. While we have a six-branch network and serve the entire state of Michigan, we consider this new mobile app another branch, with a mobile video teller platform allowing members to connect anywhere and anytime for safe, secure banking. Its initial use – 46 video sessions with members in the first four days of the platform launch – far exceeded our expectations.

“In March 2020, we experienced a 461% growth in video calls on our platform,” said POPi/o Mobile Video Cloud’s President and COO Jed Taylor. “Throughout March and April, each progressive week generated a new record for weekly video call volume.”