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Mobile Banking Archives - Page 4 of 7 - POPi/o

Aug 13
7
African American parents with older children on backs taking a walk in the woods

Is your Financial Institution loved?

By | Blog, Video Banking | No Comments

When community financial institutions compare themselves to big banks, they usually talk about great service.

“Our consumers love us,” they say.

But do they? Do they really?

Data has helped FIs more accurately measure performance boosting factors like market sensitivity to rates and fees, look-to-book ratios and digital marketing rate of return. Data has also helped improve the accuracy of net promoter scores and consumer satisfaction. This data might show that your financial institution is performing better than your competition; and yet, you’re still not meeting your organizational goals.

It seems like something is missing. That something is love.

Illustration of woman sitting on couch looking at smartphone with hearts floating upwards

Back before technology quantified everything, financial institutions relied upon old fashioned human indicators to measure how much their consumers loved them. Things like word-of-mouth referrals and branch traffic may sound quaint today, but they represent one thing that’s missing in our digital, data-driven world: human interaction.

Research says today’s consumer wants 24/7 digital access, automatic loan decisioning, the latest P2P payments service, and of course, the best products and most competitive rates.

But do they? Do they really?

A recent J.D. Power Retail Banking study revealed something very interesting: the thing consumers said they want most from their financial institution is advice. Of those surveyed, an overwhelming 78% said they wanted financial advice, but only 28% said they received it. You might think you’re providing advice on your website when you explain your products and services, or in blog posts that teach financial literacy skills. But that’s not advice. Advice requires a two-way conversation that values listening as much as selling.

How survey participants said they received advice supports this fact. Of those who told J.D. Power they received advice, only 33% who received it via email said it met their needs. Compare that to the 58% who loved the advice they received face-to-face. Now here’s where it gets tricky: nearly 60% said they want to receive that face-to-face advice through their financial institution’s mobile app.

“The key takeaway from this study is that there is a huge opportunity to leverage a combination of in-person and digital interactions to provide advice and guidance that assist customers in their financial journey,” said Paul McAdam, J.D. Power senior director of banking practice.

We believe when a financial institution uses technology to make its consumers feel loved, it’s the best of both worlds. And we think your bottom line will show it.

Jun 18
4
Timeline of POPin video banking evolution

Video Banking Evolution

By | Blog, Video Banking | No Comments

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.

timeline_post

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What is video banking? Learn more here >

May 08
7
Woman sitting in airport terminal looking at smartphone

Centralizing Lending Delights Consumers and Lenders

By | Blog, Video Banking | No Comments

Only 26% of consumers prefer to conduct their financial business in a branch, according to a new study from global management consulting firm McKinsey & Company. That’s down from 38% in 2016.

This change in consumer behavior fueled an all-time record of nearly 2,000 branches closed in 2018, according to S&P Global.

Don’t assume this trend is only being driven by routine transactions. Lending is also experiencing a service shift, moving from loan officers in every branch to a focused, centralized effort. And we’re not just talking about credit card applications. Even mortgage lenders are centralizing their operations.

Last fall, the $123 billion BMO Harris Bank eliminated most of its branch mortgage officer positions and now sends borrowers to a centralized mortgage call center and an online mortgage application platform.

Woman sitting in airport terminal looking at smartphone

Bankrate.com Chief Financial Analyst Greg McBride said mortgage loan officers simply aren’t being utilized in branches anymore. However, digital doesn’t necessarily mean an entirely online experience.

“The use of call centers or video conferencing centralizes the taking of applications and provides a human interaction in a more efficient manner than stationing someone in a branch,” he added.

That human interaction is key to a successful centralized lending effort. Loan officers are located in an efficient, single location, but are available to borrowers via phone or video. Consumers usually have the option to call in from home, work or while traveling … and, just in case a consumer visits a branch to apply for a loan, most financial institutions also offer video access from the branch, too.

Video-based lending teams also close the gap when it comes to online lending attrition rates. Community financial institutions have invested significant capital in online self-service account opening and loan application tools, only to be disappointed that 80% or more of applicants abandon the cart. Video Banking provides the engagement needed to identify a borrower who is struggling with the application process to assist them immediately with a click of a button…

Centralized lending also allows financial institutions to select the best employees for the job – those whose skill sets focus on the drive to sell and grow, rather than task-oriented branch responsibilities.

The more lenders can focus on just lending, the more skilled they become. Think about it – it’s difficult to be consistent when you only do something a couple of times a week. Due to low volume, in-branch lenders don’t have an opportunity to complete a variety of loans on a regular basis, which can sometimes lead to costly mistakes. A centralized team with higher volumes improves consistency, makes training easier, and allows for easier goal and improvement tracking.

Not only are loan officers more focused on their jobs, in many cases centralizing lending operations allows them to sit close to their underwriting and processing teams. Not only does this improve efficiency that allows for loan decisioning within 30 minutes or less, but it also provides a culture in which the entire team works together to achieve organizational loan growth goals.

FIs that have centralized their lending operations have the numbers to back up that concept. For example, one credit union on the east coast saw a huge productivity boost after centralizing its lending operations, seeing an average loan volume per employee increase by 80%. Brett Christensen of CU Lending Advice has been touting the benefits of centralized lending for a few years. In one of his recent presentations, he said a credit union in Texas centralized lending and in one month one of their centralized lenders sold 143 GAP policies, 47 extended warranties and funded $3.7M in new loans.

The entire organization is more efficient across the board, too. Centralized lending allows staffing decisions to be based on overall loan volume, not geography. The $730 million Tropical Financial Credit Union in Miramar, Florida, reduced its front-line lending staff by 77%, from 19 employees spread out across their branch network to just 9 centralized and highly productive staff.

POPi/o is a perfect system to build a successful centralized lending strategy because it provides face-to-face video interaction at the borrower’s convenience and it was created to support lending workflows. For example, POPi/o collaboration tools provide the ability for loan officers to educate consumers on their loan choices with screen sharing, slide sharing, and other engaging tech tools. Once a product selection has been made, the consumer can provide their photo ID, proof of income and other necessities, then review and sign the loan application in just one video chat session.

If you are interested in learning more about how POPi/o can help support your centralized lending strategy, please contact us for a POPi/o demo at www.POPio.com.

Mar 22
4
Young businesswoman doing work with laptop next to her

Data Shows that Video Banking Generates Positive ROI

By | Blog, Video Banking | No Comments

They say you can’t put a price on great service but try convincing your boss of that when you’re pitching a new digital service channel. The bottom line is undeniable: ROI matters.

Video banking delivers ROI, and our users’ 2018 data proves it.

Most people think of video banking as just another way to process routine account transactions, but that’s not true. Last year, the most frequent use of POPi/o Video Banking was lending.

Let that sink in for a moment. More than one-third – 36% to be exact – of customers who contacted their credit union or bank using video banking did so to apply for or fund a loan. And these weren’t just consumer loans, either. Twenty-six percent of our financial institutions utilize video banking as a way to process business loans.

Asian businessman leaning on restaurant table looking at smartphone

All that consumer and business loan activity means a direct source of new interest and fee income, and a chance to grow your market share. And as rates continue to rise, your ROI and income will grow along with it.

Okay, so surely the second most common use of video banking was routine transactions, right? Yes, but just barely: 16% of consumers used video banking for account service. However, following right behind at 15% were consumers who opened new accounts.

When you put together the loans and new account activities more than half of all consumers using the video banking channel last year contributed a quantifiable business value to their financial institution. Why is video banking such a great channel for profitable account activity? Because it’s more than just a channel that supports face-to-face conversation. POPi/o Video Banking includes key workflow capabilities that provide a complete service experience. For example, consumers can use video banking to easily upload supporting documents to complete loan applications, like IDs and paystubs. Video banking even supports eSignatures, which means consumers can go from application to funding in just one call.

That level of video interaction delights consumers, and our data shows it. POPi/o Video Banking scored 4.7 stars out of 5 with our financial institutions’ customers, which include more than just millennials and Gen Z. Video banking is also popular with retirees who have limited mobility, customers who speak English as a second language and middle-aged executives who travel for work.

The most popular channel for video banking is mobile – 63% of POPi/o financial institutions have deployed video banking into the mobile channel because it gives them the greatest reach. However, surveys show that most consumers prefer to use more than one channel to access their financial accounts, so our financial institutions also work toward also implementing video banking online and/or in a branch.

Another interesting point revealed in our 2018 user data was that the average video banking call is only a little more than five minutes. That’s a perfect length that allows your representatives and your customers to have a complete, yet efficient, service experience.

If you’d like to learn more about our 2018 user data and how POPi/o Video Banking can produce positive ROI for your credit union or bank, please request a demonstration here.

Feb 05
4
Woman agent at financial institution with other employees in background

Video Conferencing vs. Video Banking

By | Blog, Video Banking | No Comments

Can’t we just use Skype?

What’s the difference between video conferencing and video banking? Can’t you just use Skype, FaceTime or Zoom to talk to consumers with less overhead?

If you’re in charge of operations and want to add video banking to your FI’s digital channels, you might get these questions from your boss, executive team or board. There are very distinct differences between video conferencing and video banking, and in order to deliver the experience your consumers expect and maintain your service standards, you definitely need to offer video banking.

However, if you’re not prepared for the question and caught off guard you might struggle to explain the differences, so here’s a quick rundown of the facts.

Woman agent at financial institution with other employees in background

Video Conferencing

Video communication apps allow two people in different locations to communicate face to face. As 3G and 4G technology availability has made connection faster and cheaper, video chat has become very popular across generations. Video conferencing is more than a Skype chat with Grandma. It also provides the ability to share educational information and provide a platform for business negotiations.

That’s one of the big differences between video conferencing and video banking – the former enables communication between businesses and is not addressing the consumer side of collaboration. Additionally, most video conferencing platforms require both parties to set a date and time to communicate, which creates service friction. How many times have you been the only one to show up for a video conference? It’s incredibly frustrating; imagine experiencing that as a consumer.

Video chat apps aren’t secure enough for banking transactions. You’ve probably heard the recent news about the iPhone FaceTime bug that allows users to eavesdrop on others before they even accept the call. The last thing your FI needs is bad publicity suggesting you don’t properly safeguard financial information because you used FaceTime to conduct financial transactions.

Finally, video conferencing’s main purpose is cost savings. It means you don’t have to fly your vendor or your remote team members into the main office for an in-person meeting. Free or low-cost video conferencing services might be cheaper than video banking, but when it comes to digital channels, cost savings isn’t the only factor to consider. Convenience, consumer experience, compliance, and workflow must be included in your due diligence.

Video Banking

Video banking, on the other hand, does more than allow face-to-face digital communication. It recreates an entire branch experience, with tellers, consumer service representatives, loan officers, and financial advisors.

That’s the biggest difference between the two channels – video banking was custom built to meet the needs of banking consumer needs and work with banking workflows. Unlike video conferencing, video banking usually includes the following features:

  • Document collection
  • Document signature
  • Screen sharing
  • Presentations
  • URL sharing
  • Standardized business workflows
  • Branch, web, and mobile deployments

A robust video banking app brings all of your products and services together, which increases your staff efficiency and racks up sales.

Unlike video conferencing, which requires everyone to show up at a specific date and time, video banking can be built into your call center queue. That makes it on demand for consumers, the way retail channels should be.

Video banking also allows you to record the call, produce logs and metrics to track performance and provide data to prove compliance. That’s important: video banking apps are compliant with security regulations that safeguard financial data. WebEx and FaceTime are great services, but they aren’t going to impress your executive team.

Financial regulators are expected to scrutinize technology even more in 2019, according to a recent American Banker article. It reported that because Democrats have regained control of the House, and Republicans only hold a slim majority in the Senate, banking regulation is expected to tighten. Additionally, banking regulators are still under pressure to protect consumers from data breaches. You should expect your examiner to review all of your fintech vendors and digital channels, searching for weak links. Now is not the time to skimp on security!

Finally, consumers value experience more than ever. In fact, surveys keep revealing that younger consumers are willing to pay more for a loan if the lender provides a superior digital experience. Even Grandma, who already knows how to use video chat technology, appreciates the convenience video banking provides – many banks and credit unions have found that video banking adoption rates across all generations have been higher than expected.

The differences between video conferencing and video banking are clear. Start providing better experiences, that will make your financial institution one your consumers love.

Nov 12
5
Person holding a piece of paper up to sky with cloud cut out

10 Reasons to Look to the Cloud

By | Blog, Video Banking | No Comments

Financial institutions have been wringing their hands for years, wondering when tech giants Amazon and Google will compete against them directly.

The answer might be never.

According to an article published in The Wall Street Journal, Amazon and Google aren’t as interested in banking as they once were. The reason is that as financial institutions increasingly transfer technology to the cloud, Amazon and Google are making more money offering cloud computing services to FIs than they could make competing against them offering banking services to consumers.

Business is booming for Amazon’s AWS, Alphabet’s Google Cloud and Microsoft’s Azure as financial institutions transfer infrastructure, platforms, software and recovery systems from on-site servers to the cloud.

POPi/o Mobile Video Cloud recently changed its name to reflect our Software as a Service structure (Saas). When it comes to leveraging everything the cloud has to offer technology, we’re all in.

Why has POPi/o and the financial services industry finally embraced the cloud? Here are 10 reasons.

  • Disaster recovery
    • We’ve all seen the horrific damage to buildings that Hurricane Michael caused. I’m sure there were plenty of bank and credit union executives who watched nervously as the hurricane veered dangerously close to their service bureau or backup facilities. Don’t let natural disasters – from which you’re protecting your systems – be the weak link that causes disaster recovery failure. Cloud-based disaster recovery services will keep you up and running and allow you to focus on serving victims of natural disasters who need your help.
  • Faster updates
    • The policy of prevention over cure rules today’s digital-first marketplace. The cloud allows you to automatically fix bugs, update customization and make other updates without having to individually upload to each workstation.
  • Quicker deployments
    • The cloud allows you to deploy new technology and services in hours instead of days … or weeks … or even months. All you need is a browser and a bit of training.
  • Serious cost savings
    • This is a biggie. Not only do on-premises hardware and the required software upgrades cost big bucks, but you also have to pay for someone to install and update software, install and manage servers and run backups. With the cloud, those expenses are the responsibility of the vendor; you only pay for what you need.
  • Security
    • For too long, financial institutions were afraid the cloud posed a security threat. Yet research has consistently shown that human error is a greater risk. The cloud doesn’t require in-house physical access security and deployed security protocols. Encryption can be deployed across a wider network quickly, and cloud servers are located at secure locations that are rigorously tested and have multi-factor security.
  • Ongoing education
    • Cloud service providers take the guessing out of getting a new solution to work for you. Rather than relying on in-house expertise, which will require you to pay for educational courses and conference to keep current, your vendor will be your expert.
  • Flexible scalability
    • The cloud is scalable as you grow. If you need more licenses, you can get more licenses. If you need to take some away, go right ahead. As your business grows or slows, the cloud will adapt with you.
  • Mobility
    • Cloud-based services are internet based, so you can access your systems from wherever you or your remotely-based staff have an internet connection.
  • Competitive
    • The cloud allows you to disrupt your market with enterprise-class technology and speed while staying lean and nimble.
  • Environmentally friendly
    • Not only will you reduce the space required in branches and your headquarters to store and access servers, but cloud protocol is also greener than onsite technology because you only use as much as you need.
Nov 01
3
POPi/o Mobile Video Cloud logo

PR: POPin becomes POPi/o Mobile Video Cloud, New Clients & CUNA Award

By | Video Banking | No Comments

SALT LAKE CITY NOVEMBER 1, 2018

Today, POPin Video Banking Collaboration, the industry’s first interactive mobile video banking solution, announced its name change to POPi/o Mobile Video Cloud to reflect the company’s evolution as the premier platform for providing point-of-purchase (POP) experiences consumers can easily move in and out (i/o) of, seamlessly blending physical and digital interactions across all channels by utilizing the mobile video cloud.

Read the full press release here: POPin Video Banking Collaboration Changes Name to POPi/o Mobile Video Cloud, Announces New Clients & CUNA Award

Press Contact
POPi/o Mobile Video Cloud
Kristi McCain, (385) 204-4341
mccainconsultingllc@gmail.com

Learn more about POPi/o Mobile Video Cloud & Video Banking by clicking here.