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. POPi/o 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. POPi/o Video Banking can provide substantial compliance support because the service supports document and signature collection.
3. Loan Workflow
Market research firm Forrester reported online loan application abandon rates were a staggering 97.5% in 2016. POPi/o 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 POPi/o reduce your online abandon rate, but also provides a superior experience for consumers and your employees.
POPi/o 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. POPi/o 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.