Video Banking Comparison: “Old School” vs. “New School”
Coffee with Carrie Video Blog:
This Video Banking Comparison blog is a video banking comparison that should add some clarity for banking executives when they hear the word “video banking”. Historically, this meant you had to have expensive hardware, camera equipment installed at your branch location, drive-thru, or ATM’s. We like to refer to that as “old school”. This method requires travel for your customers and large investment from each and every branch as well as the flagship. Sure, it still nurtures a human connection through video, but convenience is sacrificed. Investment is also large and very difficult in strategy and implementation.
The “new school” video banking when you hear it referred to in 2018, is to enable your prospects and/or customers to connect with you on THEIR own smartphone. There is no need for them to come into the branch, drive-thru, or find an ATM. They could be checking their account and need to talk about more complex products. They can then connect to an expert and conclude any business at their convenience. Any branch or employee can scale easily without the need for expensive hardware and software. All a bank representative needs is a camera (either built-in or installed at no more than $20 for the hardware) and our software solution. The software continues to easily scale with the organization.
The video banking comparison highlights the differences in all three models: video banking for branches, drive-thrus, and ATMs.
To see a real use case of a Video Banking Comparisons, watch our quick video. It highlights the customer experience and the real cost of a physical branch visit.
What's My Video Banking ROI?
Get your custom ROI calculation using industry standards and 3rd party data.
Provide an in-person experience for your online customers. When it comes to online personal finances customers want live assistance from an expert. Being able to see that representative adds an element of trust and clarity to interactions and shrinks concerns that might otherwise stop customers from completing their transactions online
The average video banking ROI is 300%.
What's My Video Banking ROI?
Get your custom ROI calculation using industry standards and 3rd party data.
Provide an in-person experience for your online customers. When it comes to online personal finances customers want live assistance from an expert. Being able to see that representative adds an element of trust and clarity to interactions and shrinks concerns that might otherwise stop customers from completing their transactions online
The average video banking ROI is 300%.
Three Simple Ways to Connect with Customers
Direct Connect
Directly connect with your customers from a personal, dedicated video phone number.
Instalink
Share your secured direct link, providing you instantaneous connection with your customers.
Text Link
Send an SMS text to customers to instantly connect with one touch!
Increase your online conversion rates and application throughput rates with digital customer acquisition in banking and financial services.
Learn how video banking can increase conversion:
Reduce Incomplete Applications
Reduce application abandonment rate with video chat + screen share. Proactively guide the experience to increase conversions
Product Questions and Advice
Increase online conversion rates up to 40% with video chat readily available on complex, competitive and high-touch product pages.
Geographical Reach
Expand digital sales reach beyond physical branch radius. Build high trust face-to-face relationships virtually.
Emotional Connection
Create memorable relationships vs. phone conversations. 8 out of 10 video banking prospects remember defined characteristics from the conversation vs. 5/10 phone calls cannot remember the name of whom they spoke to.
Cost To Acquire
Reduce costs of channel switching from online to branch to open new accounts. Reduce drop-off rate and support centralized.
Virtual Workforce
Optimize specialized workforce across branch locations and online for immediate new product assistance.
