The Key Ingredients For Success In Video Banking
Today, we’re going to be talking about the top five video banking features and the technology uses for those features for Success In Video Banking. We get a lot of questions about that and want to break them down in this podcast. The first feature that I’ll talk about is developing a customer-centric model.
What does a customer-centric model really mean? Rather than thinking about how the bank or credit union has done business in the past and doing processes and technology around what is best for the financial institution, you’re putting on your customer’s hat, your customer’s shoes, and really thinking about what is best for them. So we actually break Success In Video Banking down in further detail in our Video Banking Beyond Four Walls white paper.
Convenience is key.
So as our convenience and our life being able to do things online and being able to do things digitally without having to go into a physical branch. Secondarily, as we look at relationship managers, loan officers, account managers, business bankers, we really don’t call into a bank or go into a branch until it’s reactive till we need something, or we have an issue.
So having that proactive outreach for those relationship managers through video banking and having those short kinds of account reviews, and check-ins really will help you break that 80/20 model of most of your kind of money management and outreach is with that 20% of customers that have the most money.
Empowering virtual employees with the Key Ingredients For Success In Video Banking.
The pandemic taught us that banks could actually function without physical walls. Employees were working from home there were a reduced number of branches in operation. We looked at optimizing that staff, and how those virtual employees could connect through technology, how they connect through still having those face-to-face relationships with customers and members, the optimizing staff across branches.
This is a very hot topic right now, as branches, especially micro branches and things like that, have reduced the number of staff. It is actually created longer hold times if you’re walking into a branch and having to wait into the lobby.
Being able to optimize staff to mega branches or branches that have people available right now and having video banking in those physical locations, it’s to connect to other locations is really great, as well as right off of your video banking, digital lobby on your website.
If somebody needs a business banker, being able to connect that across 5 or 10 different branches, versus it just going to one or two people will really help from that standpoint.
Embracing digital and video technology.
The technology is only as good as the culture. It’s only as good as employees backing the new way of life in connecting with members and customers and, and really having a top-down adoption from that standpoint. Don’t wait for another pandemic.
You know, a lot of big and credit unions were really scrambling overnight in the pandemic when things actually started getting shut down. And so not only did customers and members learn how, how to adapt without going into doctor’s offices and going into work and going into banks and going into all those things.
The video adoption really skyrocketed here learning how to do video, even from your older Baby Boomers, down to your Gen Zs that already knew how to use it.
Embrace the change. Get your systems and processes in place today versus trying to have an overnight strategy implemented for Success In Video Banking. It is part of the future and its part of today. So to really get that competitive advantage and get the ROI for video banking, utilize those top features.
If you really wanna learn more about looking at these features and breakdowns in the ROI, the Video Banking Beyond Four Walls white paper is what you want to read. Stay tuned — we’re gonna be talking about video banking, ROI, driving loans through video banking in the sessions next week. Thanks.