Today we’re gonna be talking about Video Banking ROI VS. a standard customer acquisition conversion page’s conversion rates.

A lot of you might have seen our video banking ROI calculator, in which you can calculate your own ROI for your bank or credit union. It breaks it down by department. So the conversion rate will be a little bit different for a mortgage conversion rate application page versus just opening a checking account. We’re talking today about the differences between the two.

A lot of banks, some credit unions, and even mortgage companies have an application page on their website.

Depending upon where you are in your digital technology journey, customers might be able to fill out an application to become a new customer or a new member, or they may be logged into their online portal already be a customer and be filling out an application for a new product or service, regardless of what that is, whether you are in a full digital journey.

Meaning I can go on, fill out an application, open up an account, and I don’t have to come into a physical location to actually activate that account.

That is where some banks and credit that unions are, that are fully digital and have spent the time and money and the technology and the process. That’s a very small bucket in comparison to the larger bucket, which I’m gonna talk about today. And those folks start an application online, but then they’re not going to open the account till you might come into a physical location to sign some documents or show your driver’s license account, or maybe some of that is online through digital signature.

Then you have to upload pictures and things like that. Customers get really frustrated with this multi-step process because they’re used to not just financial services, but other industries where things are fully made it, and they can open up account in a few minutes, but because of regulatory and identity and things like that, financial services is quite different.

So where does video banking really come in and move that needle in the Video Banking ROI versus a standard customer page with the video banking digital lobby?

Putting that digital lobby in the bottom right-hand corner of every one of your application pages will really reduce your abandonment rate. So if I start an application and I have questions or it’s taking too long or whatever it may be, I should be able to click a button and video with a video banker and that should be routed to the appropriate person.

If I’m filling out a mortgage application, it should route to a loan officer. If I’m filling out opening a checking account, it should write to somebody that can handle checking and allow them to be able to video with the customer and then be able to share their screen and walk through that application, not let the banker or teller do anything on the customer member screen, but be able to see and let them take action them full in what the information is and walk through that journey.

Secondarily, with the 4k identity verification, through our video banking technology, you can have, have the customer, a member hold up their driver’s license, take a 4k image in the technology and take that to your court. There’s no way to doctor that real-time video.

So it’s a lot more secure and safe than uploading JPEGs and things of that nature. If you really wanna move the needle and get that video banking ROI and take, reduce the abandonment rate, increase your application conversion rate, and really move the needle on new customer acquisition or even having on your existing customer application pages.

This is really a way to move the needle. Now, if you click on it on the show notes here, the ROI calculator, you will see that we break this down in further detail, where you can put in your existing conversion rate today, you can put in the percentage of your traffic that you think will engage in video chat.

It’s gonna be somewhere in the 5% to 20% range. And then it’s gonna show you based on that, how you’re going to really be able to see the numbers for your video banking ROI and what that’s gonna look like. Just on average, if you’re going to add that, I mean, you’re gonna be increasing your ROI 300% to 500% depending upon what department that is. So do your own scenario to fill it out and see what your ROI is.

Click on the link in the description, play around with the tool and see really where your budget should be for video banking for 2022, and how to incorporate that on your application pages for higher conversion.

Please leave us any comments or questions that you want to be addressed on a future podcast and stay tuned for next week. Thanks!