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Has your bank representative ever invited you to join a meeting over video rather than coming to your local branch? Not yet? Expect this to happen sooner than later! According to our 2017 Video Banking Survey of 282 financial institution representatives across 63 countries, fewer than 20% have already fully deployed a video banking service but more than 80% plan to do so in the not too distant future. So while adoption is still relatively low, the tangible benefits that early adopters are achieving are accelerating interest across all organizations.
In our survey, bankers who have already deployed a service report the following results:
Let’s have a deeper look at what some of our customers are doing to get a sense of how effective video banking can be.
Illinois-based Consumers Credit Union started to implement video banking in 2014. The initial objective was to centralize back-office staff and enable members to connect with experts from any branch in video banking dedicated rooms. Rollout in all branches was completed by the end of the year and the service was expanded to web in 2016 and mobile in 2017. The video channel was integrated into Consumer Credit’s Genesys environment to provide a seamless omnichannel experience. The company reports that its member satisfaction increased from 91.5% to 95.8% and the average wait time went from a shocking 1.5 hours or more, depending on the branch, to under two minutes to open a new account or apply for a loan.
RBC, the largest bank in Canada, also selected Genesys and Vidyo when it launched a video banking service for their small business clients in December 2016. The bank is continuing to build on the success of this initial phase to expand the video service across other lines of business.
UK-headquartered Barclays embarked on their video banking journey in December 2014. The service was initially designed to enable online reviews with premier customers but has since expanded to all customers. Barclays now employs roughly 500 video agents — 300 for personal banking and 200 for its high net worth customers. The bank reports that the Net Promoter Score (NPS) for video interactions is 44% higher than telephony and that the Average Handling Time (AHT) has dropped by 23% with video calls thanks to a better and faster mutual understanding between the agent and the customer.
Mumbai-based IndusInd Bank launched its video branch offering on desktops and mobile devices in 2014. The bank has gained more than 250,000 repeat video banking users to date and supports more than 1,000 daily calls. The bank further reports that its NPS is 1.7x and 50% more cases are solved in the first call compared to its standard voice service.
Smaller organizations can also benefit from video banking. BluCurrent Credit Union has only three branches in Missouri and under 20,000 members. It has been offering an in-branch video service since 2015 to connect members with the right subject matters expert regardless of the branch that they visit. As a result, BluCurrent has increased its cross-sell rate by 20% for its banking products and 93% of service users say that they would recommend it to someone else.
These examples demonstrate the tremendous value of video banking in two ways:
How soon do you think your first video banking call is going to happen?
Check out our video banking solution page to know more about how Vidyo helps banks increase customer engagement, satisfaction and loyalty.
Stay tuned for more on this series..To learn more about the features and benefits of Vidyo, visit the application listing on the Genesys AppFoundry.
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