Video Banking Helps Customers And Banks Alike

Finance & Money Blog

The manner in which consumers manage their banking needs has changed drastically over the years. However, it is important to understand that these changes have not stopped. Video banking is one of the new services that financial institutions can offer their customers, and it is a change that comes along with great benefits for the financial institution and customers alike.

Real-Time Service

Every bank has a set period for operations, such as 9 am to 5 pm. The problem with this structure is that not every customer works a job that will allow them to visit the bank during these hours. As a result, when a customer in this group has an issue that they are unable to get resolved because they cannot visit the bank during these hours, they are more likely to be dissatisfied with your service, which could even result in them switching banks.

Video banking generally means that you offer your customers teller-interaction even beyond the standard operating hours to ensure all your customers can have their concerns addressed in real-time.

Reduced Operating Costs

To ensure your financial institution remains successful, it is important to ensure that your operational costs are properly aligned with your revenue. Video banking services can help you reduce your operating costs in different ways.

For example, you can have your tellers work out of one central location, rather than multiple locations. With multiple locations come multiple utility bills and other costs. However, with a single location, you only have to pay these costs once or at a reduced rate. As a result, you get to cut down on your expenses, which can help your profits increase. 

More Opportunities to Sell Products

Often, banking customers will use an ATM to avoid going inside the bank. However, when a customer uses an ATM, you do not always have the opportunity to sell your banking products. The physical interaction that video banking offers allow your tellers to market helpful products to your customers to help increase your sales. 

Additionally, since they can often access these services from their cars, you can increase teller interactions overall to further help increase your financial institution's product sales, which is always good for your business and your bottom line.

As a financial business, it is your goal to keep your customers happy so that you can retain their business and attract new clientele. Offering video banking options to your customers is an excellent way to go about this goal. 


2 July 2020

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