More than 80% of banks surveyed recognize that online and mobile banking channels improve customer engagement, and 93% of banks expect customer satisfaction to improve if a high quality video banking service were to be implemented.
A newly released research report, co-sponsored by Efma (www.efma.com), a not-for-profit association of 3,300 retail financial services companies in more than 130 countries and Vidyo, Inc. (www.vidyo.com), which specializes in video collaboration, aims to bring clarity to the role that video banking plays in the digital transformation of banks. The research results uncovered massive support for video banking among financial organizations worldwide, with nearly 80% of all banks planning to offer video-enabled banking services. The research from Vidyo and Efma also found:
° Nearly 70% of banks prioritize video banking availability via mobile and desktop over in-branch or ATM availability.
° More than 60% of banks find private banking, wealth management, mortgage and loan services to be best suited for video banking settings.
° Banks report that click-to-call on mobile and web, call scheduling, call recording
“The findings show that there is a strong appetite for video-powered banking worldwide, and we firmly believe in the power of the technology to maintain and improve the personal connection between the customer and the bank,” said Vincent Bastid, CEO, Efma. “Efma partners, like Vidyo, are key to the widespread adoption of video banking services by providing a scalable technology that addresses the needs of financial intuitions and end users alike. Several Efma member banks have adopted Vidyo and are reporting positive results.”
Approximately 25% of respondents currently have or are piloting a video banking service. Additionally, 24% will begin planning for a video banking service within the next 12 months, with another 30% intending to begin planning sometime in the near future, amounting to approximately 80% of banks offering video banking services in the near future.
Increased customer satisfaction and building perception as an innovative bank are the strongest motivators for deploying a video banking service. Banks view security, compliance, cost and customer preparedness (access to devices ready for video) as the biggest challenges to deploying a video banking service.