The Challenge of Adopting a Video Banking Service
Video Banking allows financial institutions to engage their customers via video. An overview of the organizational and cultural challenges of rolling it out.
Video Banking is an emerging channel through which financial institutions can engage their customers in transactions and communications via video sessions. Its deployment faces challenges that can be grouped into 3 categories.
Technology
How do you overcome technological barriers to deliver an exceptional customer experience? Ease of use, security, ease of integration, reliability, and scalability.
Organization
Identifying and acquiring the resources needed to deliver a quality Video Banking solution. Hire or train new employees? Keep or modify existing workspaces?
Culture
What is the perception of Video Banking? How do you ensure that internal teams will adopt the service? How will customer adoption be managed?
The First Experience Is Crucial
- 42% of customers want to try the experience
- 85% want to use it again after the first time
Opportunities and Biases
Individuals aged 16 to 44 are invited almost 3 times more than those aged 45-64. Men are invited twice as often as women.
Yet there is no difference in interest between younger and older users, nor between men and women. Video Banking appeals to everyone.
Recommendations
The financial institution must ensure that its existing culture is open to change. It is important:
- That video agents are comfortable on camera
- To create an environment that enhances visual communication (lighting, background, background noise…)
