Video Banking: Everything You Need to Know

The pandemic has impacted and changed lives in more ways than one. Perhaps one of the most remarkable changes brought about by the pandemic is the shift to a virtual mode for studying, working, relaxing, and so on. With the world preferring a virtual shift, why would banking be left behind? That’s where video banking comes into the picture.

What exactly is video banking?

Video banking, as the term indicates, is a kind of communication established between a customer and a bank employee using advanced video conference tech. The idea is to enable a smooth customer experience by reducing long waiting lines and delayed services. Though video banking has multiple uses at present, video KYC is probably the most common use for it. With the KYC process done over a video conference, customer onboarding becomes more effective and faster.

In this method, an appointment is scheduled by the bank as per the convenience of the customer. The customer is given a unique access link via email. The meeting starts as the customer clicks on the link at a pre-decided time.

Why is the demand for video banking growing?

Video banking was showing steady growth in adoption and implementation across banks and financial institutions even before the pandemic. However, the demand for it has increased manifold as the pandemic hit the nation.

Workflows started being digitized to make up for the demand of the times. Also, customer behaviours underwent a sea-change. Though the customers wanted a virtual procedure, they were not willing to completely sacrifice the in-person experience.

Thus, banks had to look for a solution to meet these changing customer demands. Video banking and options for a video KYC bank account came up as a viable way to deal with the situation. It allowed banks to interact with their customers digitally and safely without losing out on the desired personal touch.

Besides, it fits perfectly in the current scenario where the employees also need to work remotely, and the customers try not to venture out of their homes too much.

Advantages of video banking for financial institutions and customers

Video banking is becoming popular because it benefits the customers as much as the financial institutions. As an easy, efficient, and safe mode of customer interaction, video banking comes with the following advantages:

• Bring an element of human touch to customer interactions to make them feel more at ease
• Increase customer satisfaction by dealing with queries and doubts face-to-face
• Ensure greater efficiency because such video meetings are short but effective
• Speed up the customer onboarding process through

video KYC process facilities

• Save up the travel time for both the advisors and clients

The endnote

Chances are that your bank is already offering a video banking facility. So, the next time you must open an account or deal with any banking complications, ask them to schedule a virtual meeting for you.

Savings account are the most conventional methods of saving money, and they have been around for a long time.