Video Banking Services: What To Offer and How To Take it to the Next Level
In a nutshell 🥥 Video banking is becoming a top choice for customers who want the convenience of remote financial services. To successfully offer this, banks and credit unions should first decide which services to provide virtually and then invest in a specialized, end-to-end video banking software. It’s crucial to train staff on best practices, promote the new services to customers across all channels, and continuously measure performance metrics to refine the strategy and ensure long-term success. The team at Coconut Software, experts in video banking, queue management, and bank appointment optimization, break it down. Video banking offers customers and members the convenience they crave from their financial institutions. In fact, 36% of clients say video calls are their preferred method of contact—even now that physical branches are open regularly again. If you’re wondering what kind of video banking services to offer, or how to step up your existing video banking experience, read on to find out how to make the most of this technology so that each interaction elevates your business. Follow these 5 simple steps to ensure your bank or credit union is making the most of virtual banking services. Before we get started: What is the difference between virtual banking and digital banking? Digital banking services include any self-serve interaction or transaction a customer or member can perform on their own through an online or mobile banking app or tool. Virtual banking is any interaction or transaction that requires a 1:1 meeting with a specialist or advisor to verify identity, review and fill out documents, and collect signatures. Step 1: Decide What Kinds of Video Banking Services You Should Offer Your bank or credit union can offer almost any kind of appointment virtually rather than physically, as long as you have a holistic, end-to-end video service that can identify the customer or member, review and edit documents, and provide secure signatures within a single video interface. Video banking can be done with one or both parties remote: A customer or member comes into the branch and meets with a remote employee over dedicated video services. An employee at a physical branch takes a video call from a remote client. Both the client and advisor or staff member attend a video banking appointment from a remote location. While creating a video banking appointment menu, consider your branches’ most popular appointment types, the demographics that use online services most often, and what new approaches you’d like to implement or try. These are just a few of the different kinds of meetings you can offer via video banking appointment: Step 2. Select Your Video Banking Appointment Tech When deciding on the right tools for your bank or credit union, there are two paths you can take: Use basic video conferencing with your existing processes OR Integrate end-to-end video banking services software. The problem with selecting a basic video conferencing tool is that most of them are not designed specifically for financial institutions. A holistic video banking software includes important features like a pre-appointment booking process, security and compliance, and follow-up tracking. Video banking software offers tech features including: With co-browse for banking, this type of technology allows two people to collaborate in a single document, through a shared screen. It differs from screen-sharing because it allows advisors and clients to highlight or edit the document live between the two parties. Step 3. Train your team on video banking best practices Once you’ve selected a video banking services software, it’s time to show your advisors how to use the tool and get them up to speed on what makes for a good video appointment. Hold Mandatory Training The easiest way to get everyone on board is to hold a mandatory training (or two) on the new software. Demonstrate how to use the video banking services, how to take notes, and where to see new appointments. Your video banking appointment training should also include tips on how to take a call like sitting up straight, smiling, repeating back what a customer or member has said, and maintaining eye contact rather than looking at your reflection or other screens. Provide a Reference Guide The software you’ve selected should provide you with reference materials that you can distribute across your teams either physically or online. Set your team up for success with easily accessible video banking guides. Invest in Quality Headsets and Cameras In order to make video banking services as satisfactory as an in-person visit, you’ll need to invest in high-quality equipment. Use reliable, cordless headsets that block out background noise, a high-speed internet connection, and high-definition cameras at eye level. Create a Professional Environment for Video Calls Make sure your advisors are taking video calls in a professional setting. A relatively sound-proof, well-lit room (preferably natural lighting, but a ring light can work too), with minimal clutter is essential if you want your employees to reflect the professionalism of your institution. You might even consider providing them with branded backdrops, or virtual wallpapers. Listen and Prepare Before a video banking appointment, your staff should review client information and gather any documents they’ll need. During the call, listen intently and try to spend less than 40% of the time talking, in order to build trust with the customer or member. Step 4: Roll Out and Promote Video Banking Services to Customers/Members Let your customers and members know about your video banking services through marketing materials across every channel. Here are just a few ideas on how to draw attention to your video tools: We recommend running informational campaigns for at least the first year after rolling out your video banking tool. Step 5: Measure and Adjust Video Banking Appointment Strategy Once your video banking services software is up and running, you can begin collecting data and evaluating your strategies. Ask yourself these important questions to get started: You can also hold a meeting with your managers, staff, and advisors after six months or so to gather feedback and adjust your strategy based