The Top Benefits of Mobile Video Banking
In a nutshell 🥥 Mobile video banking lets banks and credit unions offer secure, face-to-face financial conversations from anywhere—boosting convenience, appointment volume, and staff productivity—while purpose-built video banking software streamlines booking, identity verification, document review, and e-signatures, helping you justify investment, win stakeholder buy-in, and measure ROI as you future-proof your branch and virtual banking strategy. Welcome to the future of banking. Mobile video banking allows more flexibility to customers and members than ever before, which means your bank or credit union can schedule (and keep) more appointments than ever before. The demand for mobile video banking is high. In fact, in 2020, 46% of clients said they would continue to speak with advisors over video appointments, even after branches reopened to the public. Adopting a new tool can feel overwhelming, especially if you’re not certain it’s the right move. If you (or your executives) need more convincing, keep reading to find out all the benefits of mobile video banking, and how to get your financial institution on board. What Is Mobile Video Banking? Mobile video banking involves taking meetings over video, rather than in person. With the right software, mobile video banking can happen on any device (laptop, smartphone, tablet, PC, etc.). If clients need to download an app in order to complete a video banking session, they may be limited to their smartphone or tablet. Remote video banking can also include secure document signing, screen sharing, and participants can decide whether or not to use the video feature or stick to voice only. Your financial institution can adopt mobile video banking in a few different ways, depending on the location of each party: This first option involves a customer or member visiting your branch and using a computer, or mobile banking booth to communicate with a specialist who is off-site. This may be a good fit if you already have the capabilities to support clients who come on-site to use your technology. It may not be the best fit however if you need to invest in building/purchasing a mobile banking booth or other dedicated resources. In this scenario, advisors can take video calls from their office, and a customer or member joins from a remote location. This solution makes sense for branches where employees are regularly on-site Monday–Friday and can easily take calls throughout the business day. This third option is perhaps the most flexible, especially if your financial institution allows employees to work remotely/from home. Advisors can take appointments from home, and clients can choose a meeting time that works best around their schedule as well. What Is The Aim of Virtual Banking? Mobile video banking is so much more than simply chatting with clients over a video call. Sophisticated video banking software allows both customers/members and advisors the flexibility to complete complex transactions or provide advice anytime, anywhere. Rather than meeting in person at a physical branch, both parties can accomplish a variety of tasks virtually:  This is why a tool designed specifically for banks and credit unions works best—it includes the right security measures, and features that make banking appointments seamless. A typical video conferencing tool won’t have all the capabilities needed to securely share information, co-browse, collect signatures, or track outcomes. Remote video banking also provides a lot of backend capabilities that save staff time, and make the experience smooth for customers and members: What Are Some Video Banking Use Cases? There are dozens of reasons your staff may want to take advantage of mobile video banking. Video banking use cases can vary widely—whether you’re collecting signatures, or creating a new checking account. ✅ Set Up Accounts and Help New Members One of the easiest ways to use remote video banking is to help new members get their footing. With dedicated virtual banking software, customers and members can use video tools to set up a new checking or savings account, apply for a new credit card, or get more information about their status. ✅ Go Over a Contract Before Signing Mobile video banking also allows staff to screen share or co-browse with customers and members so they can go over contracts or other documents together before collecting signatures. This way, complex language can be explained, and advisors can answer any questions a client may have. ✅ Provide Product Information Video banking connects customers and members with specialists who can provide more information about products they are interested in. Use this tool as an opportunity to cross-sell, up-sell, and give expert advice on services like mortgages, credit cards, personal loans, and savings accounts. ✅ Troubleshoot Client Questions Sometimes customers and members just need to see a friendly face when they’re frustrated, confused, or have banking questions. Staff can use this tool to give quick service calls and help clients find solutions. ✅ Get a Pulse On Financial Health Advisors can use mobile video banking as a way to schedule 1-on-1 financial health checkups with clients. The best virtual banking software will provide advisors with secure personal booking links, allowing them to share these invites through email and other marketing campaigns. ✅ Give a Virtual Seminar Remote video banking can also be used to run virtual workshops or seminars that educate customers and members on financial topics. Depending on call capacity, staff members can include a large group and track their info after the meeting as well. What Are The Advantages of Virtual Banking? The benefits of video banking can be huge for your bank or credit union, as well as your customers and members. For example, the convenience of a virtual option drives growth through more appointments booked, and fewer no-shows and cancellations. Plus, your staff will save time and increase efficiency through the use of mobile video banking.  Let’s break down those benefits a bit further: Self-serve appointment options are revolutionizing the way people do business across dozens of industries—from medical to beauty services. Why shouldn’t banking be the same? Your clients are looking for mobile solutions, and video banking is