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
How To Reduce Queues in Banks: 12 Key Techniques, Tips, and Tools
In a nutshell 🥥 Banks can drastically reduce wait times by embracing hybrid, tech-enabled queue management systems that prioritize customer flexibility and visibility. Strategies like pre-booked appointments, fast lanes, self-service options, and real-time notifications empower both staff and customers to optimize their time. Ultimately, a centralized, data-driven approach improves service efficiency, boosts satisfaction, and positions financial institutions for long-term success. Reducing Queues in Banks: 12 Steps Towards Better Operational Efficiency When it comes to running a bank or credit union, there are certain things you can’t control—like economic uncertainty, technical outages, and the sometimes unpredictable flow of member and customer traffic. Even though you can predict certain member and customer behaviors based on the season, increased support requests and staffing challenges can further exacerbate the issue. Long wait times don’t just frustrate clients — they also stress out your staff, lead to burnout, and reduce member and customer satisfaction, too. So, it’s no surprise that just about every financial institution is wondering how to reduce queues in banks. If you’re looking for ways to reduce queue waiting times, read on for 12 tips that can help improve waiting time management and foster happy members, customers and staff at your bank or credit union. 1. Make the Business Case for Queue management software So, how can banks reduce customer wait times? First, they need to think like their customers and members. Ultimately, today’s consumers want more control over their banking experience. They want to choose when, where, and how they interact with your institution—and long queues take that freedom away from them. Instead, it’s time to shift from a one-lane mindset and think outside the box. Thanks to modern technology, lines and queues no longer need to be linear, first-come first-served experiences. They can be both virtual (i.e. video banking) and in-person, customized to the needs of the individual, and pre-booked online. Once you get your administrative staff on board with this idea, anything is possible. This mindset shift will benefit more than your members and customers. It will also help staff be more efficient, productive, and effective. They’ll have more control over their schedules, save time between appointments, and have the data to ensure happy members and customers. Data Snapshot You can build an irresistible business case for appointment scheduling software by gathering data from customers and staff, crafting a compelling pitch complete with real-world examples, and then connecting your CX issues with core business goals. 2. Set Waiting Time Management Goals Any time you’re trying to change, it’s helpful to set goals to measure your progress and keep you on track. The path to reducing queue wait times is no different. If you want to improve wait time management, it’s imperative that you set goals to get you there. Start by looking at where you are today, and ask: What are your staff’s major pain points in managing queues? Have you set up simple ways to gather customer feedback about the queue experience? If so, what have members and customers said about their queue experience? How does your current queue management strategy affect staff members? What is your organization’s goal around average handle time? What is your current average wait time in-branch or online, and how does it compare to ideal industry standards? To get a strong pulse on your current strategy, consider going to a branch undercover, going through the process of requesting an appointment online, and tracking current wait times. Next, consider where you want your experience to be. Set some modest goals for improvements, along with a check-in date and tracking method. Ideally, aim for a wait time of five minutes or less—the average for the highest performers in the industry. 3. Reduce Long Queues with Faster Lanes How can banks reduce long queues? One of the most effective strategies is to offer fast lanes — specialized lines that give members and customers more choices. Fast lanes present members and customers with two options: Get in line for transactional-type services (like cash deposits, withdrawals, or exchanges), or Get in line for an appointment. With this queue management method, service times vary depending on the needs of the member or customer. Staffing is tailored to the wait times in each line, and members/customers are served based on priorities, rather than on a basic, first come first served basis. 4. Offer Auto Sign-In for Pre-booked Appointments When you offer automatic sign-in for pre-booked appointments, this vision becomes a reality, allowing members and customers to check in easily from a tablet or kiosk. But here’s the catch—you’ll need to invest in the right tool to make it happen. And while some financial institutions use a simple tracing sign-in tool, there’s a better solution. A queue management system with an integrated appointment booking system ties all systems together for a streamlined, seamless experience. Specialists get notifications on their calendars when members or customers check in, so queue management goes much more smoothly. In fact, financial institutions that use queue management tools enjoy a 75% reduction in appointment length and an average CSAT score of 97%. 5. Give Customers Alternative Self-Serve Options Banks and credit unions that offer high-quality support are more likely to retain members and customers. And when you offer the best support, 63% of customers say they’re unlikely to switch away from you, and 78% say they’ll return for similar services — which is what makes self-service options so important. Self-service queue management technology is proven to decrease no-shows, reduce appointment length, and improve customer satisfaction scores. It gives members and customers the freedom and flexibility they crave, and it helps staff members operate more efficiently, too. Self-service options include a view of current wait times, the ability to join the queue or book an appointment for later, information on how to complete a service online (rather than wait in line), and the ability to get a notification when it’s their turn in line. Ultimately, self-service is all about flexibility, reducing queue wait times, and keeping staff and members/customers happy. 6. Show Members and Customers Wait Times (In-Person or Online) Your members
Customer Experience in Banking: Top Trends to Drive Growth
There are seemingly infinite strategies for financial institutions to drive growth in the modern age of banking. For example, a better marketing strategy, a wider range of financial products, and a more streamlined approach to staff scheduling can all go a long way to helping a bank or credit union grow. But if you’re looking for the single most impactful way to drive growth in banking, it’s time to prioritize the customer experience. According to a recent survey of 1,700 consumers, 92% say quality customer service is the most important factor when determining where to open a bank account. Another 63% of consumers say they’re not likely to switch away from a bank that offers great customer service, and 78% say they’ll return for similar services. It’s hard to overemphasize the importance of customer experience in banking. Financial institutions that optimize customer experience grow faster, have higher NPS scores, and have better retention rates than banks that don’t put the same emphasis on customer experience. So how can your bank or credit union provide the absolute best banking experience to your customers and members? And what does customer experience in banking mean, exactly? In this post, we’re exploring how to improve customer experience in banking. We’re also delivering the top customer experience trends to drive growth and help you beat out the competition. What Is Customer Experience in Banking? So, what is banking customer experience? Ultimately, it’s the way members and customers feel about your financial institution. No matter how much effort you’re putting into the customer experience, it all comes down to your client’s perception. If your clients don’t have a great opinion of you, then you’ve missed the mark and won’t see the growth you’re seeking. Customer experience encompasses every interaction a client has with your financial institution, from simple daily activities to one-on-one meetings. Each one of these interactions has an impact on their opinion about your bank or credit union. Some of the most common customer experience touchpoints include: Paying a bill online Using an ATM Withdrawing money Meeting with an advisor Opening a bank account Visiting an FIs website Standing in line at a branch Meeting via video conferencing Talking to an advisor over the phone All of these touchpoints matter. If customers and members repeatedly have positive interactions with your bank or credit union, they’ll develop loyalty to your institution and continue to be a customer. If they have ongoing negative interactions with your institution, they’ll develop a poor perception of your bank or credit union, and find another institution to bank with. What Makes the Best Banking Experience? So what makes a great banking experience? And how can a bank’s customer experience be improved? Is AI taking over banking technology? For concrete answers, let’s turn to the data. We’ve studied many customer experience reports to reveal one common thread: it’s all about keeping things simple. That’s right. Sometimes, less is more, and adding more services and more technology isn’t necessarily going to improve a customer’s perception of your financial institution. You’ve probably experienced this phenomenon yourself — if a brand changes its offerings or requires you to use complicated technology to maintain your services, you may just find yourself frustrated and ready to ditch the brand altogether. On the other hand, an organization that provides simple, intuitive customer experiences is more likely to keep you around for the long run. So how can you keep it simple, while still improving the customer experience in banking? Let’s walk through some of the key trends and examples. Streamline Your Branch Experience One of the first steps to building a better customer experience is to streamline your branch experience. To accomplish this, it’s important to look at both the little things (How are customers greeted when they come in? Where do they get in line? Do they know how long the line will be?) and the bigger picture (Do you offer a fast lane? Are your advisors efficient and friendly?) Here are four ways to streamline the customer experience at your bank or credit union: 1. Make Your Branch Feel More Welcoming Your customers and members come to your branch because they have a need. Maybe they’re opening a new account, applying for a mortgage, or simply coming to withdraw cash. In any case, it’s in your best interest to make the experience as welcoming as possible. All the little details matter here, down to the lighting and the temperature in the room. Even if it’s in their subconscious, customers will note how they feel when they’re in your branch. If they feel comfortable, calm, and welcomed, they’ll be more likely to return. And if they feel uneasy, irritated, or unwelcomed, they’ll be quick to move to another bank that offers a better in-branch experience. You can make your branch feel more welcoming by allowing clients to sign in on their own via a tablet kiosk, providing wait times, and making physical changes, such as: Adding ambient lighting Shifting the floor transitions Installing colored carpeting to guide visitors Removing stanchions Removing bulletproof glass Removing the counter altogether Adding “flex desks” and call booths All of these simple changes can go a long way to make the branch more comfortable for your customers and members. 2. Allow Your Clients to Book Their Own Appointments When you want to improve the customer experience, you need to put your clients in the driver’s seat more often. Modern banking customers crave the freedom to choose their own path. They want flexible, self-service options — and client booking tools give them just that. A bank by appointment platform makes it easy for customers and members to book their own appointments, plan ahead, and be seen right away when they arrive. Here are just a few of the many benefits you’ll experience when you leverage banking appointment software: Optimize emails with brief, professional copy and design Write direct, short in-app copy Create clear and catchy calls to action across all channels Optimize your website
Banking Queue Management System Guide: FAQs and EvaluationÂ
In a nutshell 🥥 Modern queue management systems are transforming how banks and credit unions serve their customers. These tools streamline branch operations, reduce wait times in banks, and enhance both in-person and virtual customer experiences. They offer real-time wait time updates, self-check-in kiosks, and mobile notifications—all while providing managers with valuable data insights. Choosing the right solution means finding one built for financial institutions that integrates seamlessly with other tools, improves staff efficiency, and ensures customers feel seen and supported. With the right implementation, queue management software can boost satisfaction, reduce missed opportunities, and future-proof your institution’s service model. Queue management software can help you confidently answer key operational questions and significantly improve the performance of your financial institution. You may be wondering: What exactly is a queue management system? How do these systems function? And most importantly, does your financial institution truly need one? Modern queue management systems in banking have advanced far beyond the traditional “take-a-number” model. Today’s systems offer integrated self-service capabilities, support both virtual and in-person queues, provide real-time wait time estimates, and deliver valuable analytics—all within a single, centralized platform. The most effective queue management systems enhance the customer experience, improve operational efficiency, and offer actionable insights for managers and decision-makers. Let’s answer a few key questions about this revenue-driving technology feature that has served banks and credit unions well in the digital era. What is a Queue Management System? A queue management system is a tool designed to help organize and manage customer queues across all of your available channels. At your bank or credit union, this may range from a physical sign-in sheet to a digital check-in kiosk or tablet. Why Use a Queue Management System? While banking queue management systems vary in complexity, their fundamental purpose is to ensure that customers feel secure in their place in line, while keeping staff informed and prepared. Key benefits include: Reducing In-Branch Confusion A clear and visible queueing system provides structure, making the experience more predictable for both customers and employees. Accelerating Service Times Without a structured queue, clients with simple needs may face unnecessary delays. A queue management system helps triage and prioritize efficiently. Ensuring No Customer is Overlooked When a queue is well-managed, all visitors are acknowledged and served, reducing the risk of walk-outs due to confusion or frustration. Promoting Fairness A transparent system creates equitable service expectations and helps prevent the dissatisfaction that comes when others are served out of order. However, not all systems are equally effective. Some struggle with mobile integration, while others may not accommodate virtual users. Staffing limitations or lack of functionality can also hinder performance. Choosing the right system is essential. How Does a Queue Management System Work?​ A basic queue management system involves a customer entering a queue, waiting for a service, and gaining visibility into their spot in line and their wait time. Today, digital banking queue management systems combine physical and virtual queues to create a better experience for both clients and staff. This means that a customer or member can enter a branch, check in on a tablet or screen in the lobby, and be joining the same queue as another client sitting at home on their smartphone. Take a look at some other features advanced customer flow management software offers: Gather Crucial Customer Information — Well in Advance With advanced systems, clients can input relevant information when they check in. Are they here to see an advisor? Do they have an appointment? What kind of services do they need? Do they have appropriate documentation? By sifting through a couple of details, customers and members will be sorted into the queue appropriately. See Wait Times All queue management software should include a real-time display of current wait times. Ideally, the live wait time should be available both in person and online. This way, customers and members can gauge how busy their local branch is before joining the queue. When a client is done waiting in line and their turn is up, staff can update the queue (and wait time) with the touch of a button. Get Automatic Next-in-Line Notifications As soon as the queue moves, bank queue management software should automatically send an SMS message or email to the next person on deck. It’s a plus if the tool you use also sends an automatic notification when a client abandons the queue, because 20% of customers end up rebooking when they’re sent missed notifications. (Let’s recover those potential revenue opportunities). Alert Staff of Customer Arrival Queue management systems in banking provide helpful notifications to staff, advisors, managers, and operators as well. Alerting employees when someone checks in (whether physically or virtually) is just one of many benefits on the backend. These are just some of the key features you can expect from customer flow management solutions. What Are The Types Of Queuing Systems? ​ There are a few common types of queuing systems that banks and credit unions use today. Let’s break them down into four main categories, and look at the differences between each type of tool. Simple Sign-In / Check-In The most basic type of queue management system in banking involves a tool that allows customers and members to either sign in (for a walk-in appointment) or check in (for a previously scheduled appointment). This simple system helps managers keep track of branch traffic, but it doesn’t necessarily add much to the client experience. Self-Serve in Lobby A self-service queue management system is located in the lobby of a bank or credit union, and typically displayed on a large touch screen kiosk, or a series of tablets. This type of queue system allows customers and members to join the line, book an appointment for later (if they can’t stick around), see current wait times, and find other helpful information. Self-service kiosks also allow clients to check in, leave the branch to grab a coffee (or a pedicure depending on the wait), and get a text when it’s their turn
Queue Management in Banks: The Top Trends and Tools to Know
Banks have always served a high volume of clients on a daily basis, but that volume is growing exponentially as more financial institutions adopt virtual services. Yet most banks haven’t updated their waiting/queue system to keep up with the times. The result? Customers get frustrated by long lines, outdated tools, and the lack of transparency surrounding wait times. Likewise, staff members feel overburdened by inefficient booking processes, packed schedules, and unpredictable queues. In short, if you still have a single roped line leading customers to a desk of generalists, it’s time for an update. Consumer demand calls for a more modern, streamlined, and efficient approach to queue management. So how do you get started? In this article, we’ll outline everything you need to know about queue management in banks, from pros and cons to choosing and setting up the right system for your needs. What Is a Queue in Banking? And Why Is Queue Management Important? Also known as customer flow management, a traditional bank queue is a physical line of customers waiting for service at your physical branch location. With this method, the only way for customers to hold their spot in line is to stand there and wait. Customers typically have no idea how long it will take to get through the line, and they don’t know how many people will be waiting when they show up. But these days, in-person lines are only one type of bank queue. Online queues for service and appointment requests offer an efficient, convenient way for customers to claim their spot in line while they go about their day. Banks that manage to integrate in-person and online queues help improve the customer experience and staff efficiency. How? By preventing missed connections and quickly leading people to the services they’re looking for, which keeps staff and customers happy. The Importance of Queue Management in Banks In today’s highly competitive industry, a modern approach to queue management in banks is vital for success. Nearly half of banks (48%) are prioritizing implementing new technologies across all their branches. So banks that don’t get on board with this trend are practically giving their customers away to competitors. The fact is, today’s consumers are demanding the convenience of online queuing systems, and banks that offer them eliminate friction and build customer loyalty. Case in point: 72% of banking customers prefer the online appointment scheduling experience, but only 23% say their bank or credit union provides this method of engagement. How Do I Manage My Queue? The Pros and Cons of Each Type of Queue Management These days, queue management in banks comes in all shapes and sizes. Since no two financial institutions are alike, it’s important for banks to research options and find the right tool for their needs. Let’s highlight a few of the most popular types of queuing, along with the pros and cons of each: First Come First Served In-Branch Queuing Most banks use a “first come first served” approach. This method works okay for in-person queue management, but it also deals with every customer’s needs in the same way. It doesn’t matter if the customer needs a specialist or a generalist — they’re all treated the same and all face the same wait times. With this setup, customers may not get to see the specialist they need that day, and they might have to come back another day or wait for long periods of time to get the help they’re looking for. This approach doesn’t offer a way for banks to track in-person traffic, either, so it’s difficult for staff to improve customer service. In-Branch Fast Lanes Some banks have attempted to improve the “first come first served” strategy to queue management by offering in-branch “fast lanes.” This separates customers into one of two categories: customers who have a general request, and customers who have a business inquiry or cash request. These optional lanes are definitely a step in the right direction, but they still miss out on serving the virtual needs of the modern customer. This model doesn’t allow for pre-booked appointments, or one-time service appointments that need more than a bank teller. Customers don’t have the option of self-service, and there still isn’t much visibility for banks to improve queue management strategies. Digital Check-Ins When banks are looking to modernize their queue management, many of them first turn to digital check-ins. These tools allow customers to check in on a tablet or computer system when they arrive at the branch, eliminating the need for a physical line. And while digital check-ins are another step toward efficiency and improved tracking, they still fall short of true change. This approach simply doesn’t have the bandwidth to drastically improve the customer experience, speed, self-service experience, etc. Digital check-in tools don’t tie into CRMs or other larger appointment or traffic tracking systems, so banks still don’t have the data needed to affect change. Hybrid, Self-Service Queues Self-service hybrid queue software is the new ideal for modern queue management. These models allow customers to access the queue in-branch and online, so they can check wait times or claim a spot in line from wherever they are. Customers can join a line or leave a line, request an online call, or book an appointment in-person. Whatever they prefer, they have the freedom, flexibility, and visibility to make it happen. Hybrid, self-service queues offer bank management and staff more freedom and visibility, too. Improved analytics and tracking empower staff members so they’re more efficient and prepared to serve customers, without feeling burned out or overbooked. What Are the Benefits of Queue Management? The best queue management systems for banks are expansive, flexible, and easy to integrate with existing systems. An individual kiosk or sign-in tool simply isn’t enough to meet the needs of the modern customer. Instead, banks need a full queue management system that includes queuing, online accessibility, in-brach accessibility, and appointment booking. âś… Get a better understanding of branch traffic volume âś… Accurately display live
What Is Video Banking Software?
Video banking software is growing in popularity every day, with the vast majority of consumers who try it rating the experience highly. In fact, 57% of customers want all products, services, and support available digitally, and more than 85% of video banking users say they’d be willing to use it again. Clearly, video banking is the way of the future. Without it, banks and credit unions won’t be able to grow new membership and retain those tech-savvy or long-distance customers who come to expect modern tools from their financial institutions. Still, finding the right video banking software for your institution can be tricky: How do you compare one app to another? What are the top features to look for? How does video banking even work? To answer these questions and more, we’ve written an extensive guide to video conferencing for banking. We’ll explain the most important video banking features, how to find the right solution for your financial institution, and more. P.S. Looking for more video banking tips? Learn to build a strategy, roll out the software, and more—check out our ultimate video banking guide. What Is a Video Banking System? Video banking solutions let clients and customers speak “face to face” with your staff members from their phone, laptop, computer, or other mobile device. This allows your team to provide high-quality financial services and build relationships from anywhere. Video banking software differs from standard video conferencing tools, which aren’t designed to complete the entire appointment process from one screen. In contrast, video banking software offers an end-to-end meeting booking tool, providing appointment reminders, post-appointment follow-ups, and more. It also provides analytics workflows to help financial institutions refine their processes and offer a better customer experience. Video banking platforms offer banks, credit unions, and their customers/members benefits like: Meet demands for more convenience and flexibility Enhance customer or member experience Increase workforce efficiency Create more opportunities for revenue and growth Improve data tracking and forecasting How Does Video Banking Software Work? Video banking connects customers and members to advisors in many ways. They can connect across devices, distances, and time zones, enjoying secure financial conversations and completing transactions in a single session, with a single screen. The best solutions don’t require video banking apps or driver downloads. Instead, they work from a web browser and allow any device to be used to conduct the appointment. It’s a streamlined, no-hassle solution that prevents delays and tech issues for both parties. Video appointments aren’t just for virtual calls, either. They can be used in-branch, across any number of devices. Here are the three options for video appointments: 1. In-Branch: Dedicated Video Call Booths Video call booths give customers and members all the privacy and security of a traditional in-branch visit, with the convenience to connect with a specialist anywhere. This saves customers from potentially long drives to meet the specialists at another location, or long waits to meet the specialists at their local branch. The booth comes equipped with quality audio, strong internet connectivity, and the privacy needed for banking appointments. Here’s a quick guide of all the methods for meetings aka video booth, both virtual, etc. 2. Hybrid: Employees Onsite, Customers or Members are Remote When customers want more freedom from banking appointments, a hybrid approach may be the best solution. With this option, staff stays in-branch or at a call center, while customers and members call in remotely from their home, office, or even from their car. Specialists can be anywhere and everywhere, without traveling back and forth to other branches. They might even be able to see more clients and better plan their day. Staff members can take calls from their desks or set up a laptop at a dedicated video banking cubicle. They can verify customers’ identities by asking security questions and having members show their government ID over the camera. Alternatively, customers could log into the video call using a single sign-on (SSO) integration. 3. Remote: Everyone Meets Virtually Looking for the most flexible video banking solution? With fully remote video appointments, both your customers and staff have the freedom and convenience of mobility. Staff members can work from just about anywhere, and financial institution’s can reduce costs by launching a fully virtual branch. Just keep in mind—staff members should still maintain a level of professionalism, taking calls in private, quiet places that represent your institution well. What Can You Do on Video Banking? With the right video banking system, what can’t you do? Depending on your goals, you can offer a wide range of video meeting types, including: Member Onboarding and Account Setup With new members and customers, it’s important to get that face-to-face interaction. Video onboarding is more memorable than a phone call, but more convenient than commuting. Meetings for Specific Products or Services Sometimes, customers already know what they need—but they don’t want to travel a long distance or wait in long lines to get it. In these circumstances, your financial institution can allow customers and members to connect with a specialist to discuss specific products and services (Think: loans and savings accounts). Customer Support and Account Questions In a competitive industry, customer support is more important than ever. Take your customer experience to the next level by offering video customer support and walkthroughs. (Bonus points if you can set up chat-to-video options online.) Contract Walkthroughs Contracts can be difficult for customers and members to understand. Sometimes it’s helpful to explain complex topics simply by going over them together via video. Screensharing and co-browsing solutions can be incredibly helpful here. Virtual Workshops and Seminars Want to offer financial advice at scale? You can pull off virtual workshops and seminars with ease using video banking tools. (Just be sure to check call capacity before you get started.) One-on-one Financial Health Checkups Increase revenue and conversions by introducing clients to new products and services over video. Advisors can send out personal booking links and promote the sessions via email and other marketing campaigns. What Are
The Top Benefits of Mobile Video Banking
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 a perfect tool for earning loyalty and strengthening relationships. Rather than taking time out of their day to make an appointment, drive to a physical branch, and wait around for their turn, customers and members can book an appointment right from their phone, and keep the appointment wherever they are. Give employees the flexibility they want—including
How leading credit unions are tackling staffing shortages
The biggest challenge on credit union leaders’ minds right now is staffing. We’ve heard it in virtually every customer conversation we’ve had over the past few months. And our customers aren’t alone. Leaders from roughly four out of five financial institutions are worried about staffing shortages. So, how do you juggle short-staffed branches without compromising on member experience? The short answer—it’s all about finding ways to reduce stress and workload on existing staff who are already feeling burnt out. That could mean offering members more self-serve options, shifting to virtual banking services, or starting to measure branch traffic so you can make smarter staffing decisions. We know. It’s easier said than done. But, small changes can go a long way. We’ve gathered some of the strategies that our customers have leveraged to meet this challenge head-on to give you some inspiration on where to get started. 1. Offer pre-scheduled appointments  A big source of staff frustration is not knowing what their day will look like. Walk-in traffic is unpredictable, which means their schedules are unpredictable too. It’s hard for your advisors to have a productive conversation about a new mortgage if they aren’t sure who’s coming in, when they’re coming in or what their needs are. Introducing self-serve options, like appointment scheduling, makes it easy for members to schedule time with the staff member best suited to help them. No need to wait on hold or in a lineup at your branch. Which puts them in charge of their own experience. Allowing them to meet with staff when they want, and how they want. It also gives your staff more visibility into their day. They’ll know who to expect, when to expect and can better prepare for those conversations. Which not only boosts NPS, but has also increased conversion rates for our customers 300% on average. 2. Use appointments to even out walk-in traffic There’s nothing worse than hopping over to your credit union at lunch to wrap up that last detail with your advisor—only to see that everyone else had the same idea. Long lineups add stress for everyone. And it leaves your team struggling to deliver an exceptional experience, which shows in your NPS and wait times. A few of our customers shared that they help even out the demand on their staff by reserving their busiest times for walk-in traffic only. Then offer pre-scheduled appointments outside of those busy periods, helping to fill in staff calendars during quieter times. They also share current wait times on their branch locator pages, so members know how long they’ll need to wait to see someone. Allowing them to choose if they’d like to join the line, request a callback or pre-schedule an appointment before they even set foot in a branch. This flexibility helps to spread branch traffic out, reduce staff stress and has increased client NPS scores by 21 points on average. 3. Allow advisors to serve multiple locations Advisors are in short supply, but they’re also critical to meet aggressive lending growth targets. To help deal with a shortage of these highly skilled staff members, many of our clients have assigned a single advisor to multiple locations. This staff member often floats between locations throughout the week. But, one new trend we’ve seen customers adopt is the move to fully remote advisors. So advisors can serve multiple locations virtually, which reduces travel time between branches. Allowing advisors to spend more time building relationships with members instead of being on the road. If a member walks into a branch and needs to speak with an advisor, many customers have set up meeting rooms equipped with laptops and cameras enabling members to join a virtual meeting. The key to making a virtual branch successful is ensuring that advisors are equipped with the tools they need to deliver an end-to-end experience that is consistent with your in-branch experience. 4. Develop a deeper understanding of your branch traffic  One thing we’ve heard over and over again from our customers is that pre-pandemic they were making staffing decisions based on gut feel. But, staffing shortages have forced them to really take a closer look at branch traffic. It’s virtually impossible to avoid over or understaffing if you aren’t sure how many members are likely to visit each day. Leveraging appointment scheduling and lobby management solutions give you a central location to gather critical branch traffic data. You’ll unearth new insights like: How long the average branch visit takes How much time staff have between appointments When your branches are busiest Which branches are busiest When these branches are busiest Most popular reasons a member visits a branch All of this helps you get more visibility into where your branch staff are spending their time, so you can spot opportunities to be more efficient. Putting it all together Staffing shortages aren’t showing any sign of slowing down. And every credit union’s staff and members will have slightly different needs. Finding the right strategies that work for your business will take time and the right tools.Â