The Top Benefits of Mobile Video Banking

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:

  • Onsite Video Call (Client Comes In, Employee Is Remote)

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.

  • Hybrid Call (Employee Is On-Site, Client Is Remote)

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. 

  • Totally Remote (Both Client and Employee Are Off-Site)

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:

  • Verify identity 
  • Review documents together
  • Securely sign documents
  • Record follow-up appointments and outcomes
  • Co-browse
  • Navigate sensitive information on encrypted software

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:

  • Book meetings virtually
  • Generate secure individual links
  • Send reminders automatically
  • Provide login details automatically

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:

  1. Give Customers and Members The Convenience They Crave

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.

  1. Save Time and Boost Productivity

Give employees the flexibility they want—including coveted work-from-home options. With virtual video appointments, advisors can save time traveling, meet with clients sooner, service more locations, and keep to a schedule that best fits their needs. 

Mobile video banking is also a huge asset for managers and leaders looking to get a better idea of appointment volume, digital usage, and outcomes. A lot of video banking software options provide transcripts and recordings, as well as a wealth of data that can help with training, reporting, and improving systems overall.

How Do I Get Buy-In for Remote Video Banking?

The benefits of mobile video banking tend to speak for themselves, but your stakeholders may still need some more convincing in order to get on board with implementing new software. 

If you’re wondering how to get buy-in for a video banking tool, remind your team of these key benefits of video banking:

  1. Video Calls Are The “Norm” Now

During the pandemic, video conferencing became the norm for millions of people all over the world. Customers and members not only want virtual video options, they probably expect them to already be in place.

  1. Your Other Departments Need Better Solutions

Staff, advisors, and managers aren’t the only ones that benefit from virtual banking solutions–other departments need them as well. Your marketing team will be able to easily track campaign ROI, improve branding experiences, and learn data about the customer lifecycle.

Your call center can benefit from video calls as well by troubleshooting issues faster, re-routing clients to the right department, and improving NPS scores. 

  1. This Software is Created Specifically for Banks and Credit Unions 

Maybe your stakeholders have been burned in the past by clunky technology or systems designed with other industries in mind. You can reassure your team that the mobile video banking software you’re considering has been created specifically for banks and credit unions. This means it runs through proper security channels, functions with your existing website and app, and features support from people who know your business.

How To Measure Remote Video Banking’s Success 

A great video banking software will track all kinds of data points as you and your clients use the technology. Depending on what your goals are for your bank or credit union, you may want to keep track of different metrics to show the success of your implementation. 

Some metrics to consider include:

  • Number of appointments booked
  • How many meetings each location hosts
  • Population segments that use video banking most often
  • Customer satisfaction scores
  • Foot traffic in locations that offer video banking
  • Sales data: which products are selling over video
Blue Line

Are You Ready For The Future?

There’s no doubt remote video banking is the future of the industry—the question is: are you ready to implement it? Whether you’re looking to add a physical video booth to your building, or are considering opening a virtual branch, the answer to all your tech-forward goals is video banking software created for banks and credit unions.

See how Coconut can help connecting with your institution a breeze.

Stay in the loop

Sign up for inspiring stories, helpful resources, and product news.