Video Banking Services: What To Offer and How To Take it to the Next Level

Video Banking Services: What To Offer and How To Take it to the Next Level

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.

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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.

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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:

  • 🏠 On-site Call

A customer or member comes into the branch and meets with a remote employee over dedicated video services.

  • 🏦 Hybrid Call

An employee at a physical branch takes a video call from a remote client.

  • 📱 Totally Remote

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: 

  • Set Up an Account. Help new and existing customers and members establish a checking or savings account. 
  • Check On Financial Health. Hold a 1:1 meeting with clients who need financial guidance, investment advice, or wealth management direction.
  • Go Over Documents Before Signing. Co-browse and screen share important documents with clients and explain difficult terminology before collecting signatures.
  • Give Details About Products. If you have a client who has already requested information about a specific product, giving them valuable facetime via video chat is a great way to seal the deal.

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:

  • ID verification via SSO or other integrations
  • E-signature capture
  • Appointment scheduling and tracking integrations
  • Driver-less/app-less downloads; AKA not browser-based use
  • Other security features 
  • Follow up notes/integrations; 
  • Cobrowsing software

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:

  • Give the tool a catchy, branded name 
  • Send promotional email reminders
  • Post in-branch signage
  • Feature a demonstration video on your bank or credit union website home page
  • Run a social media ad campaign
  • Include video banking appointments as an option in your Help section online 

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:

  • What do your NPS and CSAT scores look like? Have they improved since your software implementation?
  • How many video banking appointments have your staff completed successfully? How many appointments were canceled or resulted in no-shows?
  • What kind of ROI is your marketing department seeing from video banking campaigns? What have they learned about the client lifecycle?
  • Which advisors have seen an increase in conversion rates? And which products have been sold via video banking?

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 on their needs.

With thorough data analysis, you’ll likely discover some pain points and areas in need of improvement. Perhaps your team needs more training, or your marketing isn’t reaching the right demographics. The support team at your video banking software company should also be able to help steer you in the right direction and provide helpful guidance.

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Make Video Banking A Breeze

Now that you’ve got the blueprint for offering video banking services at your institution, it’s time to schedule a demo with your chosen video banking software to learn more.

The right tool will blend in seamlessly with your institution, and make the implementation process easy and enjoyable. 

See how Coconut Software can make video banking work for your bank or credit union today.

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