What Is Video Banking Software?

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.

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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.

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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 Video Banking App Features?

As an end-to-end video appointment solution, video banking apps offer all the tools needed to book and join a meeting, verify identity, sync data, and capture next steps. Clients and staff members can even collaborate on documents for streamlined and secure e-signature and document management. 

Here are the top video appointment software features for financial institutions:

  • Intuitive design
  • Flexible admin tools
  • Analytics and reporting
  • Top-tier security
  • Integrations and API
  • Co-browsing technology
  • Video and audio conferencing
  • Custom branded backgrounds
  • Screen sharing and markup tools
  • Electronic signature capture
  • Client ID verification
  • Audio recordings and transcripts
  • Automatic, secure join links
  • Data tracking and reporting

What Is a Video Banking Machine?

Video banking software shouldn’t be confused with a video banking machine.

A video banking machine adds two-way video communication technology to an ATM. This gives customers and members the chance to chat with an off-site staff member if they have an issue. Since ATM questions are usually related to troubleshooting or basic account questions, video banking machine questions are usually answered by a separate tech support call center—not by advisors.

Video banking can certainly help with all of these issues, but video banking machines are more focused on customer service, while video banking software is more focused on financial institution growth and customer relationships.

Can You Use Video Conferencing for Banking?

No, video conferencing doesn’t offer the end-to-end capabilities of video banking software. At best, video conferencing allows advisors to host a call, but they often lack key features like: 

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

What Is Video Collaboration Banking?

Also known as 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.

So, what is co-browsing, exactly? It’s a tool that enables members and staff to share their screens, walk through documents, and highlight important details in real-time.

How Do You Implement a Video Platform for Banking?

After selecting your video banking software, it’s important to create a rollout plan to ensure a seamless transition. A thoughtfully executed internal employee rollout will inspire confidence in your staff and excitement among members and customers.

Here are three essential steps to any video banking platform rollout:

  1. Identify early employee adopters. After announcing the new platform internally, you’re sure to have some early enthusiasts. Identify these people and enlist their help in the planning process.
  2. Build a playbook. Next, it’s time to create a resource where everyone can go to access the software, get trained, and find answers to their questions. This could be a landing page, PDF, intranet page, etc.
  3. Host mandatory training. Launch a formal certification process for member-facing staff, marketing team, and IT staff. Don’t forget to train staff on pre-meeting and post-meeting best practices.

Adopt Video Banking Software with Ease

Now that you know more about the top features of video banking software, you can confidently identify the best solution for your team, get buy-in from staff, and start competing with the most tech-savvy financial institutions as you grow your customer and member base.

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Check out our full video banking guide for more information on rolling out video banking from start to finish, or learn How to Make Video Banking Calls Better, How to Open a Virtual Branch, and How to Host a Video Banking Webinar.

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