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Home » Video banking helps CUs build relationships in the digital era
Technology

Video banking helps CUs build relationships in the digital era

The service allows members to have an in-person experience in a mobile world.

July 28, 2017
Cole Downing
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Build relationships in the digital era with video banking

Personal banking has always been built on face-to-face relationships. But it’s challenging for credit unions to regularly meet in-person with their members in a mobile world where people are constantly getting things done while on-the-go.

Credit union branches also need to get as much done as they can with limited resources.

Video banking is on the rise because it helps credit unions ensure the continuity of personal relationships in the digital and mobile era. Video banking recreates the in-branch experience remotely, and lets credit unions keep the human touch in digital member engagement.

Video also gives credit union members easy, in-person access to knowledge experts across the organization their specific needs, from anywhere they happen to be on an array of devices.

Video banking is gaining in popularity. In a recent survey with CUNA Strategic Services, almost 20% of respondents have deployed at least one form of video banking, while more than 40% are piloting a video service. More than 80% are planning to offer video banking in the future. 

Today, credit union members have countless options to meet their banking needs. They can walk into a branch and visually connect and share content with the banking associate who can best address their needs, even if this expert is located in another branch or in a contact center in another state altogether.

Giving members convenient access to this base of centralized knowledge is invaluable for engagement and efficiency. Credit unions provide stronger engagement through video by giving members access to its organization-wide level of knowledge and expertise from the comfort of home, the office, or wherever they are.

But video also allows the credit union to increase branch efficiency and reducing overhead. It's a win-win.

Members' expectations are evolving. The evolution of the brick-and-mortar credit union branch is a good example of how customer engagement today is largely transactional.

Many people opt for self-service engagement tools that may not involve too much human interaction where it’s not needed. The popularity of online and mobile banking applications is a clear example of this.

Yet, research shows that providing the option to remotely connect face-to-face via video chat can make the member experience even more powerful.

People still want to personally connect with another human during critical moments, such as when they are planning for college, launching a small business, or buying a home. But meeting face-to-face needs to be flexible and non-disruptive to consumers’ daily workflow or routine.

Using video to engage credit union members is both personable and practical.

Not only can members connect with credit union employees face-to-face through video, they can also share content in real-time, such as important documents that need to be reviewed and signed.

COLE DOWNING is head of mid-market financial services for Vidyo, a CUNA Strategic Services alliance provider.

KEYWORDS video banking
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