Cole Downing, Vidyo's vice president of sales, outlined how credit unions can offer video banking without sacrificing the personal touch during a breakout session at the co-located CUNA Technology Council and CUNA Operations & Member Experience Council Conferences in San Francisco.
"Implementing video technology is pretty straightforward,” Downing says.
Members are ready and willing to accept it, he notes.
The big goal of most video banking systems is to delight members with service, to meet members where they are, Downing says. “Of folks who were offered a video banking experience 75% accepted,” Downing says.
Implementing it can take place in waves, he notes.
For example, a credit union may first blend video with its contact center, then later integrate it with its mortgage function. “Those are different functions and have completely different requirements from technology and telephony perspective,” Downing says.
But credit unions should consider adding training for employees who will deliver services via video banking. “For example, dealing with an angry member via video is completely different than in person,” Downing says.
The benefits can be great, Downing says. Case studies show improved member satisfaction and wait times, he says. At one credit union loan conversion rates increased 42%.
“And most importantly, you’re not sacrificing personal interaction,” he says.
Credit Union Magazine’s Summer 2023 issue highlights the lending outlook for the rest of the year, how credit unions leverage fintech companies to boost digital lending, the power of lending partnerships, common Bank Secrecy Act violations, and the shift board members must make when becoming chair.
