# Video Collaboration is pushing the boundaries of the customer experience in Financial Services
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2016-11-01
Category: BANKING
Category URL: https://financedigest.com/category/banking
Meta Title: Video Collaboration: The Future of Banking Customer
Meta Description: Discover how innovative video communication is revolutionising the way banks engage with customers, providing a modern, digital-centric experience.
URL: https://financedigest.com/video-collaboration-is-pushing-the-boundaries-of-the-customer-experience-in-financial-serviceshtml

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_By **John Howard**, director Video Collaboration, EMEA_

Banks are facing a new and steep challenge from disruptive start-ups, unencumbered by old habits and behaviours and promising customers a new, digital-centric experience. [Monzo](https://monzo.com/), for example, had processed £20 million in transactions within the first year it had been founded, and before it even had a banking license. One of the key challenges banks are faced with today is making sure that they seem relevant to the growing digitally savvy customer base.

![John Howard](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/john-howard-logitech-for-bu-300x199-1736844399077-compressed.jpg)

John Howard

Banks must ensure the [customer experience](https://www.financedigest.com/insurers-ready-to-fight-back-against-poor-customer-experience.html "Insurers ready to fight back against poor customer experience") aligns with the habits of a modern millennial consumer. This is an audience that doesn’t use its phone for voice calls, but for video messaging and calling, for richer engagements. The proliferation of quality high-definition video and affordable video conferencing solutions is [providing an opportunity for banks](https://www.financedigest.com/digital-banking-traditional-banks-vs-fintech-providers.html "Digital banking: Traditional banks vs. fintech providers") to shift the way they communicate. Video can help to [build a positive relationship with the customer that’s built on trust](https://www.financedigest.com/how-financial-services-can-secure-data-and-build-trust-in-todays-modern-environment.html "How financial services can secure data and build trust in today’s modern environment"), ensuring that the benefits of a relationship are mutual between the provider and client.

**The new way to communicate**

Financial institutions need to become more [innovative with their communication if they are to continue](https://www.financedigest.com/the-corn-steep-liquor-markets-growth-is-to-be-defined-by-innovation-continuously.html "The Corn Steep Liquor Market’S Growth Is To Be Defined By Innovation Continuously") to attract and retain their customers. Fortunately, advances in both mobile and broadband data speeds, increased affordability, and developments in video collaboration hardware and software have made the video [experience a much more powerful tool for customer](https://www.financedigest.com/is-your-customer-experience-exceptional.html "IS YOUR CUSTOMER EXPERIENCE EXCEPTIONAL?") service.

[Research by Efma and Vidyo](http://www.vidyo.com/company/news-and-events/press-releases/efma-research-banks-video-conferencing/) found that 70% of customers prefer video banking on mobiles and desktops over making the journey to a branch, or even simple account and balance enquiries in person at an ATM. Further to this, the same research found that 60% of those surveyed thought [private banking](https://www.financedigest.com/pragma-investments.html "Pragma Investments on Wealth Management versus Private Banking"), wealth management, mortgage and loan services were ‘best suited’ for video banking. In the UK [Barclays famously established a video consultation service](https://www.financedigest.com/barclays-sets-up-taiwan-subsidiary-to-offer-brokerage-services.html "Barclays sets up Taiwan subsidiary, to offer brokerage services") for its premier account holders in 2014, a move that distinguished itself from competitors within the premium banking sector. Video is also widely used in the [investment banking](https://www.financedigest.com/investment-banks-trading-revenue-likely-to-shrink-barclays-boss-says.html "Investment banks’ trading revenue likely to shrink, Barclays boss says") sector, to communicate with international clients.

**Leading the pack**

In the same way that [consumers expect](https://www.financedigest.com/u-s-consumers-inflation-expectations-highest-in-8-years-ny-fed-says.html "U.S. consumers’ inflation expectations highest in 8 years, NY Fed says") to be able to browse and watch the latest films from the comfort of their own home, they also want to browse, be consulted on, and select the best financial products to suit their needs – all without leaving the sofa. Indeed, a recent [McKinsey](http://www.mckinsey.com/business-functions/digital-mckinsey/our-insights/the-surprising-truth-about-which-countries-lead-in-digital) report found that 58 percent of Europeans and 52 percent of North Americans prefer digital to branch-based transactions

Two other [major players taking advantage of video communication are Lloyds Bank](https://www.financedigest.com/banks-deploy-ai-3-major-technological-advances.html "Banks Deploy AI – 3 Major Technological Advances            ") and Halifax. [Customers can now choose to receive virtual face-to-face mortgage advice simply through connecting to the banks’](https://www.financedigest.com/how-close-can-banks-get-to-their-customers.html "How close can banks get to their customers?") video links. Similarly, Nationwide Building Society has taken a leap forward by video-enabling their branches, so advisors can [offer video based mortgage consultations to their customers](https://www.financedigest.com/any-business-can-now-offer-their-customers-financial-services-how-embedded-finance-is-reinventing-the-wheel-when-it-comes-to-banking.html "Any business can now offer their customers financial services: How embedded finance is reinventing the wheel when it comes to banking"), whenever and wherever they are.

Across the Atlantic, BluCurrent has rolled out a video consultation [service to their customers](https://www.financedigest.com/how-can-financial-firms-improve-customer-service-after-the-pandemic.html "How Can Financial Firms Improve Customer Service after the Pandemic?"), which can be used for processes as simple as opening new accounts. The addition of this service has added appeal to younger generations, attracting new [customers to a bank that traditionally services](https://www.financedigest.com/why-banks-need-to-embrace-ai-first-customer-service.html "Why Banks Need to Embrace AI-First Customer Service") older age groups.

Interest in video is rapidly increasing as high street banks close unprofitable branches and consumers bank while at home or on the move. For [financial service providers that need to close](https://www.financedigest.com/fast-track-financial-close.html "FAST-TRACK FINANCIAL CLOSE") local branches as high street traffic to them dwindles, video is a sensible and popular way to ensure customers are able to have a more intimate customer experience. This remains of [value to customers](https://www.financedigest.com/the-importance-and-growth-of-banking-ecosystems-to-create-superior-customer-experiences-and-value.html "The importance and growth of banking ecosystems to create superior customer experiences and value"), particularly when dealing with complicated transactions, or sensitive conversations where privacy is of the up most importance. Video enables advisors to reassure customers and maintain their trust, when they call in from a location of their choosing.

**My takeaway**

By investing in video, providers will be able to improve the quality of their customer experience and boost satisfaction levels. There are three [key places where video adds value](https://www.financedigest.com/fluid-coolers-market-by-covid-19-impact-analysis-volume-and-value-revenue-business-opportunity-future-projections-and-key-trends.html "Fluid Coolers Market By Covid-19 Impact Analysis – Volume And Value, Revenue, Business Opportunity, Future Projections, And Key Trends") and helps you to achieve these outcomes:

1. **Anytime, anywhere:** Save the expense of travel while retaining the personal connection of face-to-face communication; your specialist advisors can be available to your entire customer base without [time and cost](https://www.financedigest.com/netflixs-gaming-foray-will-cost-time-and-money-wall-st.html "Netflix’s gaming foray will cost time and money – Wall St") wasted commuting


2. **Goodbye to the queue:** By removing the necessity to visit a branch you’ll reduce waiting times– allowing [customers to bank](https://www.financedigest.com/banking-from-anywhere-embracing-technology-to-exceed-customer-expectations.html "Banking from anywhere: embracing technology to exceed customer expectations") more conveniently

3. **Personal consultation:** The customer relationship (B2C or B2B) relies on having a solid, honest and personable conversations. Video enables you to maintain and build [customer intimacy more effectively than phone or digital based engagements](https://www.financedigest.com/chatbots-the-secret-weapon-to-customer-engagement.html "Chatbots: The secret weapon to customer engagement?")

**Final thoughts**

Video will become an integral part of [banks’ communications](https://www.financedigest.com/why-poor-customer-communication-is-holding-open-banking-back.html "Why poor customer communication is holding open banking back") strategies. It empowers both employees and customers to take matters into their own hands, making banking efficient and easy. [Developments in HD video conferencing and sound systems](https://www.financedigest.com/britain-launches-trade-system-for-developing-countries.html "Britain launches trade system for developing countries") will embolden more companies to explore their options, and encourage them to innovate their communication channels to ensure they keep in step with the demands of the next generation of customers.


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