90% of Respondents Expect Video Banking to Positively Impact Customer Satisfaction
March 14, 2017, Hackensack, NJ – Embedded video technology leader and video conferencing pioneer Vidyo, in collaboration with Efma, an association of 3,300 retail financial services companies in more than 130 countries, and CUNA Strategic Services, which provides credit unions with access to high quality products, services and technologies, today released its 2017 Video Banking Survey, highlighting the growing adoption of mobile video banking across the globe. Financial institutions, such as credit unions and banks, are turning to video collaboration in order to increase customer engagement and improve Net Promoter Scores and first call resolution.
The data, which shows how video-enabled contact centers can become financial institutions’ secret weapon for innovation, was collected from 282 financial institution representatives across 63 countries from December through January 2017. View the full report here: Video Banking Report 2017: Advancing on the Road to Maturity.
Connecting via video is becoming increasingly accessible for customers. Almost 20% of survey respondents have deployed at least one form of video banking, more than 40% are piloting a video service, and more than 80% are planning to offer video banking in the future. In the 2016 survey, a little more than 10% of respondents had deployed at least one form of video banking, while 30% were piloting a video service.
Financial institutions are responding to the demand for video visits by offering customers the ability to easily connect from anywhere, whether they are at home or on-the-go, and while using any device.
Key Findings Confirm the Positive Outcomes of Video Banking:
- 64% said that video banking has increased customer satisfaction.
- 72% said that video has increased the perception that their organization is innovative.
- 62% said that video banking has decreased branch workload.
- 60% said that video banking has created faster customer service.
High-quality, mobile embedded video collaboration is helping financial institutions encourage strong customer loyalty, and increase Net Promoter Scores, by letting them build face-to-face connections and offer services from anywhere, anytime and on virtually any device. Vidyo lets anyone join a video call easily via WebRTC, with no downloads or installations needed.
“For credit unions, banks and other financial institutions, Vidyo is leading the pack of embedded video providers because our patented technology and self-service platform have made up-front financial and technical concerns a thing of the past, allowing institutions to offer the best mobile video banking experience available today – without any of the heavy lifting,” said Vidyo CEO Eran Westman.
“The survey results indicate that today’s customers want to interact with their bank in a way that is both convenient to them but personal as well,” said Vincent Bastid, CEO of Efma. “The fact the majority of bankers are looking to incorporate video banking in the future indicates that not only is it set to grow, but video banking is set to become a medium customers will become increasingly comfortable with and reliant upon.”
Until recently, many video banking solutions have been limited to in-branch kiosks and ATMs, because video-enabling institution-owned technology presents fewer technical hurdles, costs and security concerns than creating a fully-mobile video solution that is designed for smartphones, tablets and the public Internet. There is a need for more flexibility: approximately 60 percent of survey respondents cited video technologies’ lack of integration capabilities with their existing tech and workflows as a reason why they have not yet deployed a video banking solution.
Today, the data shows that video banking is exiting the branch:
- According to the survey, in-branch video banking deployments, and personal video banking applications, are now almost equal (at 10% and 11% respectively).
- For financial institutions with the intent to initiate a video banking service within the next twelve months, 19% will offer in-branch video banking – while 28% are planning to offer personal video banking applications.
According to the survey, the top five concerns for financial institutions regarding video banking are:
- High security
- The support of a variety of devices and operating systems
- High video quality
- Integration into existing workflows and applications
- Document sharing
Vidyo is meeting these challenges for credit unions and banks by letting developers quickly and easily embed high-quality, reliable, secure, cloud-hosted, pay-as-you-go video collaboration technology into virtually any workflow or customer engagement solution on any device, by using Vidyo’s industry-leading API platform that is built on patented video routing and layering methods.
Mobile-first video banking that is reliable for customers, simple for application developers and cost-effective for financial institutions is becoming an increasingly popular digital banking tool that is mutually beneficial for both branches and customers alike. Click here to view the full report, and learn how mobile video collaboration is transforming the banking experience.
About Vidyo, Inc.
Millions of users around the world visually connect every day with Vidyo’s secure, scalable technology and cloud-based services. Vidyo offers video collaboration solutions for companies that require the highest-quality video interaction available. Recognized with over 120 patents, the company’s software platform and APIs are used by enterprise customers, service providers, ecosystem partners and developers to create innovative HD quality video-enabled applications embedded into application workflows and emerging IoT devices. For more information, visit vidyo.com.
A global non-profit organisation, established in 1971 by banks and insurance companies, Efma facilitates networking between decision-makers. It provides quality insights to help banks and insurance companies make the right decisions to foster innovation and drive their transformation. Over 3,300 brands in 130 countries are Efma members. Headquarters in Paris. Offices in London, Brussels, Barcelona, Stockholm, Bratislava, Dubai, Mumbai and Singapore. Learn more at www.efma.com
About CUNA Strategic Services
CUNA Strategic Services develops strategic alliance relationships to offer quality products and services to your credit union that contribute to your bottom line, add to your peace of mind, and enhance your relationships. The company is jointly owned by Credit Union National Association and the state leagues. For more information, visit www.cunastrategicservices.com.