80% of banks ‘plan to deploy video services’

More than 80 per cent of banks recognise the importance of online and mobile banking when improving customer engagement, according to a new study from Efma and Vidyo.

The study also revealed that 93 per cent of banks expect customer satisfaction to improve if a high quality video banking service were to be implemented.

The research aims to bring clarity to the role that video banking plays in the digital transformation of banks, and has found that nearly 80 per cent of banks plan to offer video-enabled services in the future.

Vincent Bastid, CEO of Efma, commented: “The findings show that there is a strong appetite for video-powered banking worldwide, and we firmly believe in the power of the technology to maintain and improve the personal connection between the customer and the bank.”

Nearly 70 per cent of banks have prioritised video banking availability via mobile and desktop platforms over in-branch or ATM availability, while more than 60 per cent of banks find private banking, wealth management, mortgage and loan services to be best suited for video banking settings. Click-to-call on mobile and web, call scheduling, call recording, and call escalation were cited as the most important capabilities for video banking services.

A quarter of respondents currently have or are piloting a video banking service, with a further 24 per cent planning to begin such a service within the next 12 months. Furthermore, another 30 per cent of banks expect to begin planning sometime in the near future, with customer satisfaction and building perception as an innovative bank the strongest motivations to do so.

According to the respondents, security, compliance, cost, and customer preparedness (access to devices compatible with video) are the biggest challenges faced when deploying a video banking service, as more than 75 per cent of those surveyed defined success in video banking as a video session that is held without technical issue eight times out of 10, regardless of endpoint or network.

Eran Westman, CEO of Vidyo, added: “Barriers to rapid, wide spread adoption of video banking tools are quickly being eliminated. The benefits of video banking are quantifiable and compelling and every day more banks are taking notice.”

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