Banks Turn to Video to Improve Customer Engagement

by Edward O'Brien 0

A new survey found that nearly 70 percent of banks prioritize video banking availability through mobile and desktop over in-branch or ATM availability.

More than 80 percent of banks polled recognize that online and mobile banking channels improve customer engagement, and 93 percent of banks said they would expect increased customer satisfaction if a high-quality video banking service were put in operation.

Those were the findings of a survey of 136 banking professionals from 52 countries, which was co-sponsored by Efma and video collaboration specialist Vidyo.

The study found that nearly 70 percent of banks prioritize video banking availability through mobile and desktop over in-branch or ATM availability, and more than 60 percent of banks find private banking, wealth management, mortgage and loan services to be best suited for video banking settings.

An increasing number of financial institutions are interested in using video capabilities to augment their customers’ and members’ experience. Ongoing Mercator Advisory Group research reinforces this point, as well as highlighting increased interest by consumers in video interaction in general. Video interaction is seen by many as way to make the self- and assisted-service banking experience more personal and efficient, and increase opportunities for deeper engagement.

Overview by Ed O’Brien, Director, Banking Channels Advisory Service at Mercator Advisory Group

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