Video Banking: A Cost-Effective Alternative to the Traditional Branch

by Mercator Advisory Group 0

For FIs a physical branch presence traditionally means better customer service, however video banking is an emerging trend that blends self-service with a human touch.

Video banking incorporates a remote teller presence via video technology. Depending on the technological capabilities of the equipment, consumers are able to complete most branch transactions remotely with a teller housed in a centralized call-center environment.

“Financial institutions are searching for solutions that will allow them to expand their footprint in the most cost effective manner. They have to drastically alter the way they deliver services in order to compete and survive,” said Karen Connor, vice president of sales at Sandy, Utah-based uGenius Technology, a leading video banking solution provider.

As banks and credit unions search for ways to improve customer service and organizational efficiency while simultaneously striving to reduce costs, new and innovative delivery methods are being considered. Some of these methods, including the use of video banking, leverage the use of technology to meld elements of self-service with personalized banking, which enhances the user experience for customers who might otherwise only have access to self-service channels.

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