New survey highlights rapid growth of mobile video banking

Efma feature

14 March 2017

Bankers are looking to embrace video technology to boost customer experience.

A new survey has highlighted the rapid growth of mobile video banking, with more and more financial institutions looking to embrace video collaboration to boost customer engagement.

The 2017 Video Banking Survey, produced by video technology and conferencing company Vidyo in collaboration with Efma, gathered information from 282 bankers across 63 countries.

According to the findings, 64% of bankers felt that video banking has helped increase customer satisfaction, while 72% believe video banking has made their organisation seem more innovative.

62% of those surveyed said video banking had decreased branch workload, and 60% said it had created faster customer service.

Video banking has seen significant growth in recent times. 20% of survey respondents said they had deployed at least one form of video banking, while 40% are piloting a video service. More than 80% are aiming to offer video banking in the future.

Video services in banking are also beginning to extend outside the bank’s four walls. The survey found that in-branch video banking deployments (10%) and deployments from wherever the customer wants to join (11%) are now practically equal. Going forward, for banks intending to offer video banking, 19% will offer the service in branch, but 28% are looking to offer it from wherever the customer wants to join.

“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.”

“For banks, credit unions and other types of 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 Eran Westman, CEO of Vidyo.

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Keywords : Customer experience , Video services , Digital/Mobile channels

Geography : International