Making a success of video banking

Claude DeMone tells Efma about Royal Bank of Canada’s new video banking service for small business customers at its recent Distribution Summit.

Making a success of video banking

Small businesses often have few resources and precious little time on their hands, so visiting a bank branch to carry out transactions or meet with an advisor can be difficult. However, small business customers at Royal Bank of Canada (RBC) now have a different option: video banking.

According to Claude DeMone, RBC’s vice president of Contact Centre Technology and T&O Retail Application, the video banking service was developed as a way to make banking more convenient for small businesses, while still allowing them to speak with advisors.

Speaking to Efma at its Distribution Summit in London this April, DeMone said: “Now they [small businesses] can have a great meeting with a credit specialist from the comfort of their living room or their small business. They don’t have to jump in their car or schedule an appointment, they can get that service right away. We’re about to launch a service for investing clients called My Advisor.”

Although RBC’s video banking service is still in the early stages, DeMone said that it is fast becoming one of the most popular with customers.

“What we have seen initially is that there is a higher level of customer engagement using video, compared to a phone call on its own,” he commented. “If I look across the various ways that we have interactions, face-to-face continues to be one of the highest experiences we have. However, video is now following that very closely, so we’re quite pleased to see the increase in customer satisfaction using video chat to date in our pilot.” During the interview, Demone also shared some advice for other banks that want to develop a successful video banking service like RBC.

“Be very clear on your requirements and what customer journey you’re hoping to deliver – do you envision customers by video through your contact centre, through branches, or by a combination of the two?” he advised. “Once you’re really clear on what that journey looks like, then you can set to work on making that happen.”

Watch the full interview with Claude DeMone


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