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Successfully Implementing Video Banking at Your Financial Institution

Meredith Olmstead
May 18, 2021

If your financial institution is still waiting for the perfect time to implement new digital channels of communications with your customers, I'm here to tell you that the time is now!

The pandemic has fast-forwarded any and all digital demand for your services, and being able to talk to your members or customers face-to-face in the digital space is now more important than ever!

Here are a few tips to get the ball rolling on video banking for your financial institution...

1. Make Your Video Efforts Front and Center

The ability to have video calls with your customers should be one of the first features someone notices on your website.

Don't hide video banking on your contact us page. Make it super obvious and linked on your homepage and in the header and footer of your website.

You might also want to link to video chat wherever you link to live chat so that people can easily pick between these two digital communication options.

2. Treat Video as Part of Your Digital Branch

Your digital bank branch needs to become as established as any other branch your bank or credit union operates. You should have a branch manager, additional needed staff, hours of operation, a maintenance budget, lending goals, and any other requirements similar to other brick-and-mortar locations. 

Video banking falls into the digital branch experience so it should be in the same department for the best level of integration. It also makes sense that staff who are running live chat would also be available for video chat. You might consider connecting these departments with your call center for additional staff support.

Perhaps your call center will need to expand into digital branching services with some staff allocated for these purposes.

However you choose to structure your organizational chart, it is essential that digital communications aren't just dumped onto existing staff who don't have additional capacity. Digital branching needs are here to stay and they need the departmental resources and staff to support their successful implementation.

3. Implement Live Chat in Addition to Video Banking

These digital channels of communications are quickly becoming fundamental to any full-service banking institution.

Again, we often want to wait for the perfect time to implement these new technologies. But waiting is no longer feasible. The time for full-service digital branches is upon us, and live chat is becoming a mainstay to any bank or credit union.

You should also include a chatbot in this implementation to help alleviate live chat traffic with solid FAQs and additional resources that are related to the main areas of daily inquiry. 

4. Questions to Ask Your Potential Video Banking Vendors

Here are a few questions you should consider when evaluating any potential video banking vendors:

How long is the implementation? - We've heard success stories when institutions were up and running within a month. But we've also heard about difficult-to-manage software taking much longer to get going. Make sure to ask references and the vendor about typical timelines for implementation. 

Does your software allow for the chat operators to share their screen and co-browse things like online banking with the customer? - It's very helpful for staff to be able to show customers or members around in areas like online banking, so being able to share their screen and look at these digital applications together is an excellent feature to ask about. 

Can you record calls? How easy is it to search for these and play calls back? - This functionality is essential for managers to effectively monitor staff progress with the video tool and provide coaching and quality assurance.

Is there a mobile app version of the video chat that scales well on all devices? - You will have a significant amount of your video chat traffic coming in on mobile devices. Make sure you test the software there as well as on desktop computers to ensure seamless user experiences.

Need help implementing your own video banking solutions? We can help! Contact us today!

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