Enterprises at the global level are gearing up their business strategies to ride the digitization wave. Financial institutions are no different with banks increasing their social media presence and streamlining their process through virtual platforms. One such innovation is incorporating video into their corporate processes and transactions. Bankers are optimistic that integrating video into their systems will increase customer satisfaction, productivity, and overall efficacy.
Applications of Video in Financial Institutions
Videos can be used to interact and engage with customers and prospective clients. The public, especially those who are not keen on financial terms, will have an easier time digesting terms of contracts and other complicated banking processes when explained using a short video. In an industry where it is easy to breed distrust, demonstrating transparency through such communication can nurture strong relationships and loyalty with your clientele.
Announcements regarding policy and mandates can be done via live streaming or with a video presentation that your personnel can access on demand. Video conferencing has also enhanced the communication process among employees.
Digital marketing that features customer testimonials and compelling stories makes an effective customer education tool. Learning about a financial product is many times more appealing and engaging when done while watching videos compared to reading product descriptions and numerical data. You can also maximize reach when these videos are shared on social media platforms. Effective copies and calls-to-action integrated into video marketing campaigns contribute to attaining high conversion rates.
From interactive teller machines, video-enabled wealth management apps, to face-to-face banking with video tellers, video banking is an innovative way of transacting and conducting consultation sessions with customers. Enabling remote transactions via video conferencing will increase productivity and reduce travel costs. There is high reception of the video banking concept among financial institutions. 42% of the bankers who participated in a survey have already deployed this service and this number is expected to increase in the years to come.
Customers feel important and taken care of when their queries and concerns are attended to right away. Video conferencing with customer service representatives adds premium value to conversations with customers.
Technological advances propel financial services to a whole new level. Video integrated into the operations of financial institutions generates greater appreciation and engagement among their customers. It creates opportunities to personalize customers’ banking experience and streamline processes so that workload is reduced.
We at Circle HD are your partners in establishing secure and user-friendly video platforms to enhance your banking services. From employee training, internal communication, on-demand promotional products and video analytics, our team of experts can provide you with systems that are customized to contribute to your organization’s goals. Schedule a demo with us now and learn more about the value video can add to your institution and the ways it can elevate your brand.