Video Banking — Pushing Boundaries of Financial Institutions

In today’s day and age, everybody is in a rush. Time is your scarcest resource, making it a constant struggle to do more with less. Despite this, getting financial advice is a hassle and a time-consuming process. Traditionally, you would generally have to call the bank to schedule a meeting, wait for the appointment date then drive to the local bank during office hours to meet the financial advisor.

However, in the current scenario of this global pandemic, millions of people across the globe have had to self-isolate themselves and stay in their homes. People are hesitant about visiting public places because they could contract COVID-19 if they meet other people. This has forced banks to respond, amalgamating the speed of Digital Transformation in the banking sector. Banking branches are beginning to reduce in size. The well-established traditional banking services have taken a back seat and the all-new digital banking facilities are moving ahead with great speed, demanding re-imagining the bank branch networking.

This is where the Video Banking solution is a boon to make personal finance effortless

To achieve this, Video Banking today is pushing boundaries through innovation using Artificial Intelligence to the best of its abilities. This is to improve human interaction and visual tools for various financial processes. Artificial Intelligence and Video Banking services supplement each other brilliantly and when combined they can add a lot of value to any financial institution.

Currently, Artificial Intelligence is being used in the industry for shifting calls to self-service or to a Chatbot to lower costs, however, there is a lot of potentials to use Artificial Intelligence for higher-value exchanges too. This is particularly true considering the Finnovation Expo held in 2019. Here, among the wide variety of entries, the process of Artificial Intelligence in video banking was used to simulate various scenarios used in the hybrid advisory process for wealth management. Using meeting analytic and the ability to record the video conference for compliance or training purposes. The scope of such innovations is endless and opens new vistas for banking experiences.

The question we must ask is, how can this technology impact the financial landscape?

Statistics suggest that 82% of financial institutions already offer or plan to offer video banking services. Combining Artificial Intelligence and video can not only deliver tremendous merit to the financial institution, but the business model is likely to improve the financial services experience for your customers and institution, especially for inquiries that really require a human touch.

Considering the above-mentioned scenario, we can see Artificial Intelligence in video banking, pushing the envelope in the following ways in the financial sector:

a) AI-driven analytical routing engines can be used through analyzing past performance data and match customer and employee attributes to predict which contact center agent is most likely to achieve targeted business goals. With Video Banking using Artificial Intelligence, it could be imaginable to pinpoint the most favorable inquiries and direct them to video-enabled financial representatives who have the right profiles to address them.

b) Real-time optimal financial action prompts by Artificial Intelligence to the financial agents could be delivered based on evaluating the customer profile, the nature of inquiry being made, & key information from the dialogue exchanged between the customer and their financial advisor. Optimal financial action prompts in a video-enabled customer care center could offer a specific product and accelerate the interface of the video, where a participatory and targeted dialogue is more likely to facilitate closing a deal.

c) Chatbot to human interaction is another area where Artificial Intelligence can reap benefits. Through prolonged interaction between financial agents and clients, Artificial Intelligence will be very efficient in identifying when advanced expertise is required. The dialogue and chat history can then be forwarded to a video-enabled financial advisor who can process the request with direct engagement that develops confidence and pushes customers to have further engagements.

d) Biometric identification is a rapid, dependable, and compatible way to distinguish a customer in closing a financial deal remotely. In today’s day and age, clienteles present an ID to financial agents who in turn save the data by taking a snapshot and saving it in the data bank of the financial institution. On the contrary, AI-based facial detection software can examine the video stream to authenticate if the photo of the ID tallies with the face of the clientele and verify is the document in question has been counterfeited, digitally tampered with, or reported stolen or lost.

e) Real-time availability of video and audio streams helps analyze the body language, facial expressions, pitch of voice, and keywords, which help the advisor understand the state of mind of their customers. Picking up these cues and being able to see the facial expressions of customers help the financial representatives to gauge what the customers actually feel and act accordingly. When the financial representative is able to understand the customer, they are more capable of providing them with good customer experience. And a good customer experience helps financial institutions maintain brand loyalty and increase the word of mouth referrals which is a big benefit for many banks and financial institutions.

f) Simultaneous language interpretation empowers the customers to speak in their own language, which they are comfortable in. So customers in different geographical locations can speak in different languages which they are comfortable with and still receive help from advisors without being misunderstood. This is considered to be a great breakthrough as it allows financial institutions to stay connected with their customers across the globe without any language barriers. Financial institutions and banks can widen their umbrella for their clients with this incredible service. People in remote areas earlier used to find it difficult to communicate with banking representatives over call, sometimes it was the lingo and sometimes it was the accent. But with this service, they can easily speak in their preferred language and get accurate answers.

g) Analytic paired with speech recognition permits the audio interactions of a video discussion to be translated into text. This data can be stored and analyzed by those who wish to examine and evaluate the interactions between financial representatives and customers. Overall, this could help with better quality and efficiency. The service provided by the financial institutions can be enhanced and made better for their audience. In turn, this could add greater value to the customers of these financial institutions too.

In conclusion

Artificial Intelligence in Video Banking not just improves the overall clientele experience but also fosters better rapport and trust in the financial institutions. It improves transparency between customers and financial institutions. Encrypted interfaces, transliterations and translations allow better security to the customers which is was the traditionally face to face engagements with no recorded data to analyze.

Banks and financial institutions with a good Video Banking experience are sure to develop brand loyalty among their customers because of the level of personalization they provide through this service. This also helps the financial institutions maintain old clients instead of going through the complexities of acquiring new leads and filtering prospective clients. Video Banking is also beneficial for the customers, it empowers them to handle their financial transactions from their comfort zone in their convenient time and still have the human touch. This gives them the power of finance at their fingertips which in the world is a great deal-breaker.

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store