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DIGITAL BANKING Tips - Tip 28: Video Banking

3 25 August 2015 1 comment

Retired member

“Video Banking” is one of the hot topics in Digital Banking area for some time. Both Fintech companies and banks are so much interested in this technology to facilitate banking services above the pre-defined limits in banking perimeter. It is usually positioned as the substitute of Face to Face banking. There are many banking services provided via Video Banking from Customer Onboarding to Money Transfers. Not very widely used yet, but some says it is the future of banking!

What is it?

Video Banking (VB), also called remote banking, may be defined as providing assisted banking services to clients via video connection. Considering banks have many channels to provide remote service to their customers, what makes Video Banking unique for clients is “interacting with the bank staff via video connection, face to face, for a customized service”. This unique feature could be very useful in complex banking procedures, like first time account opening or buying a complicated bank product/service.

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Comments: (1)

Paul Zaman Managing Dirctor, Singapore at DomaCom

28 August 2015

Picking up on just a couple of business critical banking functions:

Customer service
Know Your Client

In retail and priavte banking the most important aspect is customer service. Irecently read a research report from a top 5 global ETF provider, eg trillions of AUM. They had studied the role of the Finanical advisor/Wealth advisor. The advisor added value by keeping the client aligned to the agreed financial plan and asset allocation. The Advisor could add 1to3% of portfolio value per annum over the long term. Customer Service - keeping engaged and metoring your client. This could be done very effectively via video banking.

Secondly Know Your Client. I recently was involved in setting up a new corprate bank account this took weeks and KYC on potential all 100+ shareholders and officers and a traget KYC opening bill of $20k. Working with the bank's banking and complaince we were able to streamline this and save costs. AGain video banking would easily enable a better KYC solution - especially the ongoing and annual complaince reviews.

Digital banking, including all digital media - video, sms, social media, mobile apps are ALL going to play an important role in customer service. Lets get used to it!

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