Will video replace the telephone in banking?

With the growing adoption of smart phones, iPads and video-enabled devices, banks now have the ability to implement new channels, including video, for connecting with their customers. And, with the desire to create powerful emotional connections with the customer, video may just replace the telephone.

Telephony service remains a vital way for customers to connect with their bank. However, a video ‘chat’ with a customer presents the opportunity for a bank to deliver a more impactful and empathetic service. The video connection also allows banks to blend different channels of interaction, for example, to support customers using branch, ATM or internet banking services. The challenge is to provide the right type of support at the right point in the process, using technology which ensures the experience is simple and secure.

It’s worth noting that the latest generation of self-service devices (ATMs, kiosks, etc.) are video-enabled and adoption of these devices can already be seen. For example, earlier this year Bank of America launched Teller Assist – a ‘human touch’ ATM with a real-time video communication facility.

We know it’s ‘good to talk’, and acceptance rates for new technology are shrinking incredibly. So, what do banks need to do to deliver truly powerful video services to their customers?

People

The evolution of the telephone contact centre has driven banks to develop a set of skilled resources that are able to handle a range of customer services. The video channel will drive further progress with the challenge of getting the right people talking.

Process

The delivery of video will require banks to redefine aspects of their operating models. In addition, banks will need to consider the sales process which crosses over from a self-service online application to one where a bank staff member discusses product choices via a video conversation. Security of both the customer and the bank is also vital.

Technology

Successful delivery of integrated video channels will require selection and deployment of the right technology that meets the customer’s increasingly high expectations for quality and simple-to-adopt services. A number of vendors now provide video services and the challenge for financial services firms is how to integrate these into their enterprise technology estate.

Is the telephone really going to die? Probably not. However, video is set to become equally significant in omnichannel banking.