When it comes to branch transformation, many financial institutions find themselves walking a fine line between the cost and efficiency savings of self-service solutions and the more personal, friendly service that only a human teller or advisor can provide. While many banks are keen to move transaction activities such as deposits away from the counter and onto self-service solutions, more complex activities still require a human presence to walk customers through the process and explain options. And it is in such situations where video technology is proving its worth to the industry.
Video technology has become particularly useful in helping boost financial inclusion and extending banking services to areas that are underserved by traditional banking practices. With video technology, small locations in remote areas can offer services that were previously only available in urban environments, where it is cost-effective to maintain qualified staff. Video technology is also proving itself useful in larger branches as well, allowing many services to be moved away from tellers and to video-equipped self-service terminals. This helps reduce labor costs and boost branch profitability.
In the coming years, many more financial institutions are expected to adopt video technology since it is increasingly seen as a true win-win solution for both financial institutions and customers.