How Video Conference Services can create additional value for banks of the future.
The Banking Sector and the whole financial industry have been subject to considerable change within the last couple of years. The fast development of the Internet and the growing acceptance of Internet users for online banking, entail great chances as well as great risks. Deutsche Bank AG Co-CEO Jürgen Fitschen has expressed his concerns about possible competition from big Internet companies such as Google or Microsoft, who have detailed knowledge about their customers’ preferences, which they could use for financial services.
Also video conference services play an ever growing role in the banking sector and add positively to change and modernization of business processes. Especially investment banks make use of video conference services in order to globally exchange real time information about markets, shares, currencies and other relevant information.
Up to now video conference services have been used seldom in areas such as Private Wealth Management, although those could potentially have an important impact on changing banking products and offers. Many banks keep themselves busy with designing concepts for bank branches of the future, in which video conference services certainly will be one of the components.
If you take a closer look at the traditional banking concept for private customers throughout Germany (provident banks, cooperative banks, Deutsche Bank, Postbank, Commerzbank and many more) you will not find a lot of creative approaches for change: During normal office hours customers get detailed advice about accounts and construction loans, leaving almost no time for individual advice.
Video conference services could leave more design scope to banks, thus helping them to offer better, faster and more tailored advice to their customers.
Improving Internal Communication
Using modern video conference services enables banks to equally inform all employees at all locations about current developments at the financial market, political changes or new products of the bank and their business partners. A big advantage compared to ordinary media channels (e-mail, intranet, video streaming, etc.) is the personal contact, which allows for further inquiries and therewith promotes a higher level of knowledge. Furthermore participation numbers are transparent.
Remote Experts Advice via Video Conference
In many cases customers confront their bank advisers with very complicated questions. The worst case is that the adviser will give the customer bad advice or has to start a lengthy inquiry within the bank to get the necessary information from an internal expert. Either way is not very customer friendly. A smart solution here would be to patch in the expert via video conference. This concept could also save travel costs where experts are shattered across the whole country and it additionally could accelerate decision processes concerning sales and distribution deals.
Customer Advice via Video Conference
Modern video conference services can also be used to advice customers via video conference. Many video conference services permit taking part in a video conference via desktop PC, Mac or also with Tablet or Smartphone as mobile service. In the future bank advisers can effortlessly communicate with their customers via video conference. This still might sound like a vision to banks, but it should not be forgotten that the coming generation has been exposed to video conference services such as Skype since their early childhood and does not have any reservations against this communication medium. Banks certainly will have to look into this new consumer behaviour.
Consequently video conferences and modern video conference services have great potential for innovative financial services and banks. Putting technology to use in a smart way can be the decisive competitive edge for banks in creating an ideal environment for individual and superior advice also in the future.
Have you ever been using service like these or is your organisation having similar approaches? Let us know of your experiences and drop us an comment below!