6 Benefits of Video Conferencing for Finance Advisors and Banks
shared by tragofone on Nov 16
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#1. Making the unimaginable a reality
When we think of banking transactions we imagine walking into a bank to the cashier and withdrawing or depositing cash. However, there are many other dealings we ...
do with a bank like investments, insurances, taking a personal or home loan, etc. Though a cashier still needs to be physically present in a bank to discharge duties a lot of other roles like that of an investment manager or a financial advisor or an insurance agent can be discharged online through video conferencing. VoIP (Voice Over Internet Protocol) and easy availability of the internet has now made it possible for financial advisors to connect with their customers on a video call in a safe and secure digital environment.
#2. Video conferencing is a better alternative to communicate
Having face to face interactions is always better over talking on a phone especially in sensitive matters like finance. No wonder, we have been visiting banks and financial institutes in person all these years. The past few years pushed us to adapt to new ways given the situation such as the global pandemic and countries going into lockdown overnight. However, VoIP enabled video conferencing made it possible to have video meetings with your financial advisor with just a camera enabled phone and internet connectivity. A great alternative to face-to-face meetings video conferencing in circumstances where in-person meetings is not possible is a win-win both for the customer and the concerned finance personnel. In testing times such as the Covid a video call over a regular call sure made both parties involved much more confident.
Use-case: Adam applied for a home loan using his bank app. There was a curfew in his county because of a shooting incident the day he was to visit the bank for all the paper-work and pre-approval of his loan. However, this did not become a hindrance in initiating his loan approval process thanks to video conferencing. He got on a video call with his agent using the video call facility on his banking app and duly completed the identification process sitting at home. Face-to-face interaction also instills more confidence in the bank to approve the loan.
#3. Helps you stay ahead of the competition
Banking and finance have been one of the oldest industries around with the Bank of North America dating back to 1782. Given the nature of the industry and the confidentiality involved the industry has always been conservative in adapting new technologies and new ways of conducting business. The hitch is understandable given the growing cases of cyber frauds and crimes. However, new-age apps and technologies are safe and secure, and the new-age customer prefers using them. Besides, more and more people want to interact with their financial advisors virtually rather than meeting them in person.
As of now there exists a gap between the demand and supply for online banking and virtual interactions with representatives. By offering online financial services and personalized one-to-one virtual interaction before others you can get a head start. This will not only make retaining existing customers easier, but it is also a sure shot way to acquire a new client base.
#4. New technology to attract millennials and Gen Z
Millennials are the largest generation comprising 72.19 million people followed by Gen Z (20.66% of the population) in the US. Both the groups have grown up on the internet and are living in a world of social media and smartphones. Both the groups are at a stage in their life where they will take loans, home mortgages, make investments, basically start making their own financial decisions.
Attracting and retaining this huge customer base as well as potential workforce pool requires technology that is convenient to use. Having the right people with the right skillset (employees comfortable using tech and hands on with video conferencing and social media) to attract this audience is non-negotiable. A whopping 82% of millennials prefer face-to-face meetings with their financial advisors and the uncertain times we are living in video-conferencing seems to be the perfect alternative to replace those meetings.
Both millennials and Gen-Z seek support from their financial services providers and strongly advocate for sustainable change and growth. Using video conferencing in day-to-day dealings with customers enables finance professionals to deliver the support expected and come up with creative solutions for serving clients.
Businesses today must be fluid and adaptable to changes in the financial space and be open to incorporating new tools for managing the expectations of this new breed of customers and employees.
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