HACKENSACK, N.J.--(BUSINESS WIRE)--According to Vidyo’s 2018 Global Video Banking Report, an overwhelming majority of consumers who have used video banking would use such services again in the future. This highlights the high potential ROI across consumer satisfaction and sales metrics for financial services institutions offering video banking services. The global study focuses on financial institutions and their consumers in North America and Western Europe: 288 financial services professionals and 4,144 consumers were surveyed. It was conducted through a collaboration with Efma, an association of 3,300 retail financial services companies in more than 130 countries, and CUNA Strategic Services, which provides credit unions with access to high-quality products, services, and technologies.
Consumers Who Have Tried Video Banking Want to Use It Again
Whether through online video banking (85 percent of consumers said they would use it again) or in-branch video banking (90 percent of consumers said they would use it again), consumers find tremendous value in interacting with their financial institutions via video. However, despite the increasing adoption rate and significant customer satisfaction results, only 15 percent of consumers have actually had an opportunity to experience video banking. The report highlights that organizations should prioritize driving the first use of video banking to increase adoption, and several key findings support that strategy:
- 42 percent of consumers globally who have never had a chance to experience video banking are open to using it, either online or in-branch.
- More than half of U.S. consumers (54 percent) who have never had a chance to experience video banking are open to using it, either online or in-branch.
- 48 percent of respondents with a fully deployed video banking service said that driving customer/member adoption was a main challenge they had to overcome.
Banking Organizations See Positive Impact of Video Interactions
The survey provides strong evidence that financial services organizations that offer video banking services see impactful ROI:
- More than half (54 percent) of respondents who track their Net Promoter Score (NPS) say that the NPS of video banking is higher than the average NPS of other channels.
- Three-quarters of respondents who have deployed video banking services say that the outcomes are as good or better than anticipated.
- More than one-third (36 percent) of respondents who track their sales close rate say it is higher with video banking than with other channels.
In addition, those organizations that have a fully deployed video banking service cite positive customer/member experiences and improved perception as the main benefits of the initiative. Survey findings highlight that:
- 65 percent report an increased perception among members that their organization is an innovator.
- 56 percent report increased customer/member satisfaction.
- 56 percent report faster customer/member service.
- 42 percent report better customer/member intimacy.
- 25 percent report increased customer/member loyalty.
- 21 percent report that video banking is a driver in recruiting new customers/members.
Technology Is the Biggest Hurdle
The research also shows that although technology is not anticipated to be the biggest hurdle for implementation, it is, in fact, the number one challenge that organizations face when deploying a video banking service:
- Only 11 percent of respondents said that finding a suitable technology is what has prevented them from offering video banking services.
- However, 54 percent of respondents who have a fully deployed service said that finding the right technology was the main challenge they had to overcome.
For those organizations that said that finding the right technology was a big hurdle, the key challenge reported was the need for online video banking to work in a consumer environment.
“This report validates what we already know — that even in an increasingly digital world there are times when a face-to-face human interaction can make all the difference in resolving issues more expeditiously, closing transactions and delighting the customer,” said Elana Anderson, Chief Marketing Officer of Vidyo. “Vidyo is proud to be leading the way and empowering financial institutions to engage the consumer where they are by offering the best online and in-branch video banking experiences available.”
“This report clearly shows that video banking is here to stay and organizations must begin implementing it now or risk being left behind,” said Vincent Bastid, CEO of Efma. “The reality is that customers are ready for it, banks are able to do it, and there are significant advantages from both revenue and customer relationship perspectives in deploying video banking services.”
A global non-profit organisation, established in 1971 by banks and insurance companies, Efma facilitates networking between decision-makers. It provides quality insights to help banks and insurance companies make the right decisions to foster innovation and drive their transformation. Over 3,300 brands in 130 countries are Efma members. Headquarters in Paris. Offices in London, Brussels, Barcelona, Stockholm, Bratislava, Dubai, Mumbai and Singapore. Learn more at www.efma.com.
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About CUNA Strategic Services
CUNA Strategic Services develops strategic alliance relationships to offer quality products and services to your credit union that contribute to your bottom line, add to your peace of mind, and enhance your relationships. The company is jointly owned by Credit Union National Association and the state leagues. For more information, visit www.cunastrategicservices.com.
CUNA Strategic Services
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About Vidyo, Inc.
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