Still, its been nearly 20 years and we havent seen video calling make much of an impact.
That is, until recently.
But what exactly is video banking, and how could it impact banks as we know them today?
This is largely made possible due to new technologies, including machine learning or ML.
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The level of personalization in chatbots responses to customer questions becomes smarter and more accurate with each interaction.
This is much more than just an MS Teams call with your bank.
Machine learning features allow this data to be pinpointed and analyzed in real time.
During the interaction, advisors utilize ML tools that augment their communication with the consumer.
Whats taken so long to finally introduce video banking?
Migrating to the cloud and going digital all seemed like it would be expensive and require extensive training.
But the COVID-19 crisis forced executives to see technology in a different way.
Before the pandemic, nearly half of financial executives said that scaling down digital costs was their top priority.
Customers are really looking for personal conversations, with quality and expertise.
What we add with video banking is the convenience of digital that customers need.
And this early investment certainly paid off.
While other countries have been more open to adopting cashless options, Americans have remained skeptical.
In Europe, a whopping74% of citizensare now relying on mobile banking apps to manage their finances.
It wasnt just executives that were unsure about going digital.
Withthe evolution of cybersecurity threats, security has been a chief concern for consumers.
ABN AMRO relies on security precautions such as requiring multi-factor authentication and advanced security measures such asself-healing security software.
This software is designed to guard against cybersecurity threats much like how the human immune system guards against disease.
In fact, immunologists were even brought in during the development phase of the software.
Is branchless banking the future?
Its not out of the question with the widespread adoption of online banking services.
Otherwise, they are at risk of losing their customers to more streamlined platforms.
You have to ensure customers have the same experience and get the same things done.
