Featured Article from Conferencing

Video Conferencing Soon To Be Joined by 'Video-Banking'

April 20, 2016

It’s pretty much a given in the tech world these days that video conferencing is going to be “A Thing.” As more and more companies sign on, the value is becoming clear not only in time and money saved, but also by having the ability to see someone when you talk to them, to better read their body language and get a real feel for what’s behind their words. Those in the world of banking have taken notice.

New research conducted by banking association Efma and video collaboration technology maker Vidyo has discovered that 10 percent of banks will be using video technology before this year is over, 50 percent will be on board by the end of 2017, and some 80 percent will be utilizing it by the end of 2018.

According to a report on TechTarget.com, the prime motivation for making the move is to boost customer satisfaction and, somewhat surprisingly, to give the perception of being ‘innovative.’ That’s the word from the nearly 200 banking professionals who responded to a survey on the proposed technology.

Word of this expansion into finance comes on the heels of news that the global video conferencing market is expected to grow overall from $3.7 billion two years ago to a projected $7.8 billion by 2023.

Further, some 70 percent of banks reported prioritizing video banking on mobile devices and desktops over branch use or ATM availability. The research noted that banks are considering video services including features such as click-to-call on mobile devices and the Web, and call scheduling, recording and more. Another report, this one by Nemertes Research, said 42 percent of financial services companies are using or evaluating video conferencing to interact with customers as part of their ongoing omnichannel customer engagement strategy.

Clearly, just like people want to see who they’re meeting with, they also want to be able to keep an ‘eye’ on their money, even if only virtually.