“The start of video banking was on the transactional side with tellers. That was actually my father, Gene Pranger, that pioneered that technology. So, he actually created what was called the personal teller machine, which actually brought tellers to devices and allowed them to take control of that device to enhance the capabilities and transactions that they could do,” said Tim Pranger, VP of Strategy and Solution Consulting for POPi/o. The Utah-based company offers automated chatbot technology, video support from an in-branch specialist, and collaboration tools such as co-browse, video check deposit, identity verification, document sharing, and e-sign.
According to The Next Web, video banking refers to any banking services offered with video representations to help customers. What started as transactional has expanded into so much more. Many industries experienced rapid tech growth because of covid, and banking technology is no exception.
“The latest evolution is really kind of crossing that bridge out of the transactional and into the relationship-style interactions, where you’re talking about opening a new account or talking about expanding your relationship with the bank that has really started to create a new place for video to play a part,” said Bill Budde, VP of Banking Strategy and Solutions, Hyosung.
Video is becoming an essential part of banking. We’re familiar with the “Great Resignation” and shrinking physical locations. Factors like this are driving demand for expanding video banking. “Now the trouble becomes ‘how do I deliver different solutions to those same areas that are a third of the size, and I can’t staff?’” said Pranger. Though the landscape is changing, expectations remain the same. “Customers expect to be able to walk into a bank and have access to the expertise that bank provides. Regardless of the structure they walked into. They expect to be able to get financial advice if they need it,” said Budde.
Robust video solutions allow banks to conduct businesses with more efficiency. It offers various solutions and flexibility for customers. “By the nature of it, you have to have a rich set of collaboration tools to go along with that video,” said Budde. As fintech offerings are available more regularly, video banking allows traditional institutions to keep up. “It creates a best of both worlds situation, where we combine that technology and allows the bank to put their best foot forward to their customers in a seamless integrated experience,” said Budde. Visit our website at https://hyosungamericas.com/podcasts. Listen on Spotify, Apple Music, or wherever you get your podcasts.