The Next Generation of Video in Banking

Banks are using video in innovative ways that include both employee-facing and customer-facing applications. Experts discuss how video banking is evolving.
March 22, 2013


Banks are using video in innovative ways that include both employee-facing and customer-facing applications. Financial institutions are utilizing video to enable distributed corporate and IT training. They are pushing video out to consumers via social media or on their own Web sites. And they are deploying dedicated video banking solutions that connects customers in branches or at remote locations with specialists and service professionals. How is the use of video in banking evolving? Are there any particular security, legal or privacy concerns around the use of video in banking? What recent technological advances are banks using to leverage video, and for what purposes, and how will banks likely use video in the future?


1. Video Will Continue To Grow

Considering the proliferation of communication technologies available to the consumer like Skype and FaceTime, coupled with the need and desire for human interaction, it seems not only logical but very likely that video customer service will eventually make its way into a variety of service verticals, including the high-trust environment of financial services and banking.

As consumer demands for increased convenience continue to grow, there will also likely be a balancing mechanism of "high-touch" components that serve to offset our increasingly "high-tech" world. Video customer service (and even virtual agent service) seems well positioned to be one such balancing mechanism. While video banking does present some unique considerations, the concerns around privacy and the secure transmission of sensitive data are certainly not new, and should not become deal breakers. Some financial institutions are already using video service components in drive-up lanes and walk-up kiosks; more are likely to adopt. Still, others may jump straight to video service via smart phone, tablet and other mobile devices.

-- Tony Rasmussen (pictured at right), Senior Vice President of Payments/Business Services, Mountain America Credit Union, West Jordan, Ut.

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