Mobile Video Banking Ready to Rock, Insights from Early Adopters

By Anil P Kastuar  | Enterprise Collaboration,Video Banking,  | October 11, 2018

RankTech Solutions is proud to be the world’s first to deliver successful enterprise grade mobile Video banking in 2014.

Since then, the “Mobile video banking” is enjoying rapid uptake, broad appeal, and high satisfaction scores as more & more banks have adopted it across the globe. And considering the efficiency gains that can be realized on the service side, it’s no surprise more financial institutions are planning to adopt video banking solutions. Here’s what two retail banking providers learned as they’ve progressed through their mobile video banking journey.

An International study, for example, found that two-thirds of banks and credit unions are either deploying (11%), piloting (21%), or planning to deploy (28%) remote video banking capabilities. Clearly video will be playing a major role in the future of video banking.

While remote transactions have certainly been part of the mobile video user mix, the study revealed that biggest usage has come from — two segments in particular: adults with children and the elderly.

Think of families with small children who cannot be left alone on home. With “Anytime Anywhere Face to Face Banking”, “one doesn’t have to leave home to take care of banking.” And they don’t have to bring the children to the branch “where they would have to keep them amused, or fret about them running around the building while they speak with someone.” Mobile video banking is much more convenient for them says Anil P Kastuar, MD RankTech Solutions.

With the elderly, the mobile video banking app has proven popular, says EFMA’s Miller, because it “gives them back some of their independence by not having to rely on family members to take them to the branch.” And yet, with the live video, they still have a chance to visit with employees.

And of-course, the non-resident customers find Video Banking more reliable & cost effective and value it.  EFMA & VIDYO Research reports say:-