The Benefits Of Video Banking Solutions

Posted on: 21 December 2017

Envision this: You walk into your bank, but instead of tellers, you see a row of machines that look just like ATM machines. Once you insert your card, a customer service representative pops up on your screen and is able to video chat with you, helping you with your banking needs and solutions. Video banking solutions are currently available at some financial institutions and are expected to roll out to more in the coming years, so this may soon be your reality the next time you set foot inside your bank. This may leave you wondering why banks are doing this and what the benefits are. Here are a few of the benefits associated with video banking solutions.

Allows You to Get Financial Advice

One of the benefits of video banking solutions is it allows you to interact with a teller when you need financial advice. Thanks to ATMs and mobile banking, people are able to handle their accounts without the help of a person. But if you have questions or need advice, you may need to speak to a person. Video banking solutions allows you to use the machine at the bank and speak to someone as needed to get the advice you require. Many banks offer 24/7 service, which ensures you can get advice or help no matter how busy your schedule is. 

Helps to Decrease Wait Times

Another major benefit associated with video banking solutions is that it helps to decrease wait times at your bank. One bank may be very busy and have a wait, while another bank down the road may be dead. In a traditional setup, the tellers at the location that is slow at any given day or time cannot leave their branch and step in to bring the wait times down at the bank that is experiencing a high volume. But with video banking, that's what happens. The employees are able to assist anyone who needs it, helping to keep wait times low. 

Reduces the Bank's Operating Expenses

The last benefit to video banking solutions is that it helps to reduce the bank's operating expenses. For example, rather than having five employees working as a teller at any given time at a bank branch, spread across 1000 different branches, the financial institution may be able to hire 1000 in their video conferencing center and one live employee at each of their 1000 branches, for a total of 2000 people rather than 5000 people at any given time. This reduces costs that may be passed on to you, the consumer. 

There are many benefits associated with video banking solutions. Learning about these benefits helps you understand why your bank or financial institution may be installing them at your local branches in the near future.