By integrating and embedding video conferencing (VC) capabilities into their platforms and websites, banking and financial institutions can dramatically improve customer satisfaction and experience with just a click of a button from any location and at any time. With digital capabilities rapidly expanding in the past few decades and especially since the Covid-19 pandemic, customers are shifting from in-bank and in-branch visits to instant online and more customized interactions – thus accelerating the digital revolution in the BFSI sector. Further, AI-powered video conferences allow this sector to take control of its customer experiences by building stronger customer relationships with more proactive, relevant, and frequent touchpoints.
Fortune Business Insights projects that the global market for video conferencing will see a growth from USD 6.28 billion in 2021 to USD 12.99 billion in 2028, with the banking sector as one of the key players by introducing new products that cater to the rising demand for video banking solutions.
Video conferencing for better communication
Video conferencing technology has enabled seamless face-to-face interactions between people around the world. Irrespective of industrial sectors, video calls are held for everyday communication purposes such as:
External calls
Video conferencing is a great alternative to connect with your customers and vendors when meeting them in person is not an option. Inject life into your client relationships through the improved communications that VC has to offer, allowing more intimate face-to-face interactions. Embedding video conferencing within a platform enables a new level of customer-focused service, bringing convenience to customers while enhancing experiences.
One-to-one interactions
Perhaps, the most common and intimate way people use video conferencing is to have one-on-one communication. Managers can quickly and effectively manage their remote teams and interact privately with their subordinates through video calls. Video conferencing is also a cost-effective solution in hiring to conduct preliminary rounds of the interviews whereby the candidate’s facial expressions, posture, gesture, and tone of their voice can help determine their credibility and trustworthiness.
Internal team meetings
Internal team meetings are an essential part of corporate operations. Video conferencing allows all team members to be in the loop even when working remotely or at diversified locations. Such video interactions support better collaboration and teamwork.
The video conferencing in banking and finance advantage
Embedded video conferencing helps banks achieve customer acquisition and retention goals through improved customer service. VC also helps financial institutions make faster decisions, meet the requirements of changing policies and regulations, and respond rapidly to the changing markets. Embedding AI-enabled video conferencing features in their banking platforms and websites can help banks and financial institutions with:
Enhancing internal communication
With video conferencing technology, banks and financial institutions can communicate more effectively to their employees about new product launches, policy changes, structural changes, or new market developments. Managers can ascertain who is receiving the information, and the face-to-face element in video conferences provides a more personal touch in conveying critical information.
Elevating customer experiences
Banks and other financial institutions must ensure that customers navigating a financial decision are adequately supported. VCs must be as easy, smooth, and secure as showing up in person at a branch counter. Embedding video call capabilities directly into financial institution platforms enables customers to join conference calls with a single click, taking them to personalized rooms where they can chat with representatives without leaving the financial institution platform.
A primary focus for any financial institution should be building better customer relationships and increasing sales. Creating a more customer-friendly and responsive experience helps achieve these goals. An embedded video conferencing solution ensures total control and security over video calls with end-to-end encryption between the participants. In this digital age, adopting video conferencing as a core business infrastructure can materially transform customer service and business communication, providing a strategic advantage for BFSI.
If you are interested in learning more about how AI and video conferencing can power your banking and financial platform, send us an email to intellect2@intellect2.ai. Intellect Data, Inc. is a software solutions company incorporating data science and artificial intelligence into modern digital products with Intellect2TM. IntellectDataTM develops and implements software, software components, and software as a service (SaaS) for enterprise, desktop, web, mobile, cloud, IoT, wearables, and AR/VR environments. Locate us on the web at www.intellect2.ai.