The emerging new and innovative solutions like video banking are not only set to change the way clients interact with their banks, but also enhance in-branch experience enabled through a choice of channels.
What is Video Banking?
Video banking was first piloted in branches in the early 00s in the UK. Since then, there has been a renewed wave of various forms of video banking across the world, stimulated by great improvements in technology. It is a term used for performing banking transactions or professional banking consultations video a remove video connection. Video banking can be performed via purpose-built banking transaction machines, or via a video conference-enabled bank branch.
Video Banking in Africa
The growth of video banking in South Africa is in line with other countries that experience similar geographical and practical challenges of reaching a client base. The video banking facility enables face-to-face interactions with client service agents. It is the first of its kind in South Africa and forms part of Nedbank's 'Branch of the Future' concept, which offers state-of-the-art technology to its personal and business banking clients.
Michelle Van Staden, Executive of Lean, Strategy and Sustainability at Nedbank, said that video banking has seen a significant uptake in recent years with over 30% of clients choosing to utilise the facility. "We are particularly humbled by the positive feedback we have been receiving from clients thus far. The uptake has been phenomenal, with some branches having seen as much as 60% of enquiries moving to video banking."
"Video banking enables the bank to forge new client connections while also building enduring relationships. Furthermore, it provides us with valuable insight into client needs as well as informing our client centred approach through our staff who bring the bank's vision to life in their daily interactions with clients – to truly 'Make Things Happen'. We believe that clients are no longer just looking to do banking; they are looking to do banking in a unique, convenient environment where all their needs are met. As such we continue to invest in innovation and technological advancements to ensure we continue to deliver a choice of distinctive banking experiences and channels of choice," said Van Staden.
Nedbank states that ongoing investment in innovative use of technology, not only serves to enhance the traditional bank branch but also drives rich collaborative client experience while reducing queue times which recorded more than 30% improvement – with more than 80% of clients stating they were happy with their waiting experience.
"Video Banking is just one of a number of enhancements being made through the launch of our 'Branch of the Future' network of which 25 video banking sites have been installed thus far," concluded Van Staden.