Video features on phones and mobile devices have now made it very easy for people to talk "face to face" without ever having to see each other in person. Doctors and doctors' offices have deployed patient video chats for several years now, and they have been met with lots of success. Newest to this industry of video interfacing is video banking, which allows customers to speak to an actual teller without leaving home, or to talk to a teller who is working remotely. Here are some of the financially-ideal benefits of incorporating this form of banking into your own banking institution.
Around the Clock Banking with Real People
Most banks open at nine in the morning and close by five in the evening. Extended hours are extremely rare, and weekend hours almost never happen. However, consumers need to bank when they need to bank. If you use video banking, you could have banking options available with real people around the clock even when no teller is in the office or when the physical bank is actually closed. Better still, you only need one or two people to manage the video banking shifts, as it would not require a lot of people to be on call to answer customer video calls.
Eliminate Brick and Mortar Banking
Online-only banks have been wildly successful in recent years because they do not require any tellers to assist customers and higher interest rates are offered for savings and checking accounts. Your institution could go online completely with the exception of providing video tellers when customers have a question or an issue with which they need help. Four or five video tellers could work various shifts, and no one would have to dress formally and come into the bank or office all week long. Since consumers could still access cash via their bank/debit cards at any teller machine, the last possible reason for keeping a physical bank open would be null and void.
Immense Savings Incurred
Since you would not have to pay several employees hourly wages for standing around inside a bank and waiting for customers to show up, you would profit from that money. A base rate of pay would be given to the handful of video tellers. Additionally, you could even outsource the video teller calls, thereby eliminating the need for any employees at all. Then you could compete with larger online banks by offering increased interest rates on checking and savings accounts for customers, too.
If these benefits sound useful or interesting to you, find out more about video banking solutions.
Share24 July 2019
One thing I have always been good with is money. Even in high school, I always had a savings from my allowance and from working for the neighbors. I created this blog to help other young people understand the importance of financial responsibility even at a young age. If we start our adult lives knowing about financial responsibility, we can make it further in our lives before we suffer from the devastation of financial mistakes that can take years and years to pay back. Hopefully, what you learn here will help you avoid those financial mistakes and maybe help you recover from the ones you've already made.