Trends Report

The Banking Industry Is Using Video To Better Meet Customer Needs

January 30th, 2008
With contributors:
Erica Driver , Jamie Barnett

Summary

Banks are beginning to use video to carry on business with customers remotely. Through branch office videoconferencing or video-enabled Web conferencing, banks conduct high stakes business: selling mortgages, advising on loans, discussing purchase and sale of stock, and structuring investment portfolios. The driving forces are a desire to differentiate themselves from their competition, customer uptake in the use of the Internet, and a higher cross-sell rate with videoconferencing than with telephone. Excellent bank staff training in techniques for working remotely with customers and facility with using technology are critical success factors.

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