7 min read

Video has quickly become one of the most popular forms of communication tools in today’s digital world, and for banks and financial services companies, video-calling solutions present an incredible opportunity.

By leveraging video calls in their operations, banking and financial services can automate processes, reduce costs, provide a better customer service experience with visual engagement, and ultimately generate more revenue.

In this blog post, we will discuss six key reasons why BFSI organizations should be actively looking into using video calling solutions in their business activities. From improved communication to cost savings – let’s explore the numerous advantages that come with utilizing video conferencing technology!

1. Improved Customer Service

One of the primary reasons why banking and financial services must use video calling solutions is to provide improved customer service. In today’s fast-paced world, customers expect quick and efficient responses from their financial service providers.

Video calling enables banks to connect with their customers face-to-face, just like an in-person meeting, without the need for physical presence. This not only saves time for both parties but also allows for a more personalized and interactive experience.

2. Enhanced Security and Data Privacy Through Encryption

Security and data privacy are of utmost importance in the banking and financial services industry. With video calling solutions, banks can ensure that their online interactions with customers are secure through encryption.

This means that all communication during the video call is protected from potential cyber threats, providing peace of mind for both the bank and its customers.

3. Increased Productivity

Video calling solutions also offer a more efficient way of providing services, leading to increased productivity for banks and financial institutions.

With video calls, multiple customer meetings can be conducted simultaneously without the need for additional resources. This not only saves time but also reduces costs associated with in-person meetings, such as travel expenses.

4. Increased Reachability

The rise of digital interactions has made it possible for customers to access services from anywhere and at any time. Video calling solutions enable banks to connect with their customers regardless of their geographical location, making it easier for them to access the services they need.

This not only improves customer satisfaction but also expands the reach of banks and financial institutions.

5. Easier Onboarding and KYC Process for Customers

Opening a new bank account or availing of financial services often requires extensive paperwork and in-person visits.

However, with video calling solutions, customers can complete these processes remotely, saving time and effort for both parties. Video calls can also be used for identity verification and Know Your Customer (KYC) processes, streamlining the onboarding process for customers.

6. Cost Savings for Both Banks and Customers

Last but not least, video calling solutions offer cost savings for both banks and customers. With remote consultations, there is no need for customers to travel to a bank branch or office, saving them time and travel expenses. For banks, this means that they can serve a larger customer base without the need for physical branches, reducing overhead costs.

In Summary

Banking and financial services are in need of a reliable video-calling solution to secure their communications and simplify their service for customers. Investing in video calling technology can not only improve customer satisfaction and data security, but it can also enhance user experience, reduce costs, and save time.

Therefore, given the many benefits that this technology offers, there should be no doubt that investing in a quality video calling solution would be an ideal choice for banking and financial services.