3 Reasons Why Financial Institutions Should Bank on Embedded Video in a Digital-first World
By embedding video directly into their platform, banks can help their customers with just one click — from anywhere, at any time. Read the article here.
The COVID-19 pandemic has accelerated a digital revolution in the financial industry. Customer expectations are shifting away from in-branch interactions to online, instant, and more personalized experiences. As a result, video banking has become the default solution to branch closures and forced social distancing. But because of the speed of change, banks have had to rely on quick-fix solutions that don’t suit their long-term requirements or the needs of their customers. These ad-hoc fixes are usually low on security and high on headaches.
But there’s a better way.
Embedding video directly into a bank’s website, portal, or app allows banks to take back control of the customer experience. This means building stronger customer relationships by making touch points more proactive, relevant, and frequent.
Keep reading to learn how embedded video can help banks and financial institutions overcome three key pain points to operating in our new, digital-first world.
1. Turn tech-phobic users into champions
Branch closures and lockdowns forced banks to go digital. While a large portion of customers might already rely on a bank’s website or app for the majority of their financial transactions, a smaller cohort will be reluctant to move sensitive transactions entirely online. To ease the transition, banks need to ensure that navigating a financial decision over the small screen is just as smooth as turning up to a branch counter.
But popular video solutions like Zoom require multiple clicks, software downloads, and a disintegrated approach. Users start within a bank’s site or app but then are forced to move to Zoom’s native app. The more hurdles a customer has to jump, the more friction is created. And once a customer is using Zoom’s product, the bank or financial institution loses all control over the customer experience.
By embedding video directly into their platform, bank customers can enter a call with just one click – from anywhere, at any time. And a ‘join now’ feature on a bank’s homepage or within their app takes customers straight into a bank-branded room with functionalities like chat, screen and document sharing, so tellers and agents are fully equipped to explain the most complex topics in real time.
No more external downloads. No more hurdle jumping.
2. Eliminate no-shows
Forcing customers to use an external video app likely accounts for a large share of no-shows for video appointments. What was meant to be a time-saving solution for employees becomes a time-sink, as agents sit at their desks for minutes waiting for a customer to show up.
To help agents focus on what really matters – building customer relationships and increasing sales conversions – a financial institution’s video solution should maximise efficiency and provide a more user-friendly video experience that will stop no-shows in their tracks.
3. Enhance security
If you received an email from your bank with an external link, would you click it? Online scams are becoming more commonplace and harder to decipher from real requests, so banks need to cover for all vulnerabilities. Your customers will be hesitant to leave the native platform they know and trust, so keeping the video experience directly in on your site or app adds a layer of security and decreases customer vulnerability to phishing scams and false links.
An embedded video solution ensures control over the video chat, with end-to-end encryption between users. An API works to generate one-time transient meeting rooms so if you start an appointment now, the information is deleted after your appointment ends. No bank records are updated as a result. That’s the power a secure, embedded video solution provides.
The solution: Whereby Embedded
Whereby’s simple video call API allows businesses to host their video calls directly in their app or website – no downloads, no redirects, and no wasted time. Known for it’s easy integration and superior privacy, Whereby Embedded decreases user friction and generates revenue through branded, trusted video integration.
But don’t take our word for it.