Video Conferencing was a technology adopted early within the financial and banking industry, due to the need for making fast decisions and requirements for rapid response to the fluctuating markets.
Often sold as a way to reduce travel, the multitude of additional, and often more important benefits are now being recognised by forward thinking organisations facing a restructuring in response to economic regulation. Investment Banks especially are now being challenged to find ways to improve efficiency, productivity & service delivery amongst the need to make highly complex, expensive and timely changes.
VideoCentric share 3 ways that Video Conferencing can be part of the bank restructuring solution, enables organisations to provide a solid way of communication, improving internal and external collaboration, increasing efficiency and improving customer service.
1. Active & Positive engagement
Active engagement enables investment banks to better understand the complex changes taking place with regards to the restructuring of banks and allow better engagement with legal bodies and decision makers. Positive engagement is only possible by developing quality relationships through regular discussions, meetings and sharing of information. Video Communication shouldn’t be recognised as a tool to replace in person meetings, but as a way to greatly increase the number of meetings held, improve linear & faceless communication that would otherwise take place – email/post – or to provide face-to-face conversations instead of audio only conferences & calls.
2. Customer Service
- 71% of wealthy investors are found to be using online solutions to manage their investment.
- Over 50% use video communication in their personal lives
- Over 65% of investors are willing to move their assets to firms with video enabled access to their financial advisor
Professional video conferencing solutions enable financial institutions to be proactive in retaining distance customers, where face-to-face meetings are generally less frequent. It is important that a strong connection is made between the investor, adviser and the firm, and these connections can only be made via visual interaction. With an investor able to immediately discuss their finances, wherever they choose, face-to-face with their manager or advisor, customer service is improved, relationships are better formed and information is shared more freely, thus greatly reducing the likelihood of that investor moving their assets to your competition.
3. Share key personnel & experts
The implementation of video solutions for remote experts is being widely adopted within the banking sector, and further afield. This virtual face-to-face interaction regardless of physical location enables an advisor to quickly gain and share information from experts whilst offering a superior customer experience.
With specialists now able to cover larger territories and meet more often with more prospects, efficiency, relationships and experience is greatly improved, therefore improving specialist utilisation and generating higher returns.
There are a huge number of benefits for implementing video conferencing and video communication solutions into your investment bank, not just the three discussed above but both soft & hard benefits including increased efficiency (94% recognise improved efficiency as the most beneficial impact of video conferencing), cost savings with regards to travel and increased competitive advantage.
