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Innovation

Video banking aims to restore personal touch for banking

Branches have struggled to maintain a personal touch with customers while also delivering innovative technology. Video banking can help bridge the gap between these two worlds.

Video banking aims to restore personal touch for bankingImage via iStock.com


| by Bradley Cooper — Editor, ATM Marketplace

In-person banking has taken a lot of major hits lately. Between COVID-19 and changing customer expectations, branches have struggled to keep up.

Financial technology vendors have attempted to tackle this issue through a variety of solutions ranging from better mobile apps to more advanced ATMs. However, bank branches still want to be able to maintain a "human touch" to the experience even with this technology.

A recent partnership between Popio Mobile Video Cloud and Jaguar Software is aiming to address this issue. Popio is integrating its video banking solution with Jaguar Software's digital processing and deposit services to deliver a full-service video banking experience.

ATM Marketplace spoke with Jed Taylor, president of Popio to learn more.

Q. What does this partnership offer for banks?

A.With this partnership, banks and credit unions can now integrate Jaguar's innovative software into their POPi/o video banking solutions. Services like check and payment processing and deposit automation, can become part of the full-service video banking experience.

Q. How does it improve the banking experience for customers?

A. POPi/o's partnership with Jaguar Software makes it possible to offer customers a more dynamic banking experience that comes together to restore, rather than sacrifice, the human touch to banking.

Q. Where can customers use this video service? Can it done via app, desktop, ATM?

A. POPi/o Video Banking solutions can be implemented via a customizable mobile app, Web site or in-branch technology.

Q. How does this play into branch transformation?

A. While digital services made basic transactions much more of a convenient part of everyday life, the role of the branch changed dramatically. Today, customers value branches less for simple transactions and more as hubs for in-person connections with experts and hands-on experiences with products and services.

Of course, the pandemic pushed digital services to the frontlines, and what we're still seeing a year later as far as customer behavior is no temporary shift.

As of June 2021, over half of the respondents to S&P Global Market Intelligence's annual consumer mobile banking survey said they are visiting branches less frequently since the pandemic began, and the majority of these consumers (64%) plan on continuing or further decreasing their utilization of the branch after the pandemic ends. This behavior certainly suggests a new normal—but the branch still has an important role to play.

Yes, consumers are going to branches less, but digital self-service interactions have proven an incomplete replacement of branch services. According to the IDC, only 8% of self-service account openings are completed start-to-finish on a mobile device, and new account openings through digital self-service channels can have an abandonment rate as high as 70-85% (without any improvement over time).

Unfortunately, self-service applications often lack the ability to complete processes or respond to questions or exceptions. So, while digital services should serve to streamline the digital experience across all aspects of the customer journey, these channels shouldn't be entirely defined by self-service tools. Human interaction within digital channels closes these gaps while providing the most exceptional service, reducing friction and driving customer loyalty.

POPi/o makes this kind of human-yet digital connection possible, preserving the trust and personalization of one-on-one experiences while making access to these services much greater, easier and faster for customers. Through such human-supported digital channels, banks and credit unions can capitalize on the efficiency and convenience of technology without causing customers any frustration or confusion of a self-service platform.

Of course, POPi/o's partnership with Jaguar Software helps further this transformation as well—making it easy to manage even complex transactions while collaborating with banking experts in a face-to-face yet virtual environment.


Bradley Cooper

Bradley Cooper is the editor of ATM Marketplace and was previously the editor of Digital Signage Today. His background is in information technology, advertising, and writing.

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