The banking and financial services sectors have seen huge changes over the past seven years. Following the financial crisis of 2008, banks have struggled to regain the confidence of their customers. Add to that the growing demand for online banking, along with the increasing interest from tech giants such as Google and Microsoft in the financial services sector, and it’s clear to see why banks have had to completely rethink their operations.
In a landscape dominated by uncertainty and regulatory pressures, banks are working hard to ensure they rebuild relationships, restore stability and work together to navigate their way through this both risky and highly profitable industry.
Video conferencing helps banks move closer to the goal of stability. It supports bankers in their pursuit of quick decision-making, rapid responses to the markets and meeting the requirements of changing policies and regulations. And let’s not forget that all-important need to raise customer service levels. Video conferencing technology is particularly useful for investment banks that need to exchange real-time information about market shares, currencies and other time-sensitive information with colleagues around the world.
There are many advantages to using video conferencing for any business, here are some ways video conferencing benefits the banking sector specifically.
Better internal communication
Video conference technology allows banks let employees know about new products, political changes or new developments within the markets. Unlike email or intranet, the face-to-face element of video conferencing gives a more personal touch to how key messages are conveyed. It also encourages follow-up enquiries and helps ingrain a deeper understanding of a subject. What is more, it lets managers see exactly who is receiving the information.
Making expert advice more accessible
Financial services is a complex industry, with complicated questions being asked all the time. It is vital that customers are given the best advice possible by bank advisers, but advisers can’t be expected to know the answer to every question they get asked. One solution to this is for experts to pass on their knowledge via video conferencing. This means instant accessibility to the facts and knowledge within the company, regardless of geographical location.
Great customer advice
Video conferencing doesn’t just offer solutions to internal communication issues, it can also be used in a B2C capacity. Today’s video conferencing technology means banks can use it to give valuable advice to customers at a time and place that suits them. Many of the video conferencing solutions offered by Videonations can be used via desktop computers, tablets and smartphones, meaning that customers can receive the advice they need when they need it. It makes perfect sense from a customer service point of view and is just the next step on from online banking, surely?
It is really important that the banking sector makes video conferencing part of its new business landscape. And if the banks don’t feel ready for it, they can be sure there is a generation of customers who are more than ready. At the same time as banks are shifting to more solid business practices, consumer behaviour and expectations are changing, too. Video conferencing technology has the potential to transform the sector, making innovation and transparency the focus and moving even further away from those dark days and repercussions of the financial crisis.
Videonations is a leading video conferencing and collaboration integrator. We provide video conferencing solutions to the financial services sector and beyond. Get in touch to find out how we can help your business.