Video banking passes the tipping point

Survey says more than 90% of banks expect customer satisfaction to improve if they implement a high-quality video banking service.

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A new report, co-sponsored by Efma, a not-for-profit association of 3,300 retail financial services companies and Vidyo has unearthed some intersting data. The research reveals huge support for video banking among financial organizations, with 80% of all banks planning to offer video-enabled banking services.

The research from Vidyo and Efma also found nearly 70% of banks prioritise video banking availability via mobile and desktop over in-branch or ATM availability. Moreover, more than 60% of banks find private banking, wealth management, mortgage and loan services to be best suited for this technology.

“The findings show that there is a strong appetite for video-powered banking worldwide, and we firmly believe in the power of the technology to maintain and improve the personal connection between the customer and the bank. We support widespread adoption by providing a scalable technology that addresses the needs of financial intuitions and end users alike,” said Vincent Bastid, CEO, Efma.

Around 25% of respondents currently have or are piloting a video banking service (not that they’ve offered it to me at any time). Additionally, 24% will begin planning for a similar banking service within the next 12 months, with 30% intending to begin planning sometime in the near future.

Although many current video banking services are offered within the branch, research indicates that the next phase of is expected to be in direct-to-consumer online and mobile banking channels. Most likely is that corporations or the wealthier of banks’ clients will be (or are already being) offered this technology.

All of this is to welcomed. Current banking technology, not least its antiquated and voice-activated telephony services should have gone out when Fred Flintstone worked out what a wheel was. Widespread adoption, however, is likely to take time.

Basically, if they offer it to me, they’ll offer it to you. I’ll let you know.

Monty (707 Posts)

Monty Munford has more than 15 years' experience in mobile, digital media, web and journalism. He is the founder of Mob76, a company that helps tech companies raise money and exit. He speaks regularly at global media events with a focus on Africa, writes a weekly column for The Telegraph, is a regular contributor to The Economist, Wired, Mashable and speaks regularly on the BBC World Service.


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About Monty

Monty Munford has more than 15 years' experience in mobile, digital media, web and journalism. He is the founder of Mob76, a company that helps tech companies raise money and exit. He speaks regularly at global media events with a focus on Africa, writes a weekly column for The Telegraph, is a regular contributor to The Economist, Wired, Mashable and speaks regularly on the BBC World Service.