Is Video Banking the future of Banking?
Video banking is very attractive to retail banks to help them leverage talent while providing superior service and expertise to customers. Instead of having a banking specialist in every bank, customers can just talk to them via video chat.
A top U.S. retail and business bank asked Phoenix Marketing International to conduct research to understand the potential acceptance of video banking. Specifically, they wanted to understand business and consumer responses to banking with specialists in branches via video link vs. traditional in-person meetings. Our client also wanted to explore whether the technology used (PC vs. telepresence) had any impact on response.
We conducted in-person in-depth interviews (IDIs) with each respondent immediately after they participated in a sales meeting simulation with a real video banker. Respondents were either current customers of our clients or prospects, so we could determine if this represented a new business opportunity as well.
As a result of the research, we identified the barriers and concerns our client needed to address to gain acceptance for video banking among customers and prospects. Our client changed key approaches and was able to cost-justify the appropriate video channel for effective delivery of the video banking service.