What Is Video Banking & Its Benefits

Video Banking is a banking service that allows customers to interact with their bank through live video chat. Customers can access various banking services such as opening an account, applying for loans and resolving issues through a video call with a bank representative instead of visiting a physical bank branch. Video Banking provides convenience and accessibility to customers and reduces the need for face to face interactions especially during the pandemic.

How Does Video Banking Work

Video Banking allows customers to access banking services through a live video connection with a bank representative. Here’s how it typically works:

1. Customers can access Video Banking through a web or mobile app or by visiting a video enabled ATM or kiosk.

2. Once the customer initiates a video session, they will be connected with a bank representative who can assist with their banking needs.

3. During the video session, the customer and representative can see and hear each other and they can also share documents or screens if needed.

4. The bank representative can assist with a range of banking services such as opening an account, applying for a loan, making a transaction or resolving an issue.

5. Once the session is complete, the customer can end the call and continue with their day.

Video Banking is designed to provide a more personalized and convenient banking experience for customers with the added benefit of being able to access banking services from anywhere at any time. By using digital technologies to connect customers with bank representatives video Banking can provide a more efficient and cost effective way to access banking services.

What Services Are Available Through Video Banking

Video Banking can provide a wide range of banking services that can vary depending on the specific platform and the bank’s offerings. Here are some of the common services that may be available through Video Banking:

Account opening: Customers can open a new bank account through Video Banking without the need to visit a physical branch.

Loan applications: Customers can apply for a loan such as a personal loan, mortgage or business loan through Video Banking.

Account management: Customers can manage their bank accounts such as checking their account balance, transferring funds or paying bills.

Financial advice: Customers can receive financial advice and guidance from bank representatives to help them manage their finances and plan for their financial goals.

Card services: Customers can apply for a new credit or debit card or report a lost or stolen card through Video Banking.

Technical support: Customers can receive technical support for banking apps, software or hardware issues.

Complaints and feedback: Customers can provide feedback or lodge complaints related to their banking services.

Video Banking offers a convenient and flexible way for customers to access a range of banking services from the comfort of their own home or office without the need to visit a physical bank branch.

Is Video Banking Secure

Video Banking can be secure but it depends on the specific video banking platform and the measures put in place by the bank to protect customer information and transactions. Here are some common security measures that banks use to ensure the security of Video Banking:

Encryption: Banks use encryption technology to protect the privacy and security of customer information and transactions during a Video Banking session. Encryption ensures that information is scrambled and unreadable to anyone who tries to intercept it.

Authentication: Banks use a range of authentication methods to verify the identity of customers and bank representatives before a Video Banking session begins. This may include the use of usernames, passwords, biometric data and one time access codes.

Access controls: Banks restrict access to Video Banking sessions to authorized personnel and use access controls to prevent unauthorized access or use.

Compliance: Banks follow strict industry regulations and standards such as the Payment Card Industry Data Security Standard (PCI DSS) to ensure the security of customer information and transactions.

Training and awareness: Banks provide training and awareness programs for both customers and bank representatives to ensure that everyone involved in Video Banking understands the risks and best practices for maintaining security.

What Equipment Do I Need For Video Banking

The specific equipment you need to use Video Banking can vary depending on the platform and the bank’s requirements. However, here are some general guidelines:

A device with a camera and microphone: To use Video Banking, you will need a device with a camera and microphone such as a smartphone, tablet, laptop or desktop computer. This will allow you to see and hear the bank representative during the video session.

An internet connection: You will need a stable and reliable internet connection to ensure that the video and audio quality is high and the session is not interrupted.

A web or mobile app: You will need to download and install a web or mobile app from your bank to access Video Banking services.

ID verification documents: Depending on the banking services you need, you may need to provide identification documents such as a passport or driver’s license to verify your identity.

Headphones (optional): If you’re using a device with a weak speaker, you may want to use headphones to improve the audio quality during the session.

It’s always a good idea to check with your bank to find out their specific requirements for Video Banking and make sure you have the necessary equipment before you schedule a Video Banking session.

Benefits Of Video Banking

Some benefits of Video Banking include:

Convenience: Video Banking provides customers with the flexibility to access banking services from anywhere at any time without the need to visit a physical bank branch.

Efficiency: Video Banking can save time for both customers and bank representatives. Customers can resolve issues more quickly and efficiently and banks can serve more customers in a shorter time frame.

Personalization: Video Banking can provide a more personalized customer experience. Customers can have a one on one conversation with a bank representative who can offer tailored solutions and advice.

Cost savings: Video Banking can be a cost effective alternative to opening and maintaining physical bank branches which can reduce operating costs for banks.

Access to remote areas: Video Banking can help banks serve customers in remote areas where it may not be feasible to open a physical branch. This can improve financial inclusion and expand access to banking services.

Requirements Of Video Banking

Some requirements for Video Banking include:

Reliable internet connection: Both the customer and the bank representative should have a stable and fast internet connection to ensure a smooth video call.

Compatible device: Customers should have a device with a camera and microphone such as a smartphone, tablet or computer to participate in a video call.

Secure platform: Video Banking should take place on a secure and encrypted platform to ensure the privacy and security of customer information.

Trained staff: Bank representatives should be trained to use the video banking system and provide quality customer service through video calls.

Compliance with regulations: Banks offering Video Banking should comply with regulatory requirements for data privacy, security and customer protection.

How Do I Access Video Banking

The specific steps to access Video Banking can vary depending on the bank and the platform they use. Here are some general guidelines:

Check with your bank: First, check with your bank to find out if they offer Video Banking services and how to access them.

Download the app: Once you know the specific platform your bank uses, you may need to download and install the web or mobile app from your bank. This will allow you to access the Video Banking services.

Schedule a session: Depending on the bank, you may need to schedule a Video Banking session in advance. This may involve filling out an online form, selecting a specific date and time, and providing information about the banking services you need.

Prepare for the session: Before the scheduled session, make sure you have the necessary equipment and ID verification documents ready. Find a quiet and private location with a stable internet connection and test your camera and microphone to ensure they’re working correctly.

Join the session: At the scheduled time, open the Video Banking app and join the session. You may need to log in with your account credentials or provide other forms of authentication to verify your identity.

Once the session begins, you will be able to communicate with a bank representative through video and audio and access a range of banking services remotely.

Is There Any Fee Associated With Video Banking

The fees associated with Video Banking can vary depending on the bank and the specific services you need. Here are some factors that can affect the fees:

Type of services: The fees for Video Banking can depend on the type of banking services you need such as account inquiries, loan applications or investment advice. Some services may be free while others may incur a fee.

Account type: The fees for Video Banking can depend on the type of account you have. Some banks may offer Video Banking services for free to certain account holders while others may charge a fee for all users.

Session duration: Some banks may charge a fee for Video Banking sessions that exceed a certain length of time.

Extra services: Some banks may charge extra fees for additional services such as document processing or verification.

It’s always a good idea to check with your bank to find out if they charge any fees for Video Banking services and what those fees are. Some banks may offer Video Banking services for free to certain account holders or in specific circumstances, so it’s worth asking about your options.

What Are The Hours Of Video Banking Support

The hours of Video Banking support can vary depending on the bank and the platform they use. Some banks may offer 24/7 Video Banking support while others may have more limited hours. It’s a good idea to check with your bank to find out their specific hours of Video Banking support. They may have different support hours for different types of services or customers, so it’s important to check before you schedule a Video Banking session.

If your bank offers limited Video Banking support hours, you may need to plan your session in advance to make sure you can access the services you need during the available support hours. Some banks may also offer other channels of support such as phone or email outside of the Video Banking support hours, so it’s worth asking about those options as well.

Technical Difficulties During Video Banking Session

If you experience technical difficulties during a Video Banking session, the first step is to try to troubleshoot the issue on your end. Here are some things you can try:

Check your internet connection: Make sure you have a stable and strong internet connection. If your connection is slow or intermittent, it can cause issues with the video and audio quality.

Check your equipment: Make sure your camera, microphone and speakers are all functioning correctly. If any of these are not working it can cause issues with the video banking session.

Restart your device: If you’re experiencing issues with the Video Banking app, try restarting your device to see if that resolves the issue

If these steps don’t resolve the issue, you can reach out to the Video Banking support team for assistance. Your bank should have a support team that you can contact through the Video Banking app, by phone or by email. They can help you troubleshoot any technical difficulties you may be experiencing and provide guidance on how to resolve the issue. In some cases, if the technical difficulties cannot be resolved, you may need to reschedule the video banking session for a later time. Your bank representative should be able to provide guidance on how to proceed.

Conclusion

Video Banking is an innovative and convenient way for customers to access banking services from the comfort of their own home or office. Video Banking enables customers to conduct a wide range of banking transactions such as account inquiries, loan applications and investment advice while also offering the personalized touch of face to face interactions with bank representatives. Video Banking is an exciting and evolving concept that has the potential to transform the way we bank.