How One Bank Succeeded in Building a Better Remote Video Banking Platform
by Greg Batenburg, on February 05, 2020
As the digital transformation of banking continues, customers in this sector are naturally becoming more comfortable using live video conferencing platforms (Deloitte, 2018).
A client of ours, a Nordic bank group, identified an alignment of this trend with their clients’ shifting needs and strategically embarked to migrate away from their existing Skype for Business-based solution. They chose to develop their own tailored online video conferencing platform that was scalable and could integrate with their existing IT infrastructure.
With 80-90% of customers in their country already banking online from their laptops, phones, and tablets, it made sense to develop a platform that complemented their branch services. They wanted their development team to be able to create a personalized experience that allowed bank representatives and clients to screen share, file transfer, and sign digital documents from anywhere they connect.
In particular, the ability to reach customers remotely, personalize meetings, provide accessible multi-party sessions, increase employee productivity, and achieve significant cost savings were all attractive results.
Result 1: Reached Banking Clients Remotely
When this particular Nordic bank decided to incorporate a live video meeting room platform, they did so with the knowledge that their clients’ willingness to travel was changing, and new markets were emerging. Some of their clients had decided to bank closer to home, and opportunities have arisen to expand their business to other communities.
In most of these cases, extensive travel by bank representatives was ineffective and costly, and opening new branches in these regions was often not feasible or could require many years of delay. Instead, the bank decided to invest in a video conferencing solution that made remote meetings possible, subsequently solving both problems.
Result 2: Personalized Client Meetings
The bank knew their customers placed a high value on personalized interactions with their loan officers and financial planners. However, day to day operations at their branches often had the potential to interrupt meetings, disrupt conversations and ultimately draw the attention of their employees away from clients during important transactions.
The Nordic bank believed a tailored video conferencing solution could minimize these distractions, so they chose a to build a solution that would put user experience first. When the platform launched in 2019, clients and representatives were consistently able to hold 60 to 120 minute, personalized meetings uninterrupted by the day-to-day distractions of normal branch operations.
Result 3: Accessible Multi-Party Sessions
Building on ideas #1 and #2, the Nordic bank saw live video as an opportunity to make meetings more accessible.
They needed a platform that supported multi-party sessions with more than just two participants. They designed their platform around accommodating scenarios such as family estate planning, mortgage renewals, and small business banking where more than one stakeholder would be involved in the conversation.
With their platform, joint account holders and their dependents could join a meeting from anywhere in their country. Representatives could invite up to five participants to a video conferencing room at any given time and use streamlined features to accelerate their workflows.
Result 4: Increased Employee Productivity
The Nordic bank’s preliminary internal research suggested that live video meetings with clients would improve employee productivity, ultimately allowing bank representatives to serve more customers.
In the past, their representatives often found travelling to visit clients consumed a large portion of their workday and follow-up meetings were also just as inefficient. The new online platform immediately enabled their employees to see multiple customers in a day without extensive travel time and costs. They could screen share, transfer files, request digital signatures, and access transaction histories through integration with the bank’s existing IT infrastructure, and also schedule and re-schedule meetings using additional, built-in functionalities.
Result 5: Achieved Significant Cost Savings
Not unlike all other businesses in the European Union, the bank had to adhere to the data protection principles outlined in the GDPR legislation introduced in (2018). Because they collected, processed, and stored sensitive consumer data, their software had to be installed on-premise in their own virtual private cloud, and maintained in data centers fully under their control to prevent data theft or loss.
Although the Nordic bank knew implementing a live video platform hosted on-premise would have initial CAPEX costs far beyond a purely cloud-based SaaS platform, the bank knew that both the short and long-term cost-savings would be worth it. By avoiding the per-minute charges of typical SaaS video platforms and instead controlling and managing their own video infrastructure on-premise, they were able to build their scalable live video conferencing platform with Frozen Mountain’s LiveSwitch Server on a shortened their development timeline. As a result, they launched the full platform a year later immediately serving over 250,000 clients across 81 offices.
Banking on Live Video
This Nordic bank knew they could leverage live video conferencing to better satisfy their existing customers’ needs while simultaneously reaching emerging regional markets that were under-serviced. Their representatives were able to reach customers remotely, personalize meetings, host accessible multi-party sessions, and increase their productivity, while achieving significant cost savings for the entire organization.