BANKING
July 09, 2019 | BRENDAN THORPE
As customers we're always looking for the most seamless, frictionless experiences. In many cases that means that we will use things like mobile and self-service for banking simply because it';s quicker and easier and it makes us feel like we are empowered. Sometimes we will find ourselves being forced down a different path as the services that we need access to are more complex and require some assistance. In those situations, our choices tend to be limited and we're often drawn towards the teller line as the simplest solution and, in many cases, the only solution we have available.
In many other channels, banks have been looking to add video capabilities to help provide access to complex services in ways that makes them more convenient to consumers, helping to bridge between those digital and physical channels in ways that are as seamless as possible. Adding video teller capabilities are one way FIs can augment both the self-service and teller channels to support consumers flexibly, when and how they need help. Video enables you to bridge the gap when a consumer wants to conduct a complex transaction through self-service, and serves as a useful tool for engaging with clients across multiple channels.
Is ATM Video Right for You?
The key to successful implementation is for branches to identify how ATM video fits into their multi-channel/digital platform and who will use the technology. FIs should go in to ATM video as they would any other technology investment—with a defined strategy.
There are several types of ATM video, from interactive video teller where the teller is connected to the consumer during an entire transaction session, to video assist that has a shorter touch time, begins with a terminal transaction, and moves to video if the person has a question or runs into an issue.
There are several cases for adopting video ATM, beginning with how the technology can improve operational efficiency. For low-transaction volume branches, video ATM can eliminate the teller role while allowing the branch to provide transaction capabilities via video. So consumers still build a connection with a real person without the branch investing in staff on site.
Video ATM also can free up branch tellers so they can move away from routine transactions and focus on activities like opening up new accounts. And for branches in certain markets, video tellers allow them to offer expanded hours, which can be a competitive advantage. For example, the physical branch might close at 5 p.m., but video teller could be available until 10 p.m. In the drive-thru lane, video teller capabilities can extend new functionality that replaces the traditional vacuum tube transaction; instead, consumers can interact with a video teller at the ATM for a faster, more efficient experience.
Ultimately, interactive video teller capabilities extend an FI’s ability to personalize self-service transactions. ATM video frees up tellers to focus on more complex transactions, and it can give FIs a powerful tool to expand into new markets or gain a competitive advantage in existing ones.
Make the Most of ATM Video Teller
Video isn’t a magic solution. A branch needs a strategy for deploying video that is tied to goals for how this layer of communication fits into the bank’s omnichannel experience. FIs must be prepared to make operational adjustments to accommodate the new technology, which could include shifting staff responsibilities and certainly training. If the technology is adopted but not delivered effectively, the FI risks losing consumers’ interest. They’ll try it once, but if video ATM isn’t convenient, they’ll leave it for an interaction they’re more comfortable with, whether using the in-branch teller or self-service ATM.
How can an FI invested in interactive video teller technology maximize the opportunity? First, banks must make sure they are getting the most out of the investments they’ve already made to the self-service and digital channel. Consider how ATMs are functioning—and how they could function better.
Another key is to equip staff with video ATM best practices so they can effectively deliver ATM video service, and harness the power of call-center staff who can work across both video and phone as necessary. Also, branches should direct consumers to the video option and provide support as they experiment with the technology.
When video ATM is placed in an ideal site (i.e. where a consumer can comfortably converse with your staff) and in the right market, where consumers are interested in advanced self-service features, the technology can add another layer of personalization and convenience to an FI’s offering.
Is ATM Video right for you? Learn how branches are effectively implementing interactive video tellers to enhance customer experience and improve operational efficiency in our latest podcast.
Already have interactive video teller in place and want to make the most of the technology? Listen to this roadmap to success.