Video conferencing makes its way into financial services

Video conferencing makes its way into financial services

The financial services sector has been at the cutting edge of technology deployments for more than a decade, as banks and other players in these markets work to meet demands of modern clientele with advanced service delivery. One trend that has been sprouting up in this industry is the deployment of video conferencing solutions as part of larger unified communications strategies, helping to connect employees with customers in a broad range of mediums to match each preference. 

Banktech Magazine recently reported that Bank of America has deployed a new video conferencing strategy, implementing the services at 500 of its branches for client-related purposes. According to the news provider, a large portion of the sales cycle continues to occur in physical branch locations, despite the increasing prevalence of mobile services and online platforms for general banking functions. 

There is no doubt that the Internet and modern devices are playing major roles in financial services today, and that customers are pushing deployments of such capabilities through increased demand. However, banks cannot curtail or simply abandon traditional mediums. 

"We're seeing a change in customer behavior because of technology … transactions and services are moving to other channels. But customers still want to acquire products at the branch," Tyler Johnson, Bank of America's Senior Vice President, told Banktech. "In many cases these are products that need experts to sell them like investment advisors or mortgage brokers."

The source noted that this strategy is meant to supplement professional specialist attendance at the branches. 

Video conferencing can be used to dramatically reduce travel expenditures while creating more seamless channels in which employees and clientele can communicate, especially when these individuals are in different states, regions or nations. When attached to an effective UC strategy, video conferencing can have vast applications for the average small business.