Video conferencing is slowly emerging in the retail banking sector as a way to meet growing customer expectations and combat declining foot traffic in branch locations. There are so many things customers can now do online that they don’t even need to go to a bank. Checking account balances, transferring money between accounts and even paying bills can be done with a few simple clicks on a bank’s website.

As a result, banks need to find new ways to interact with their customers. International financial research and consulting firm, Celent, recently released the report Video Banking: Lights, Camera, Transactions?, discussing how video solutions can be used along with the benefits they provide.

The most practical application is connecting customers to bank tellers and subject matter experts via video at lobbies, vestibules and even at home. Customers can ask questions about their finances, consult with a financial advisor or begin the loan application process with an online advisor. For example, instead of driving to the bank to fill out a mortgage application, a customer can meet face-to-face over video with a loan specialist who can answer questions and begin the application process.

Video banking not only provides increased customer interaction, it can provide significant cost benefit as well. Customers expect a lot from their banks and video conferencing allows banks to keep up with customer demand while reducing expensive branch investments. They can use video solutions to maintain strong customer relationships without having to staff subject matter experts at each retail location.

The Bank of Montreal has implemented Cisco videoconferencing workstations to serve as a customer assistance tool rather than a “do-it-yourself” system. The technology still has a few issues, but they are being worked out. For example, in some instances a customer may require paperwork and paper cannot be transferred through this system. However, the digital teller can help the customer obtain the necessary paperwork and provide instructions as to where it needs to be delivered.

Bank of America had a different idea for the technology and implemented ATM with Teller Assist. This allows customers to experience the convenience of an ATM but still be able to speak to a Bank of America teller in real time via video. These ATMs allow customers to cash checks for the exact amount and receive change, as well as receive cash withdrawals. Eventually, the ATM will allow customers to deposit checks with cash back, split a deposit into two or more accounts and make a credit card or loan payment. With the probable success of these implemented technologies, it won’t be long before other banks begin the process of changing to video banking.

These are just two examples of how banks are using video. Several other establishments have either deployed video solutions or are currently testing the viability. Eventually as technology advances, users will be able to take video banking mobile, and use video conferencing to talk to tellers and bankers through tablets and mobile devices. By using apps, texting, voice conversations and two-way video, banking can eventually go completely virtual. In fact, we might look back one day and say I remember when you actually had to go to the bank to cash a check!

This Week in Collaboration

September 27th, 2013 | Posted by Danielle Downs in Industry News - (0 Comments)

This-week-in-collaboration

Welcome to our bi-weekly recap of the weeks’ best articles surrounding collaboration. 

1. Polycom Video Solutions help keep NATO personnel ready for the next crisis, diplomatic mission or humanitarian effort

Announcement around NATO’s decision to use Polycom’s RealPresence Platform as the backbone of their video collaboration environment. By utilizing video conferencing, NATO is hoping to streamline decision making and communication as well as reducing travel costs.

2. SPAR saves time and money with video conferencing

This post showcases UK based grocery chain SPAR, and how deploying video has saved the company both time and money. Their main use case was around their multiple executive meetings that they hold and how winter weather was consistently disrupting those meetings.

3. Videoconferencing Options Expand

Analysis around the growth of video conferencing and the wide range of options now available. It details options including the videoconference room, software-only model, and cloud based options.

4. Businesses look to collaborate with UC

This piece focuses on how collaboration, specifically document and screen sharing, helps to significantly increase efficiency. It speaks to both screen sharing with audio conference calls as well as collaboration with video conferencing.

5. Video Conferencing in the 21st century classroom

Video conferencing in the classroom is opening up a plethora of possibilities around collaboration. This article outlines some of those possibilities and use cases including guest lectures, professional development workshops, and virtual field trips.

For companies looking to dive in to this mobile video craze, having a solid plan of attack is very important. Not only will it help determine the technology requirements, it ensures a consistent user experience for all participants involved.

The first step in developing a mobile video strategy is to define the organization’s video environment. This focuses on determining the following key areas:

  • End users
  • Video devices & applications
  • Meeting types
  • Current video equipment
  • Goals & objectives

Essentially, this means organizations should outline who will be using mobile video, what devices these participants will be connecting with, what types of meetings will be conducted, and the objectives mobile video is looking to accomplish.

For example, it is essential to ensure that the mobile devices being used can integrate with any room systems or infrastructure that is currently in place. If employees plan to use consumer applications, such as Skype or Google Video, then an additional outside bridging service will be necessary to provide interoperability to standards-based systems. Determining those use cases and goals will help to define what is necessary for effective implementation.

Read Part II of Developing a Mobile Video Strategy here.

Download the worksheet below to get started with planning your mobile video strategy.

I saw a news clip about the rise in telecommuting on CBS the other day and I echoed many of the sentiments from my fellow telecommuters. I also have a confession to make, what I looked forward to the most was the ability to wear sweatpants to the “office.” The first week or two I would go to my closet each morning grinning as I bi-passed my slacks and skirts en route to my sweatpants drawer.

However, I quickly learned that getting ready in the same way I would when going in to an office, was very important for my “workday” mindset. Now being fair, I can’t say that I put those nice slacks and skirts on everyday, but blouses paired with yoga pants was a definite step up.

That was just one lesson I have learned about effective telecommuting. Here are a few others:

Location Is Key:
Having a designated office, or at the very least a designated office area is imperative for productivity. Having a place that I can go to and close the door, is an effective way to keep outside distractions at bay. Creating a professional work environment also helps increase my self-discipline during office hours.

Visibility:
Being online and available during work hours is another component that is very important when telecommuting. Since I work for a collaboration company that means being online and available for instant messaging, phone, and video calls. This visibility and ability to have spontaneous or informal conversations also creates the feeling of being in an office.

Regular Communication:
Along with visibility, comes regular communication. Routinely speaking to colleagues on video mitigates the “social isolation” challenge that some remote employees feel. Communicating often, particularly via video conferencing, increases productivity by allowing me to brainstorm and collaborate face-to-face.

Earning Trust:
Regular communication, increased productivity, and consistent office hours all help in earning and maintaining my manager and coworkers’ trust. Mutual expectations between both a manager and remote employee, along with other team members, are essential for successful telecommuting.

Taking Breaks:
Another important lesson I have learned while telecommuting is the importance of taking breaks. Although I am not very good at putting this piece in to practice, getting out of the “office” and taking a lunch break or running an errand helps increase productivity by giving your brain a chance to relax. Plus, it helps reduce the feeling of never leaving your home.

These lessons have all helped me create a successful telecommuting strategy. Although working from home is not for everyone; many folks, including myself, have found increased productivity and an improved quality of life by being able to telecommute.

Collaboration means different things to different people. But at the end of the day it’s all about connecting people and giving them the ability to work together. The need for these types of connections continue to grow as workforces become more global and dispersed.

When people are connected they can share ideas, brainstorm on new initiatives, collaborate on deliverables and so much more.

We created the below infographic to highlight the many forms that collaboration can take, what some of the benefits are, where collaboration happens and the tools available.