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What is video banking? 13 reasons to implement it in customer onboarding

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TrustCloud | What is video banking? 13 reasons to implement it in customer onboarding

The term ‘Video Banking’ is used to describe a method of financial services where customers can access advice and carry out various banking transactions through remote video connections, using video assistance technology.


ideo Banking is an innovative way to interact with banking services that eliminates the need for customers to physically visit a branch, allowing them to make inquiries, open and manage accounts, apply for products, and receive assistance, all through a real-time video experience. The multiple advantages it offers are a significant asset for social progress. 

It has become a valuable tool for customers seeking convenience and accessibility, while providing financial institutions with an efficient way to onboard new customers or offer personalized services without requiring users’ physical presence at a specific location. 

Achieving a robust onboarding process for long-term efficiency and loyalty 

Video Banking is a simple and expanding method that extends the possibilities of digital banking. We break down the key benefits of implementing it in the onboarding process. For banks and fintechs: 

  1. Customer experience. Video Banking allows for a more personalized and direct interaction between the customer and the bank through specialized agents, significantly enhancing the user experience. They receive real-time advice and resolve issues more efficiently, contributing to greater satisfaction. 
  2. Inclusivity. It eliminates the geographical barrier, enabling customers to access financial services without the need to physically visit a branch. This is particularly beneficial for those living in remote areas or facing mobility challenges, reinforcing the positive image of financial institutions. 
  3. Operational efficiency. By facilitating transactions and inquiries, financial institutions reduce the time and resources required to serve customers compared to in-person interactions. 
  4. Cost reduction. Maintenance and operation costs of branches and facilities are significantly reduced, reflecting in budgets. 
  5. Enhanced security. In situations where physical presence is difficult or risky, such as during emergencies or health crises, Video Banking provides an alternative to maintain the continuity of financial services without compromising the security of customers and employees. Additionally, identity verification is strengthened through the application of multiple security layers (proof of life, document analysis, etc.) that, thanks to AI, fortify procedures with more guarantees than traditional in-person service. 
  6. Competitiveness. The adoption of innovative technologies, such as Video Banking, can differentiate a financial institution in a competitive market. Offering more flexible and modern service options will attract new customers and foster loyalty among existing ones. 

Request personalized advice from our Video Banking experts. 

Maximize benefits in every digital transaction with banks and fintechs 

Users also experience significant benefits, both in the onboarding process and in subsequent interactions with their institution: 

  1. Convenience. Users can access financial services and receive advice from the comfort of their homes or any location they choose, eliminating the need to physically visit a bank branch. 
  2. Flexible hours. Video Banking often allows users to schedule appointments and conduct transactions outside traditional banking hours. This is beneficial for those who cannot adapt to the standard operating hours of a branch. 
  3. Personalized interaction. Through video calls, users can have highly personalized and secure interactions with bank agents, which can be particularly useful for discussing specific financial matters, asking detailed questions, or receiving advice tailored to their individual needs. 
  4. Issue resolution. Users can resolve problems or conduct transactions more efficiently through Video Banking compared to other channels. This reduces the time spent on issue resolution and improves customer satisfaction. 
  5. Enhanced security. Compared to some online transaction methods (chats, bots, etc.), Video Banking can provide an additional level of security by allowing users to verify the identity of the agent assisting them and receive live assistance from a real person. 
  6. Complex services. Users can gain access to more complex financial services, such as loan applications or account openings, through Video Banking with personalized guidance. 
  7. Multichannel. Reduces the need for digital customers to switch between different channels for their operations (from web to phone to email, etc.). 

Enhance digital onboarding and account opening to face the future 

The processes of onboarding and account opening through Video Banking can be improved by addressing various strategies and adding features. 

  • Electronic documentation. Facilitate the electronic submission and signing of documents required for account opening. To carry out these processes rigorously, the Video Banking platform must comply with security standards that protect the privacy and integrity of customer information. 
  • Advanced identity verification. Adopt advanced technologies such as facial or fingerprint recognition to ensure secure authentication of new customers during the account opening process. 
  • Service integration. Provide an integrated user experience that allows customers to complete the entire account opening process through Video Banking, including capturing identification documents, verifying information, and intelligently analyzing and signing documents. 
  • Advisory services. Offer personalized financial advice after the onboarding process to multiply business opportunities. 
  • Technical robustness. The platform should be user-friendly and provide an intuitive experience for customers. The entire account opening process through Video Banking should be smooth and without technical interruptions. 
  • Multichannel support. Offer multichannel support so that customers can communicate with bank representatives through video, multilingual chat, or even phone calls according to their preferences, enhancing accessibility and convenience. 
  • Support resources. Provide educational resources and tutorials during onboarding to guide customers on the steps to follow and provide additional information about the services offered. 
  • Security and regulatory compliance. Adhere to all regulations and norms related to data protection. Additionally, a comprehensive certification framework endorsed by high-level institutions such as ISO or NIST will bolster confidence in Video Banking solutions. 
  • Feedback. Improving the service always involves gathering user opinions, identifying trends, and implementing the most relevant options. 

Contact a TrustCloud advisor now and learn how Video Banking revolutionizes onboarding and account opening processes. 

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