Around the country, the idea of a traditional bank branch is becoming a thing of the past as more and more banks close branches, reflecting the realities of higher overhead costs in the face of lower consumer demand. According to this recent article by Bank Systems & Technology, in 2012, US banks closed 2,267 branches. This is trend unlikely to reverse in the future.
Because many consumers conduct most of their banking online, including check deposits, the need for in person banking is in rapid decline. This has created challenges for banks that both want to save costs and still deliver personalized service to customers who need it.
In response, some banks are discovering the power and benefits of using videoconferencing as a tool to overcome these challenges. Some examples of integrated services being adopted by banks now include “next generation ATMs” that provide the ability for customers to have face to face conversations with a live teller without the costs associated with maintaining an entire branch.
Alternatively, some banks are adopting video conferencing for their remaining branches to support new account openings, loan applications, and brokerage services using the face-to-face technologies that improve sales and customer satisfaction. “With high definition screens in place, this video interaction feels like the adviser is right there in the room.” For leading banks, they are finding the cost savings and customer satisfaction that comes with videoconferencing is a win-win.
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