CUs Tap Video to Rehumanize Member Engagement and Optimize Service Delivery

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To achieve member service excellence, credit unions have to follow a few common sense principles. They must:

  • Know their members to be able to offer relevant services
  • Adapt to the way members want to interact
  • Ensure that services are delivered quickly
  • Offer a customized, personal experience
  • Provide easy access to the right expertise

However, traditional brick-and-mortar branches and digital banking platforms both struggle to meet all these requirements.

While in-branch service is a great way to build strong and personal relationships, guaranteeing quick access to the full set of services in every branch is simply unaffordable. Typically, smaller branches offer only basic services and the busiest branches suffer from crippling wait times. And, needless to say, as the world becomes more digital, members are less inclined to visit branches.

But online and mobile banking platforms are not a panacea either. They:

  • Lack the personal touch of human interaction
  • Cannot offer the quality advice and expertise that members expect
  • Do not effectively drive member acquisition, with abandonment rates typically above 80 percent

That’s why many credit unions have recently turned to video to compensate for the shortcomings of their member service delivery model.

In branches, video allows members to be served by remote staff when their needs do not require an in-person interaction or when they require advanced expertise that is unavailable on-site. When Illinois-based Consumers Credit Union implemented video banking, the average wait time went from a shocking 1.5 hours in certain branches to just under two minutes.

Video allows users of a credit union’s mobile app or website to enjoy an experience that replicates an in-person meeting with the best-suited staff, wherever that expert happens to be. Members easily get the advice they need and the credit union staff can still build the rapport that helps establish strong relationships and uncover new opportunities. Pennsylvania-based Diamond Credit Union attributes a 12 percent increase of its sales of debt protection to its video banking service.

At Vidyo, we’ve been helping financial institutions implement video-based customer engagement services for more than five years and have recently seen a rapid adoption by the credit union community. We see this trend accelerating as video banking perfectly matches the “people helping people” philosophy that drives successful credit unions.

Vidyo is proud to partner with the California and Nevada Credit Union League and, over the next few months, we will share in the CU Weekly newsletter more insights on how you can leverage video banking to enhance the way you serve your members and improve your operational efficiency.

To learn more about video banking trends, download our 2018 Video Banking Report.

Article provided by Vidyo.