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Data Shows that Video Banking Generates Positive ROI

By | Blog, Video Banking | No Comments

They say you can’t put a price on great service but try convincing your boss of that when you’re pitching a new digital service channel. The bottom line is undeniable: ROI matters.

Video banking delivers ROI, and our users’ 2018 data proves it.

Most people think of video banking as just another way to process routine account transactions, but that’s not true. Last year, the most frequent use of POPi/o Video Banking was lending.

Let that sink in for a moment. More than one-third – 36% to be exact – of customers who contacted their credit union or bank using video banking did so to apply for or fund a loan. And these weren’t just consumer loans, either. Twenty-six percent of our financial institutions utilize video banking as a way to process business loans.

All that consumer and business loan activity means a direct source of new interest and fee income, and a chance to grow your market share. And as rates continue to rise, your ROI and income will grow along with it.

Okay, so surely the second most common use of video banking was routine transactions, right? Yes, but just barely: 16% of consumers used video banking for account service. However, following right behind at 15% were consumers who opened new accounts.

When you put together the loans and new account activities more than half of all consumers using the video banking channel last year contributed a quantifiable business value to their financial institution. Why is video banking such a great channel for profitable account activity? Because it’s more than just a channel that supports face-to-face conversation. POPi/o Video Banking includes key workflow capabilities that provide a complete service experience. For example, consumers can use video banking to easily upload supporting documents to complete loan applications, like IDs and paystubs. Video banking even supports eSignatures, which means consumers can go from application to funding in just one call.

That level of video interaction delights consumers, and our data shows it. POPi/o Video Banking scored 4.7 stars out of 5 with our financial institutions’ customers, which include more than just millennials and Gen Z. Video banking is also popular with retirees who have limited mobility, customers who speak English as a second language and middle-aged executives who travel for work.

The most popular channel for video banking is mobile – 63% of POPi/o financial institutions have deployed video banking into the mobile channel because it gives them the greatest reach. However, surveys show that most consumers prefer to use more than one channel to access their financial accounts, so our financial institutions also work toward also implementing video banking online and/or in a branch.

Another interesting point revealed in our 2018 user data was that the average video banking call is only a little more than five minutes. That’s a perfect length that allows your representatives and your customers to have a complete, yet efficient, service experience.

If you’d like to learn more about our 2018 user data and how POPi/o Video Banking can produce positive ROI for your credit union or bank, please request a demonstration here.

Video Conferencing vs. Video Banking

Video Conferencing vs. Video Banking

By | Blog, Video Banking | No Comments

Can’t we just use Skype?

What’s the difference between video conferencing and video banking? Can’t you just use Skype, FaceTime or Zoom to talk to consumers with less overhead?

If you’re in charge of operations and want to add video banking to your FI’s digital channels, you might get these questions from your boss, executive team or board. There are very distinct differences between video conferencing and video banking, and in order to deliver the experience your consumers expect and maintain your service standards, you definitely need to offer video banking.

However, if you’re not prepared for the question and caught off guard you might struggle to explain the differences, so here’s a quick rundown of the facts.

Video Conferencing vs. Video Banking

Video Conferencing

Video communication apps allow two people in different locations to communicate face to face. As 3G and 4G technology availability has made connection faster and cheaper, video chat has become very popular across generations. Video conferencing is more than a Skype chat with Grandma. It also provides the ability to share educational information and provide a platform for business negotiations.

That’s one of the big differences between video conferencing and video banking – the former enables communication between businesses and is not addressing the consumer side of collaboration. Additionally, most video conferencing platforms require both parties to set a date and time to communicate, which creates service friction. How many times have you been the only one to show up for a video conference? It’s incredibly frustrating; imagine experiencing that as a consumer.

Video chat apps aren’t secure enough for banking transactions. You’ve probably heard the recent news about the iPhone FaceTime bug that allows users to eavesdrop on others before they even accept the call. The last thing your FI needs is bad publicity suggesting you don’t properly safeguard financial information because you used FaceTime to conduct financial transactions.

Finally, video conferencing’s main purpose is cost savings. It means you don’t have to fly your vendor or your remote team members into the main office for an in-person meeting. Free or low-cost video conferencing services might be cheaper than video banking, but when it comes to digital channels, cost savings isn’t the only factor to consider. Convenience, consumer experience, compliance, and workflow must be included in your due diligence.

Video Banking

Video banking, on the other hand, does more than allow face-to-face digital communication. It recreates an entire branch experience, with tellers, consumer service representatives, loan officers, and financial advisors.

That’s the biggest difference between the two channels – video banking was custom built to meet the needs of banking consumer needs and work with banking workflows. Unlike video conferencing, video banking usually includes the following features:

  • Document collection
  • Document signature
  • Screen sharing
  • Presentations
  • URL sharing
  • Standardized business workflows
  • Branch, web, and mobile deployments

A robust video banking app brings all of your products and services together, which increases your staff efficiency and racks up sales.

Unlike video conferencing, which requires everyone to show up at a specific date and time, video banking can be built into your call center queue. That makes it on demand for consumers, the way retail channels should be.

Video banking also allows you to record the call, produce logs and metrics to track performance and provide data to prove compliance. That’s important: video banking apps are compliant with security regulations that safeguard financial data. WebEx and FaceTime are great services, but they aren’t going to impress your executive team.

Financial regulators are expected to scrutinize technology even more in 2019, according to a recent American Banker article. It reported that because Democrats have regained control of the House, and Republicans only hold a slim majority in the Senate, banking regulation is expected to tighten. Additionally, banking regulators are still under pressure to protect consumers from data breaches. You should expect your examiner to review all of your fintech vendors and digital channels, searching for weak links. Now is not the time to skimp on security!

Finally, consumers value experience more than ever. In fact, surveys keep revealing that younger consumers are willing to pay more for a loan if the lender provides a superior digital experience. Even Grandma, who already knows how to use video chat technology, appreciates the convenience video banking provides – many banks and credit unions have found that video banking adoption rates across all generations have been higher than expected.

The differences between video conferencing and video banking are clear. Start providing better experiences, that will make your financial institution one your consumers love.

2019-Video-Banking-Implementation-Guide

Video Banking: 2019 Implementation Guide

By | Blog, Video Banking | No Comments

Bring your video banking strategy to life by utilizing a data-driven implementation. Successful financial technology implementations require three things:

  • Operational benefit: Technology must reduce operational and service friction
  • Measurable Goals: Use KPIs to forecast and meet organizational goals
  • Growth: Improve your organization’s bottom line

Video banking technology can help you accomplish all of these. However, because it’s new technology, you may be struggling to create a clear vision for your executive team or your board because you lack the experience to provide details on how you can successfully implement it across your organization.

Until now. POPi/o’s exclusive data-driven implementation guide is the key to solving questions you have prior to starting a video project:

  • Operational benefit: What channel do I start with?
  • Measurable goals: How do we staff and support video banking?
  • Growth: What products and services do I make available through this channel?
Download: POPi/o Implementation Guide

What do you get from the guide?

The implementation guide provides real-world data from credit unions and KPIs that will help you realize your video strategy. Utilize this guide as a resource to execute your vision and define your video banking project.
Here are a few more questions the implementation guide can answer for you:

Do I have to select just one video channel?

Video banking is not just an add-on to your mobile banking app. It can be deployed across multiple channels, and your financial institution’s unique operational profile and organizational goals should determine where you begin. Your peers prefer a certain channel to get started. Find out which one here.

Are there other unique use cases that video banking can solve?

Yes, our research dug up an unanticipated and highly profitable product our FIs have found is a perfect match for video collaboration.

Who will adopt video banking?

You may be surprised, just like our clients were, to find that video banking appeals to more than just millennials and Generation Z. We’ve provided a list of unexpected demographic groups that love video banking and might inspire you to expand your video banking strategy to include more customers … and generate more revenue.

Video banking a revenue generator? Yes.

Forecasting technology ROI is often the most important metric for your executive team. But when technology is innovative and new to your institution, it’s the most difficult to predict. We’ve broken down exactly how to compute ROI using average video banking conversion rates, and your call volume, loan sales goals and average interest rates.

How do I set up a video call center?

In general, video banking reps process the same transactions, sell the same products and communicate the same information as your call center reps and branch staff do. However, they are given greater resources to create higher immediate conversion rates. Additionally, video banking is a personal channel and requires problem solvers that can adapt to different situations quickly. We’ll help you navigate those differences so you can effectively route calls, hire new or train existing staff, and build a video call studio that supports your brand while encouraging your consumers to engage with your reps.

Implement a vision that you believe in

At POPi/o Mobile Video Cloud, your success is our mission. We encourage you to download your 2019 Video Banking Implementation Guide and use it as a blueprint to bring your video banking strategy to life. If you need more data or information, please let us know! We’ll be glad to provide it and add it to the guide so others can benefit.
Are you ready to discuss exactly how POPi/o Mobile Video Cloud can help you meet your 2019 organizational goals? Click here to set up an appointment.
Cloud Video Banking

10 Reasons to Look to the Cloud

By | Blog, Video Banking | No Comments

Financial institutions have been wringing their hands for years, wondering when tech giants Amazon and Google will compete against them directly.

The answer might be never.

According to an article published in The Wall Street Journal, Amazon and Google aren’t as interested in banking as they once were. The reason is that as financial institutions increasingly transfer technology to the cloud, Amazon and Google are making more money offering cloud computing services to FIs than they could make competing against them offering banking services to consumers.

Business is booming for Amazon’s AWS, Alphabet’s Google Cloud and Microsoft’s Azure as financial institutions transfer infrastructure, platforms, software and recovery systems from on-site servers to the cloud.

POPi/o Mobile Video Cloud recently changed its name to reflect our Software as a Service structure (Saas). When it comes to leveraging everything the cloud has to offer technology, we’re all in.

Why has POPi/o and the financial services industry finally embraced the cloud? Here are 10 reasons.

  • Disaster recovery
    • We’ve all seen the horrific damage to buildings that Hurricane Michael caused. I’m sure there were plenty of bank and credit union executives who watched nervously as the hurricane veered dangerously close to their service bureau or backup facilities. Don’t let natural disasters – from which you’re protecting your systems – be the weak link that causes disaster recovery failure. Cloud-based disaster recovery services will keep you up and running and allow you to focus on serving victims of natural disasters who need your help.
  • Faster updates
    • The policy of prevention over cure rules today’s digital-first marketplace. The cloud allows you to automatically fix bugs, update customization and make other updates without having to individually upload to each workstation.
  • Quicker deployments
    • The cloud allows you to deploy new technology and services in hours instead of days … or weeks … or even months. All you need is a browser and a bit of training.
  • Serious cost savings
    • This is a biggie. Not only do on-premises hardware and the required software upgrades cost big bucks, but you also have to pay for someone to install and update software, install and manage servers and run backups. With the cloud, those expenses are the responsibility of the vendor; you only pay for what you need.
  • Security
    • For too long, financial institutions were afraid the cloud posed a security threat. Yet research has consistently shown that human error is a greater risk. The cloud doesn’t require in-house physical access security and deployed security protocols. Encryption can be deployed across a wider network quickly, and cloud servers are located at secure locations that are rigorously tested and have multi-factor security.
  • Ongoing education
    • Cloud service providers take the guessing out of getting a new solution to work for you. Rather than relying on in-house expertise, which will require you to pay for educational courses and conference to keep current, your vendor will be your expert.
  • Flexible scalability
    • The cloud is scalable as you grow. If you need more licenses, you can get more licenses. If you need to take some away, go right ahead. As your business grows or slows, the cloud will adapt with you.
  • Mobility
    • Cloud-based services are internet based, so you can access your systems from wherever you or your remotely-based staff have an internet connection.
  • Competitive
    • The cloud allows you to disrupt your market with enterprise-class technology and speed while staying lean and nimble.
  • Environmentally friendly
    • Not only will you reduce the space required in branches and your headquarters to store and access servers, but cloud protocol is also greener than onsite technology because you only use as much as you need.
Video banking improves convenience.

How to Slay FOUR Common Convenience Killers

By | Blog, Video Banking | No Comments

Mobile channels are supposed to improve convenience, but most mobile banking apps have fallen flat. According to a recent Magnify Money report published in The Financial Brand, consumers gave mobile banking apps an average rating of 3.7 out of 5, a merely average 74% score.

The culprit is friction – all of that red tape that kills convenience. Eliminating friction is the primary objective of POPi/o Mobile Video Cloud’s video banking solution. We’ve been thrilled to hear how our clients have utilized mobile video to reduce friction and create a better experience that builds sales and brand loyalty.

Here are four common convenience killers and ways mobile video can eliminate them.

#1 Onboarding

We’ve all seen the dismal online and mobile loan application abandonment rates, which can be as high as 98%. When Southwest Financial FCU launched POPi/o in September 2017, its primary goal was to increase loan volume by decreasing friction in the lending process due to the credit union’s largely remote membership. In particular, Southwest Financial was still asking consumers to fax signed loan documents to complete applications. The result was a frustrating 80% loan application abandonment rate. Consumers were put off by the inconvenient process, and employees were wasting time calling to follow up on docs that never arrived. With POPi/o video banking, loan apps are signed, sealed and delivered with just one call.

#2 Authentication

Wire fraud is a big problem for financial institutions, with losses at mid-sized banks and credit unions running as high as tens of thousands of dollars per month. In July, the FBI issued an alert warning against a new scam in which a bad actor accesses a legitimate email account to request unauthorized wire transfers. The FBI reported that there have been more than 41,000 victims in the U.S. alone, accounting for a total of $3 billion in fraudulent wire transfers. Many of our clients use video banking to verify wire transfers. Not only does video banking make verification compliance more convenient for consumers, the institution can also use facial identification to confirm it’s really their consumer requesting the transaction.

Download FREE Benefits of Video Banking Article

#3 Navigation

As consumers, we’ve all experienced poorly designed apps that aren’t intuitively organized and don’t provide the information we need. We may spend a few moments trying to navigate around the app to find what we want, but it doesn’t take long before we abandon the effort. Video banking isn’t an end-all solution for a poorly designed banking app, but it can reduce friction by providing quick and easy access to subject matter experts. South Bay Credit Union uses POPi/o video banking to provide fast, face-to-face access with experts, who may be located centrally or in a branch. No matter where consumers are, they can connect instantly, with no navigational friction involved.

#4 Communication

Taking navigation one step further, if a consumer experiences a technical problem or questions a transaction using a mobile banking app, immediate access to a service representative isn’t always available. POPi/o Video Banking not only provides immediate face-to-face service, representatives can utilize the app’s screenshare feature.  This enables your employees to show – not just tell – consumers how to resolve issues. POPi/o Video Banking is also very helpful when assisting consumers who don’t speak English. Pioneer Federal Credit Union uses POPi/o Video Banking to assist Spanish speaking members, who often want branch service but sometimes arrive to find no bilingual employee on duty. Video banking allows the credit union to draw upon its centralized staff to quickly find a bilingual employee, providing clear communication to non-English speakers in any branch, or wherever they may be.

What happens next? You slay even more. 

POPi/o Video Banking eliminates nearly all mobile convenience killers. Our bank and credit union clients continue to impress us with the innovative ways they’re using our solution to reduce friction and improve their consumer experience. If your brand loyalty is on the ropes because of a convenience killer, give us a call. We can bring your mobile service experience back to life.

Read more in this CU Times Article by Gene Pranger

Friction in banking needs improvement

The Science of Friction

By | Blog, Video Banking | No Comments

For months, financial services leaders have been wondering if Amazon will enter the mortgage market. Perhaps they’re asking the wrong question.

Whether or not Amazon offers mortgages doesn’t even matter because Quicken Loans’ Rocket Mortgage has already upended the financial services market. Quicken Loans is currently the nation’s top mortgage lender by volume, originating $20.5 billion in the first quarter of 2018. Rocket Mortgage not only streamlined the application process to eight minutes, it has reduced closing time on purchases to just 16 days.

Quicken Loans isn’t the only mortgage lender that has reduced friction for borrowers. In fact, so many lenders provide such an advanced mortgage lending experience, Amazon may take a pass on the mortgage market because they currently don’t see enough opportunity to gain a competitive advantage.

Most agree that credit unions and banks need to upgrade technology to provide a customer experience that competes with these fintechs. However, financial services leaders are wrong when they think better hardware, more digital delivery channels and improved efficiency are the answer.

Fintechs approach technology differently, baking in innovation instead of just bolting it on. They are organized around customer needs; the customer experience drives operational strategy. Traditional financial institutions, in contrast, are still focused on product and functional silos. Instead of supporting innovation by dynamically adjusting operations, most FIs change one process, function or technology at a time.

Digital channels have eliminated the curtain between front and back office operations. Customers expect automated applications that fill personal information fields from their account data and other sources. They expect tracking tools that keep them informed of exactly where their mortgage loan approval stands in real time.

This back office emphasis has produced a dramatic increase in application abandon rates. According to a 2016 SaleCycle blog,  consumers abandon a whopping 80 percent of online financial applications.

A common reason cited is the application process takes too long. According to a 2016 study by Signicat, the average online app took nearly 18 and a half minutes to complete.

Consumers also say too much personal information is needed when they apply for accounts or credit, a complaint that will continue to increase as data is more easily shared among connected organizations.

Financial institutions must reduce digital friction to maintain market share. The Financial Brand identified five ways banks and credit unions can improve their application process to reduce friction and improve abandonment rates. They include:

  1. Use mobile first design. That means minimizing fields, reducing keystrokes and minimizing scrolling because they take effort on mobile devices. Mobile is how your customers are increasingly interacting with your institution.
  2. Offer save and multichannel functionality. Requiring a restart always leads to high abandon rates.
  3. Make the experience 100% digital. It’s hard to believe this needs to be said in 2018, but requiring consumers to visit a branch to finalize an application makes abandonment rates skyrocket. All processes should support digital signatures and support electronic document submission.
  4. Onboard the requested product first. Resist the temptation to cross sell until after the application is complete.
  5. Recover abandoned applications. Collect the important information first, like name, email and phone number. Then, follow up on abandoned applications as quickly as possible. Not every abandoned app means the consumer changed their mind.

By the way, just because you offer amazing digital service doesn’t mean consumers will be satisfied. According to April 2018 research from J.D Power, digital-only customers are far less satisfied than customers who use both digital and face-to-face service. That’s because communication is where banking relationships typically fall short, the research revealed. The solution is to include highly personalized digital interactions along with transformed branch experiences that serve the needs of both digital-centric and branch-dependent customers. Which is exactly why we invented POPin Video Banking, to bridge that gap, improve communication and reduce friction.

So back to Amazon entering the mortgage market. If the market is already saturated with fintechs that provide frictionless service that rivals Amazon, tomorrow is too late to transform your innovation culture. You must begin today.

See how friction is directly affecting your business by clicking here to download the The Science of Friction Infographic.

Video banking closes engagement gap

The Engagement Gap is Digital Delivery’s Biggest Challenge

By | Blog, Video Banking | No Comments

Losing the Relevance of Bank Branches

The migration from branches to digital channels continues. According to a Feb. 8 report in The Wall Street Journal, the banking industry closed 1,700 branches in the 12 months ending in June 2017, this was the largest one-year decrease ever.

Not only are branch numbers falling, but the relevance with the consumers is falling too. I’m sure you remember the day when branch location was the primary decision criteria when selecting a new bank or credit union. Now it’s fallen to third place according to Novantas research (2017 Omni Channel Shopper Study). A superior digital banking experience is now number one. In a different study (2017 Account Opening and Onboarding Benchmarketing Study) they found that about one-third of all consumers prefer to open their account digitally.

Looking at all of this research, it would appear that consumers increasingly prefer digital service over face-to-face branch service.

But not so fast.

Digital Channels, still not Engaging

While consumers continue to adopt digital channels, they’re not exactly thrilled about the service they’re receiving. A January poll of more than 1,600 digital banking users revealed that 68% of Americans who have used digital banking in the past year were frustrated by the experience. One-third polled were so frustrated, they told Harris Poll and D3 Banking Technology, they were willing to leave their financial institution in search of a better digital experience.

The report, as well as Novantas research, indicated two digital banking pain points for consumers.

  1. First, many institutions haven’t evolved digital banking beyond basic transactions, like checking account balances or transferring funds. Consumers want more – at a minimum, mobile deposit, P2P and mobile account opening. Savvy consumers are already asking for artificial intelligence capabilities, biometrics, and voice-driven interfaces.
  2. Second, most digital banking solutions don’t provide optional human engagement. In the event of a problem, most systems require the user to abandon the digital channel and seek a phone representative or branch employee.

Creating Digital Engagement

What’s the difference between digital transactions and digital engagement? About an hour. On average, Facebook users spend about an hour each day on the social media platform. Compare that to roughly 54 seconds a day that typical customers interact with a leading global retail bank and it’s clear that financial institutions are missing the engagement mark.

The retail engagement has changed drastically over the last 10 years. Rather than talk at customers, educating them about the benefits of products and services, companies now speak with them. The difference is two-way dialogue that listens to customers’ wants and needs … a lack of two-way dialogue defines the digital engagement gap.

Eliminating the digital engagement gap can seem overwhelming to a financial institution struggling to do it all – provide high-touch service to those who need it and high-tech service to those who want it – all the while complying with myriad regulations.

Is there hope to make Digital more Engaging?

Absolutely. Going forward, banking strategy must partner with third-party technology providers to create two-way conversations and transition from a transactional data mindset to an engagement mindset. Without it, banks and credit unions will be left behind, relegated to little more than transaction facilitators while business models that focus on engagement will win more complex and profitable functions, like lending and wealth management.

POPi/o Video Banking is an excellent way to improve digital banking engagement. Providing an on-demand video representative provides consumer with the reassuring touchstone of human problem-solving they crave in a branch … but with the convenience of having that branch like experience in the palm of their hand. POPi/o Video Banking can expand a financial institution’s footprint in a meaningful way beyond branch locations because the platform supports document sharing, signature capture, and workflow management. We even monitor emotional expressions to give video representatives positivity coaching tips that ensure customer satisfaction.

POPi/o Video Banking is a two-way digital engagement solution. Together, we can advance banks and credit unions into the digital age and transform consumer banking.

Visit our homepage to learn more about POPi/o!

Need to get in touch with POPi/o? Click here > 

What is video banking? Learn more here >

An Open Letter to Bankers About Your Millennial Challenge

By | Blog, Millennials, Video Banking | No Comments

Before we even get started, I need to clear the air. I believe it would be dishonest, disingenuous and even misleading for me to express my opinion without you knowing what I am.

I am a millennial.

I am also a fintech executive.

I will never forget attending BAI a number of years ago. I watched a group of suits, at least 60 years old or older, discussing and hypothesizing why millennials were giving them so much trouble.

The dialogue went something like this: Millennials are lazy. Millennials are entitled. Millennials whine. Millennials have no idea what the world is or what is expected, and they avoid hard work.

No solutions. The takeaway was simply: millennials need to change. The End.

Really?

Here’s why that narrative presents a problem and a challenge for the banking industry. According to The Financial Brand, 71% of our diverse and highly educated generation, representing more than 25% of the U.S. population, would rather go to the dentist than listen to what financial institutions are saying.

Millennials also contribute more than $1.3 trillion to the economy in annual spending. By the way, we want to spend money on financial services. A recent Accenture study revealed our top financial goals include building up an emergency fund (64%), saving for retirement (49%), and buying a home (33%). Nearly half of millennials already have $15,000 or more in savings, and 16% have $100,000 or more.

We have more access to information than any prior generation. We have high expectations for digital experiences because technology has been continuously pushed into our hands since we were young. Thank you, by the way. (Sincerely)

We are also a generation looking for a partner who can deliver the help we need in filling our financial education gaps. Two out of every three millennials say they want their financial institution to give them software so they can keep track of transactions, payments and other financial data in real-time, and then use that data to provide better recommendations. When accustomed to living an instant Amazon Prime-level of personalization, speed and service, the lack of evolution in financial services at a bank or credit union can be frustrating.

Admittedly, we are not a patient generation, but we are grateful for the few banking advances that delight.

Remote check deposit. AMAZING.
Pay my friends or businesses without a card. INCREDIBLE.

Give us more to rave about. Here’s what your financial institution can do to meet us halfway.

First, sell me what you have, not what you hope to have. Removing the disparity between those two things will make business with millennials much easier. When you use the words “fully online” or “instant approval,” and then ask me to come into a branch, know that I am walking away. In this day and age, words are more important than ever.

Second, allow more access. Make it easy for me to access the resources I want when it is most convenient for me, without misleading marketing. And give me access to the resource we both love: your employees. Millennials appreciate companies that successfully use technology to conveniently provide face-to-face, personalized service. POPi/o Video Banking is an excellent example of that mix, which is why I sincerely believe in our value proposition.

Third, you know my financial future (just look at Social Security), so help me get to where I need to be. When I am asking questions or evaluating solutions, pay attention and use your product and service knowledge to offer the best match. I take my financial future seriously, and silly upsells that are unrelated to my needs demeans any prior positive experience.

The good news is your employees are the solution. Email. Phone. Video chat. That is how I get access and work actually gets done on my behalf, with the latter providing an in-branch experience at any hour.

Listening, really listening to your millennial market, is the first step to building a better relationship.

Visit our homepage to learn more about POPi/o!

Need to get in touch with POPi/o? Click here > 

What is video banking? Learn more here >

5 Unexpected Video Banking Customers

By | Benefits, Blog, branch, mobile, Video Banking, Video Banking Features, web | No Comments

Millennials, millennials, millennials.

All financial institutions work hard to attract these young adults born between 1982 and 2000. According to the U.S. Census Bureau, they number more than 83 million and are beginning to represent a significant portion of the economy.

If you want to attract millennials, you must offer top notch digital service – there’s no doubt about that. But what about the rest of your customer base, which prefers face-to-face branch service?

Or do they?

Many POPi/o Video Banking clients have been surprised to discover the digital channel has appealed to far more customers than just millennials. Some of these markets have been downright shocking. Here are five unexpected video banking customers you could potentially serve better with video banking.

  1. Spanish speakers. A sizable segment of the U.S. population – 21%, or roughly 61 million people – speak a language other than English with Spanish topping that list at about 38 million. And those Spanish speakers aren’t only located near the southern border. Pioneer Credit Union, an Idaho institution that has $430 million in assets, refers its Spanish-speaking members to the video call center for immediate assistance when no multilingual branch representative is on duty. This is a huge advantage for staffing and scheduling Pioneer’s 14 branches. And, Spanish speaking members are more confident their questions can be answered anytime during the credit union’s service hours.
  2. Fraud victims. Customers who suspect fraudulent activity involving their account usually don’t have time to drive to a branch to resolve the issue. They need immediate assistance, and mobile video banking is just a click away. Video calls also add an additional element of security, because employees can verify that they are speaking to the account holder through visual identification.
  3. The elderly. Baby boomers and the Silent Generation aren’t often considered when financial institutions estimate ROI for digital technology, but Pioneer Credit Union video call reps have reported that elderly members with limited mobility often prefer to conduct their banking over a video connection from home. Why? Because they feel as though they are burdening their families by requesting rides to a branch to conduct their banking. For some members, video banking has meant the difference between maintaining financial independence and surrendering control to family members. Video banking can also prevent elder financial abuse, which often occurs when seniors trust care workers or people who befriend them with the intention of committing financial fraud. Best of all, POPin Video Banking is as easy to use as FaceTime or Skype, which many retirees already use to communicate with children and grandchildren.
  4. Wire transfer customers. One of the first CFPB regulations required far more work on the part of financial institutions to facilitate wire transfers. One particularly onerous regulation requires verification of the wire transfer from the customer before it can be sent. South Bay Credit Union President/CEO Jennifer Oliver said her employees use video banking to verify wire transfers rather than making the customer visit the branch or returning a phone call.
  5. Loan co-borrowers. Obtaining multiple signatures from parties when a loan has more than one borrower can slow the approval and funding process. Mobile video banking app can obtain signatures from multiple individuals during a live video chat by connecting another call into the conversation, or offline at a time that is more convenient for the second individual. POPin Video Banking’s ability to collect signatures and complete documents within the app can be used in myriad other ways to improve lending convenience and the percentage of loan and new account applications that are successfully completed.

Many other unexpected markets love video banking, and there are probably plenty more of which we aren’t even yet aware. You can hear more about how POPi/o Video Banking is the new face of service by watching our new POPi/o TV channel, in which we interview executives at financial institutions so they can tell their stories. Click here to view them.

Visit our homepage to learn more about POPi/o!

Need to get in touch with POPi/o? Click here > 

What is video banking? Learn more here >

Video Banking: 6 Surprising Benefits

By | Benefits, Blog, branch, mobile, Video Banking, Video Banking Features, web | No Comments

According to a new mobile banking study from Citi, 81% of U.S. consumers use their phone to manage their money at least nine days per month. Nine out of 10 said they preferred using apps over visiting a branch, and one-third of Americans use their mobile banking app more than any other on their smartphone.

“If you don’t have a strong digital and mobile strategy, I don’t know if you’re going to be around,” said Lisa Huertas, Chief eXperience Officer at the $166 million Texas Tech Credit Union in Lubbock, Texas. “I don’t say that to be a doomsday person. Right now, today, you’ve got to be building those bridges between the physical and digital experience.”

Video banking can be that bridge, offering face-to-face service in the palm of consumers’ hands. It’s a holistic solution that allows financial institutions to serve larger geographical territories at lower costs while improving the customer experience.

POPi/o Video Banking also provides robust document support, allowing customers to use the app to submit everything they need to open a new account or apply for a loan. From photo IDs and tax documents to signatures, video banking can provide any service offered in a branch, except dispense cash.

Thanks to feedback from our early adopter clients, we’ve discovered some unexpected benefits of video banking. Here are six exciting uses for video banking you may not have considered.

Lower Loan Loss: Southwest Financial Credit Union, a $63 million institution in Dallas, Texas, reported that mobile video banking’s document support has reduced loan loss. Before the credit union implemented the platform, loan applicants often forgot to email or fax required documents.

“I want to unplug the fax machine,” said Luke Campbell, Vice President of Sales and Service. “I don’t want to use it anymore.”

He went on to say, “Having (the ability to get a) guaranteed signature has been the benefit. Our employees are seeing their loan numbers go up because they’re not losing loans anymore.”

Fraud Verification: Customers who suspect fraud on their account are already under stress, and don’t welcome the added inconvenience of being asked to visit a branch to resolve the issue. Mobile video banking offers immediate assistance. And, the fact that the call happens over video adds an additional element of security. Employees can verify they are speaking to the account holder through visual identification.

Wire Transfer Verification: Whether wire transfers are domestic or foreign remittances, regulations and fraud mitigation responsibilities require verification.  Jennifer Oliver, President/ CEO at the $102 million South Bay Credit Union in Redondo Beach, Calif., said her employees use video banking to verify wire transfers rather than using a phone or making the customer visit the branch.

“That was an unexpected benefit of deploying this type of platform,” she said, noting that it resolves a growing business problem experienced by nearly all financial institutions.

Multilingual Access: Branch employees at the $450 million Pioneer Credit Union in Mountain Home, Idaho, are referring Spanish-speaking members to the centrally-located video call center for immediate assistance when no multilingual branch representative is on duty. A sizable segment of the U.S. population — 21%, or roughly 61 million people — speak a language other than English with Spanish. This is a huge staffing and scheduling advantage, particularly for institutions that serve ethnic populations in their market.

Maintaining Customers Who Relocate: Losing customers and accounts due to job transfers or career changes used to feel unavoidable. In the past, customers simply felt they couldn’t take their financial institution with them when they moved far away. Southwest Financial only has one branch, but video banking makes it possible to serve all Kroger employees – the grocer is its primary SEG – no matter their geographic location or where they may relocate in the future.

Serving Elderly Consumers: We’ve talked about this before, but it’s such a fantastic use of video banking it bears repeating. Elderly members with limited mobility struggle to maintain financial independence because they must rely on family members to provide transportation to a branch. Elderly consumers have adopted POPin Video Banking more than expected because it provides them with the face-to-face service they prefer, and spares them the embarrassment of feeling as though they are burdening their families by requesting rides. The app has a similar look at feel to FaceTime or Skype, which many retirees already use to communicate with family members.

Here’s something that’s not unexpected: video banking also provides exciting brand differentiation, especially because the technology is still relatively new. South Bay Credit Union CEO Jennifer Oliver said, “Right now it’s a wow factor. People think it’s cool. Down the road, I think they’ll start to think of video first rather than getting in the car and driving to us. And when that happens, that’s when we’re super-convenient.”

Busy consumers are searching for time-saving technologies in all areas of their lives, and banking is no exception. And yet, they also want personalized service. Mobile video bridges that gap between declining brick-and-mortar branches and rapidly rising digital and mobile apps. According to recent research, two-thirds of banks and credit unions anticipate offering both in-store video systems and mobile video platforms in the near future. As more of them provide mobile video capabilities, more customers will demand access to this technology — and the convenience it brings.

Written by: Gene Pranger

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POPi/o on YouTube

By | Blog, Video Banking | No Comments

Below you will find a full list of our YouTube videos:

Why Video Banking – POPi/o Customer – Texas Tech Federal Credit Union

Fight Fraud with Face-to-Face Authentication – POPi/o Customer – South Bay Credit Union

Keep Your Members – Video Banking That Moves – POPi/o Customer: Pioneer Federal Credit Union

Video Banking Focus Group Results – POPi/o Customer – Texas Tech Credit Union

Member Reactions to Video Banking – POPi/o Customer: South Bay Credit Union

Video Banking Helps Reduce Loan Loss – POPi/o Customer: Southwest Financial Federal Credit Union

Aside from Cash, Video Banking Can Do It – POPi/o Customer: Southwest Financial Federal Credit Union

We Are in Your Back Pocket – POPi/o Customer: Pioneer Federal Credit Union

POPi/o Mobile Video is Changing the Face of Banking

CUNA GAC 2018

Collaboration Affordable for All – POPi/o Customer: Texas Tech FCU

Prospective POPio Customers – POPi/o Customer: Texas Tech FCU

How Texas Tech FCU Solves Member Requests with POPi/o Video Banking

POPio Video Banking Integrates into a Single Platform – POPi/o Customer: Texas Tech FCU

Consumer Response – POPi/o Customer: Texas Tech FCU

Video Banking Focus Group Results – POPi/o Customer: Texas Tech FCU

Why Video Banking? – POPi/o Customer: Texas Tech FCU

Fax Machines? Unplug Them – POPi/o Customer: Southwest Financial FCU

Video Banking Helps Reduce Loan Loss – POPi/o Customer: Southwest Financial FCU

Aside from Cash, Video Banking Can Do It – POPi/o Customer: Southwest Financial FCU

Member Acceptance of Video Banking – POPi/o Customer: Southwest Financial FCU

Southwest FCU Closes Houston Branch Replaced with POPi/o Platform

Pricing Not a Barrier – POPi/o Customer: South Bay CU

Member Reactions to Video Banking – POPi/o Customer: South Bay CU

South Bay CU Uses POPi/o to Replace Saturday Branch Hours

Fight Fraud with Face-to-Face Authentication – POPi/o Customer: South Bay CU

Remotely Educate Members on Self-Service Tools – POPi/o Customer: South Bay CU

There’s Something Different About Video, It’s Better Than a Phone Call: POPi/o Customer: South Bay CU

POPio Pricing? Implementing Has Been Worth Every Penny – POPi/o Customer: Pioneer FCU

We’re NOT Going to Force Members to Visit the Branch – POPi/o Customer: Pioneer FCU

Convenience is WAY Better – POPi/o Customer: Pioneer FCU

Multi-Lingual Benefits of Video Banking – POPi/o Customer: Pioneer FCU

We Are in Your Back Pocket – POPi/o Customer: Pioneer FCU

Start by Fighting Fraud – POPi/o Customer: Pioneer FCU

Banking for Busy Moms – POPi/o Customer: Pioneer FCU

Keep Your Members – Video Banking That Moves – POPi/o Customer: Pioneer FCU

Serving Shut-ins – POPi/o Customer: Pioneer FCU

POPi/o TV Episode 1: Pioneer FCU Embraces Mobile Video Banking

POPi/o TV Episode 2: Southwest Financial FCU Video Banking Case Study

POPi/o TV Episode 3: Cook Security Video Banking Point of View

POPi/o TV Episode 4: South Bay CU Video Banking Case Study

POPi/o TV Episode 5: Texas Tech CU Video Banking Case Study

Member Adoption of Mobile Video Banking – POPi/o Customer: Pioneer FCU

myPioneer Personal Assistant Demo – POPi/o Customer: Pioneer FCU

Hiring Video Call Center Representatives – POPi/o Customer: Pioneer FCU

How to Get Consumers Comfortable with Video Banking – POPi/o Customer: Pioneer FCU

What Can’t You Do with Mobile Video Banking – POPi/o Customer: Pioneer FCU

Video Banking Work Flow Development – POPi/o Customer: Pioneer FCU

Employee Adoption of Video Banking – POPi/o Customer: Pioneer FCU

Implementation, Video Banking is Easy to Get Started – POPi/o Customer: Pioneer FCU

Video Banking Integrations: Are They a Barrier? – POPi/o Customer: Pioneer FCU

How Do You Sell Mobile Video Banking Internally? – POPi/o Customer: Pioneer FCU

Is POPi/o Affordable? – POPi/o Customer: Pioneer FCU

Why POPi/o Video Banking vs Other Video Platforms – POPi/o Customer: Pioneer FCU

Why Should FI’s Consider ITMs? – POPi/o Partner: Cook Security Group

How Important is Convenience to Millennials? – POPi/o Partner: Cook Security Group

Is Mobile Video Banking Optional? – POPi/o Partner: Cook Security Group

What It’s Like Working with the POPio Team – POPi/o Partner: Cook Security Group

Video Banking Roll-Out & Member Response – POPi/o Customer: Southwest Financial FCU

Closing More Loans – POPi/o Customer: Southwest Financial FCU

Unplug ALL Fax Machines – POPi/o Customer: Southwest Financial FCU

POPio Team Support – POPi/o Customer: South Bay CU

The Cost Benefits of POPi/o – POPi/o Customer: South Bay CU

The Possibilities of Separate Apps – POPi/o Customer: South Bay CU

How Members Can Love Your FI – POPi/o Customer: South Bay CU

How to Staff Your Video Call Center – POPi/o Customer: South Bay CU

How Members React to Video Banking – POPi/o Customer: South Bay CU

How 24/7 Video Banking is Now Possible – POPi/o Customer: South Bay CU

How to Use Video Banking to Compete – POPi/o Customer: South Bay CU

Replacing Saturday Branch Hours with POPi/o – POPi/o Customer: South Bay CU

Connecting Members to Experts through Video Banking – POPi/o Customer: South Bay CU

POPi/o Video Banking vs Skype – POPi/o Customer: South Bay CU

Why Video Banking? – POPi/o Customer: South Bay CU

Member Adoption of Mobile Video Banking – POPi/o Customer: Pioneer FCU

myPioneer Personal Assistant Commercial – POPi/o Customer: Pioneer FCU

Video Banking Is More Than a Cool Science Project

By | Blog, Video Banking | No Comments

Video provides tremendous benefits to banks and credit unions, but beware of meaningless “video science projects”. By that I mean a deployment that merely proves that a team can get video to work, to see if people will use it, or to model the branch of the future.

Don’t get me wrong, I get just as excited as anyone when an experiment works. However, technology is only as valuable as the business problem it solves.

I’ve worked with Gene Pranger for 10 years now, and our goal has always been to use video to transform the bank or credit union business. Video banking, when done right, offers much more than a Skype-like experience. It solves business problems.

In particular, video banking can substantially improve operational efficiencies and service. Here are four ways:

1. Convenient branch hours

For most credit unions and banks, providing convenient branch hours is extremely expensive. According to a 2017 Gallup poll, only 30% of Americans work remotely, which means 70% of your consumers find it inconvenient to visit your branch during working hours. That results in heavy branch traffic early in the morning, during lunch hour or at the end of the day. And it’s not just your consumers who are inconvenienced; your branch employees must manage their time around the ebb and flow of branch traffic. POPi/o Video Banking solves this problem by providing face-to-face service from wherever your consumers may be, at their own convenience. You can extend these face-to-face service hours by using employees at a centralized, secure location without incurring the cost of extending or increasing staff in each branch. And, longer service hours can help with recruiting, especially among millennials, who want flexible work hours that don’t conform to typical 8-to-5 workdays.

2. Compliance Assistance

Does your bank or credit union struggle to collect documentation required to process a change of address from remote consumers? What happens when a borrower submits all of their loan documentation… except one last thing? And then there’s Reg D, the dreaded federal regulation that limits account holders to six electronic transfers per month. Complying with regulations, policies and procedures can be difficult for consumers who struggle to visit a branch due to business hours or because they live in another state. POPi/o Video Banking can provide substantial compliance support because the service supports document and signature collection.

3. Loan Workflow

Market research firm Forrester reported online loan application abandon rates were a staggering 97.5% in 2016. POPi/o Video allows you to provide personalized product expertise during the online application process to reduce abandonment rates. We also offer a structured workflow that ensures all forms are consistently signed and completed as efficiently as possible. So not only can POPi/o reduce your online abandon rate, but also provides a superior experience for consumers and your employees.

4. Security

POPi/o Video Banking provides face-to-face service for your consumers without compromising the security of your tellers. Video banking representatives have reported that they provide better service, particularly to irate consumers, because they know they are physically safe. Whether the consumer is angry because of an error, overdrawn account or loan denial, your employees have the confidence to handle the matter calmly and professionally.

As an industry let’s stop video science projects and start deploying video solutions which solve meaningful business problems. POPi/o Video Banking collaboration is a great place to start. Not only will your bottom line experience relief, your employees and consumers will thank you too.

What is Video Banking?

By | Benefits, Blog, branch, mobile, Video Banking, Video Banking Features, web | No Comments

What is Video Banking?

What is it and where did it start?

Video banking is the concept of utilizing video collaboration services to deliver live agents to you consumers from anywhere for the purpose of serving, selling, and completing banking related transactions remotely through video without the use of a physical meeting place.

Video bankings first introduction in an assisted service format came when Gene Pranger created uGenius technologies. uGenius began to develop the PTM (Personal Teller Machine) which delivered patented video-assisted services to ATM devices and allowed the ATM to expand its functionality based on the video interaction. Gene Pranger and Jed Taylor ultimately sold uGenius Technologies to NCR in January of 2013.

Gene Pranger’s vision was to ultimately take video banking across channels and deliver video-based virtual branches, web Video Banking SDK’s, native video banking applications that include white labeled apps and mobile SDK’s that can give any mobile application full video collaboration functionality.

Channels for Delivery

In-Branch 

Full-service branches are currently limited to the amount of space and the number of experts available based on the branches size and location. With micro-branches becoming more and more popular video banking enables you to deliver full-service branches across your branch distribution channel. Video banking centralizes your workforce allowing you to reduce the number of employees it takes to serve a single branch, continue the micro-branch strategy, and reduce overall branch banking costs while delivering full-service experiences. You can read more about retails journey here: Retail’s Digital Journey

Learn more about in branch implementations here.

Web

Currently, web and mobile traffic continues to grow and will continue to grow for the foreseeable future. However, based on current abandonment rates and overall delivery of solutions websites are not generating the perceived income based on the high friction users have when landing on product education pages and applications. Inserting collaboration through video banking can help guide consumers to the appropriate place while improving their experience, and increase your share of wallet.

Mobile

White-labeled mobile apps and integrated mobile SDKs can help monetize mobile channels. Current mobile conversion rates hover around 0% on applications (Read Financial Brand Article for more info) for certain products and services in a pure self-service environment. Video banking can again deliver highly interactive video-assisted interactions that will enable prospective consumers to get the information they need to make a purchase decision. Often consumers that experience friction due to limited understanding of the product or service on your site and didn’t know which service was right for them, couldn’t figure out how to apply, couldn’t ask you a financial service question or didn’t feel comfortable applying from their mobile device. Read more about friction here. Enabling experts to provide financial service advice at the moment of need can prevent abandonment and increase your conversions across channels.

You can read more about the delivery of video banking here: The Engagement Gap is Digital’s Biggest Challenge

What features that you can expect from a trusted video banking provider focused on Financial Services?

Integrated Video E-Signature: Allow consumers to sign documents electronically while talking face-to-face. Get guaranteed signatures.

Document Sharing: Share documents back and forth with your consumers. Consumers can send you documents you need such as w2s, pay-stubs, and other required documentation. Representatives can share applications and other documents for the consumer to review all while in a video chat.

Integrated Financial Service Workflows: Allow your experts to select which product or service workflows they need to go through with your consumers. This ensures that business processes are followed.

In Video Text Chat: Allow your experts to communicate with everyone. Video services that don’t offer integrated text chat are not delivering an experience that is compliant for use with all consumers of your Financial Institution.

Smart Video Call Routing: Route video calls to the most relevant experts, either to groups or individuals. You can customize call routing to the needs of your organization.

Integrated Screen Share: Allow your financial service experts the ability to share their screen with consumers from any channel: in-Branch Video Banking, Web Video Banking, Mobile Video Banking.

Co-Browse: Easily allow your reps to take control of the screen and work through items with consumers in the branch and on the web.

Emotional Recognition: Understand the emotional intelligence of your organization and how effective you are when working with your consumers face-to-face.

Seamless Video Interactions: Signature actions can happen within and outside a video call. Video calls can easily be added to signatures so questions can be answered and document processes can be finished quickly. You can read more about this here: Science of Friction Blog

Benefits of Video Banking

It is not longer just a cool science project.

Convenience

As technology continues to shape our culture travel to make purchases, complete actions or have conversations is becoming less and less relevant. Video banking takes you direct to the consumers living room, office, kitchen or nearby park in a matter of seconds, without burdening the consumer to drop what they are doing and drive 30 minutes to the branch.

Guaranteed Signatures

One of the benefits highlighted by Southwest Financial Federal Credit Union has been their ability to get signatures completed while on a video call. Anytime consumers are asked to do something outside of the first engagement drop off rates increase dramatically. Video banking can help decrease the number of steps it takes to complete applications and ultimately get signatures.

Serving the Underserved

As Pioneer Federal Credit Union started their video banking project they identified several markets that they thought would be ready for the convenience of banking from anywhere. What they didn’t expect was that underserved markets that include their senior membership and bilingual membership to so quickly take advantage of utilizing video to complete their everyday banking needs. Allowing consumers to complete actions from anywhere at their convenience is a must.

Read more about what Millennials expect from their FI here. 

Full-Service Virtual Branches

Through video banking, several financial institutions are utilizing video to bring services to their branch network. This process allows them to offer a complete array of services at any given branch without having to have an expert located at that branch. Branch banking becomes easier when one service expert can serve the entire distribution of branches as opposed to having 10 experts at 10 different locations.

You can read more about the benefits of video banking here: 21 Benefits of Video Banking.

Want to learn more about video banking?

Video Testimonials. Watch here >

6 surprising benefits from Video Banking Here. Read more >

5 surprising video banking customers. Read more > 

Pioneer Federal Credit Union Case Study. Read more >

Video Banking White Paper. Read more >

The Science of Friction Infographic. Download here >

Get in touch with POPi/o. Start here >