“”
Tag

Video Meetings Archives - Page 2 of 2 - POPi/o

Dec 04
1
Young boy using smartphone to visit with Santa Claus

Video Brings Santa Claus to Town

By | Blog, Video Banking | No Comments

PCSB Bank has already won Christmas.

The leaders of this $1.5 billion financial institution in Clarinda, Iowa, were crushed to learn that officials had canceled this year’s community Santa House. The cancellation left no place for local kids to meet Santa, share their wish list, and pose for a photo.

Even with social distancing and frequent photoshoot wipe downs, COVID-19 has turned Santa House into a risky spreader event. While the decision made sense, CEO James Johnson felt like he had to do something. The bank couldn’t let local kids miss birthdays, graduations, summer with friends, school, trick or treating, and Santa. It was just too much.

PCSB and his team brainstormed ways the bank could help bring Santa Claus to town. The answer was our video banking.

PCSB is offering free video visits with Santa to local children using its video banking channel, which is available to customers through PCSB’s website and mobile app. The 10-minutes video chats are by appointment only. PCSB is making Santa available to both customers and non-customers. Parents can schedule visits for kids by calling the bank or filling out an online form that provides the jolly ol’ elf with important personal information that makes the moment magical.

I think this is such a great idea because it’s not only good for local kids and the community, it’s good for the bank’s bottom line, too. Here are four benefits, for starters:

  1. Joy for local children. Sure, we love to achieve career success, but real leaders get even more fulfillment out of using their resources and influence for the greater good. They couldn’t have picked a better year to do this!
  2. Corporate citizen goodwill. Community financial institutions are the foundation of healthy communities. By making Santa available to kids for free at a time when families are struggling financially and feel unsure about the future, the bank is providing a sense of normalcy and hope for the future.
  3. Video banking demonstration. I can’t think of a better way to motivate people to try video banking than a visit with Santa. Customers are often impressed with how easy video banking is to use and return to use the channel again and again.
  4. New Customers. All FI marketers know the key to getting new business is being top of mind when the customer is ready to buy. Not only does Santa raise awareness and the bank’s reputation, it cleverly showcases new technology that sets PCSB apart from its competitors. And, I’m sure Santa’s elves are able to transfer Mom or Dad to a service representative if the topic of a credit card to pay for all of those toys comes up in conversation.

“When we learned that the children in our town would miss out on meeting Santa Claus this year, we were crushed—and determined to find a way to help,” said James Johnson, CEO of PCSB Bank. “We’re thrilled to bring some merriness and cheer to all the people we know and love in this great community.”

How can you use POPi/o video banking to spread good cheer? Drop your ideas in the comments section below.

Dec 03
0

CUbroadcast – POPi/o Customer Data Reveals Benefits of Virtual

By | POPi/o in the News | No Comments

This year, more than ever, the virtual branch has been discussed quite a bit — for obvious reasons surrounding the pandemic. It’s topic that’s increasing more and more for credit unions, as they discover new ways to serve their members in our current, touchless environment.

For a deeper dive on the virtual branch and its benefits to credit unions moving forward, we invited Jed Taylor, POPi/o President & COO, and Tim Pranger, POPi/o Director of Strategy & Solution Consulting, on the show. Jed and Tim talked about the rapid changes POPi/o saw during those first months of the pandemic — which resulted in its surge of client activity looking for digital answers.

They also discussed POPi/o’s customer data showing results of virtual branch benefits:

  • Members always have access to product experts for meaningful and profitable financial solutions
  • Never be over/understaffed in branches
  • Improve both customer and employee satisfaction

Do you have questions? Talk to a video banking expert.

Talk to an expert
Apr 21
1
Full service banking branch

How COVID-19 Could Change Banking Forever

By | Blog, Video Banking | No Comments

Throughout history, major events have created permanent, unexpected shifts in human behavior. People have been forced into lockdown to stop the spread of disease before; the long-term psychological effects of those quarantines have been studied, so we have some idea of what to expect. However, the length and global reach of this isolation are unmatched, and there is no doubt this traumatic event will produce permanent changes. 

Here are three impacts of COVID-19 and their respective long-term outcome for community banks and credit unions.

Fear of public gatherings

After this pandemic has long passed, a generational shift will produce new preferences when it comes to public gatherings and face-to-face interactions.  Following previous outbreaks in Asia, face masks became a normal and expected day-to-day accessory. With the fear of contagions and mandatory stay-at-home orders, people are becoming more comfortable replacing physical interactions with digital visits.  The long-term shift will come as many start preferring it as a way to manage lingering fears of contracting a fatal disease. Perhaps you’ve already seen this fear play out on social media in emotional debates about whether or not a COVID-19 vaccine is required before reinstating sporting events, concerts, and other large public gatherings. In particular, subsets of the general population who are concerned about germs will be more sensitive to the risks involved. 

The effect on FIs: Traffic at branches has been decreasing for years; however, fear combined with increased digital channel adoption will send this trend into overdrive. After all, it’s mostly older consumers who still use branches, and this age group will be understandably shaken by losing friends to COVID-19. However, older generations also value face-to-face service and prefer doing business with specific employees. Not only will video banking fill that service gap for this market, but adoption will also be easier than ever because so many grandparents have been using video to communicate with family during the quarantine. 

We’ve said for years that consumers want to choose how they engage with their FI. If they can do it all digitally, more power to them. But in tumultuous times like now, people need more help from real people. Maybe they can’t pay their existing monthly loan payment due to reduced hours. Do they refinance the existing loan? Roll it into a HELOC? Find another solution? To solve this problem, they need a financial counselor, and that’s something credit unions and community banks can and should offer. Video banking supports that consultative relationship while still protecting the consumer and employees.

Economic shifts

I’m confident that the stock market and U.S. economy will survive and continue to lead the world; however, segments of the economy already affected by quarantine orders may not completely recover. Small restaurants, travel industries, commercial real estate, and auto industries are all likely to face a protracted slowdown. 

The effect on FIs: Financial institutions that serve these industries will suffer resultant impacts on their businesses as well.  Although markets shift and change every day, this change is so drastic and unexpected, we may see some financial institutions fail or merge for survival similar to the mortgage meltdown in the late 2000s.  Those looking to thrive must find ways to economically provide their services. Again, we see video banking as a possible solution for cost-conscious service delivery. 

Work from home

Now that a majority of U.S. workers are gaining remote work experience, a return to the office will be a tough sell. Let’s start with the dress code: sales figures from Walmart that report the chain selling out of tops but not pants. Americans have happily embraced new workplace standards that only require professionalism from the waist up and allow for interruptions from children during meetings.

The effect on FIs: Like everyone else in America, financial services employees will want to continue to work from home. Working from home and the schedule flexibility it will bring could create the need for, and ability to offer, longer service hours. While that might be possible from a technology standpoint, security will be an issue for FIs, because video conferencing apps like Zoom they weren’t built to handle secure financial information and workflows. We’ve helped our customers use the POPi/o platform to not only serve customers securely but also support employees who must now work from home and handle sensitive consumer information. 

Change isn’t easy for anyone.  Big external events (like a global pandemic) create new circumstances and could be the stimulus for permanent change.  Good luck to you and your financial institution as you navigate the new normal post-Covid-19.

Aug 13
7
African American parents with older children on backs taking a walk in the woods

Is your Financial Institution loved?

By | Blog, Video Banking | No Comments

When community financial institutions compare themselves to big banks, they usually talk about great service.

“Our consumers love us,” they say.

But do they? Do they really?

Data has helped FIs more accurately measure performance boosting factors like market sensitivity to rates and fees, look-to-book ratios and digital marketing rate of return. Data has also helped improve the accuracy of net promoter scores and consumer satisfaction. This data might show that your financial institution is performing better than your competition; and yet, you’re still not meeting your organizational goals.

It seems like something is missing. That something is love.

Illustration of woman sitting on couch looking at smartphone with hearts floating upwards

Back before technology quantified everything, financial institutions relied upon old fashioned human indicators to measure how much their consumers loved them. Things like word-of-mouth referrals and branch traffic may sound quaint today, but they represent one thing that’s missing in our digital, data-driven world: human interaction.

Research says today’s consumer wants 24/7 digital access, automatic loan decisioning, the latest P2P payments service, and of course, the best products and most competitive rates.

But do they? Do they really?

A recent J.D. Power Retail Banking study revealed something very interesting: the thing consumers said they want most from their financial institution is advice. Of those surveyed, an overwhelming 78% said they wanted financial advice, but only 28% said they received it. You might think you’re providing advice on your website when you explain your products and services, or in blog posts that teach financial literacy skills. But that’s not advice. Advice requires a two-way conversation that values listening as much as selling.

How survey participants said they received advice supports this fact. Of those who told J.D. Power they received advice, only 33% who received it via email said it met their needs. Compare that to the 58% who loved the advice they received face-to-face. Now here’s where it gets tricky: nearly 60% said they want to receive that face-to-face advice through their financial institution’s mobile app.

“The key takeaway from this study is that there is a huge opportunity to leverage a combination of in-person and digital interactions to provide advice and guidance that assist customers in their financial journey,” said Paul McAdam, J.D. Power senior director of banking practice.

We believe when a financial institution uses technology to make its consumers feel loved, it’s the best of both worlds. And we think your bottom line will show it.