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Video Enables a Host of Benefits for Financial Services Sector

  By Laura Stotler, TMCnet Contributing Editor

The financial services market is proving to be one of the main drivers for unified communications (UC) solutions, and more specifically, video services. Under pressure to improve the customer experience and offer a more personalized level of service, banks and financial institutions are increasingly turning to video to pick up the slack.

As part of broader UC solutions, video conferencing and collaboration services offer major benefits to the financial services sector. ISI (News - Alert) Telemanagement Solutions, a company that works with a number of customers in the financial services space on call and video recording offerings, recently published a blog post discussing some of the specific benefits of video for banking and the finance market. ISI works with Verba on a collaboration solution for call and video recording, offering reporting, alarming and search as well as dynamic call archiving and playback.

The offering provides capture of all voice, video, instant messaging and telepresence communications, making it an ideal fit for banking, credit card companies, trading floors and other segments of the financial services industry. According to ISI, the financial services community is increasingly using video to document verbal contracts, maintain quality assurance for improved customer service, and for video surveillance. Internal uses for video include enforcing best practices through employee training and continuing education.

Video banking offers a host of benefits for financial services for companies and customers alike. Banking customers can conduct business from wherever they want, through whichever device they choose, even at off hours, making video an extremely convenient way to get a consultation and interact with banking personnel. And banks benefit by not having to staff on-site tellers and other representatives in a physical location. By enabling geographically dispersed meetings and interactions, financial services companies can save on operating costs while offering an even better level of customer service and support.

From a security perspective, video may be used to record and store conversations for identification and verification. Active compliance may be implemented to ensure privacy mandates are being met, and video may also be used to authorize and authenticate specific users. And by layering video services with solutions like ISI’s, financial services firms can leverage video for applications like legal compliance management, risk mitigation, quality assurance, verbal agreement archiving, dispute resolution and more.

As UC solutions gain prominence in businesses of all sizes, throughout a host of vertical markets, video services are proving their worth. For industries like financial services, video can enable all sorts of advanced features and benefits while also helping businesses reduce costs, boost productivity and improve customer service.