Why should I go to the bank?

Netcorp Blog
Livebank

04 Mar Why should I go to the bank?

Raising the efficiency is important in every field, because the competition is merciless. A faster transaction or a client service process can play a crucial role in a company’s destiny. There are different components and influences for a successful business. The partner that no business can function without, is the Bank. Todays relationship between the entrepreneur and the Bank has endured for centuries. But is it time for a more effective service relationship?

Banking service has stayed mostly the same for decades. The bigger changes came with the invention of the internet – first we got the internet banking and after that the mobile banking. Internet and the mobile didn’t just change the banking services itself, but also the behavior of the clients. The main part of the society uses e-channels for banking services, which provides the service exactly when the client needs it. With the internet and mobile banking services came with the change in concept – the bank stopped being just the big concrete building.

But somehow the electronic transformation has stayed incomplete – there still is the need to visit the bank office, stand in the queue and the bank is still the concrete building. Why has the innovation stopped?
We think that our banks are innovative, but it may come as a surprise that Polish, Turkish and Spanish banks been forerunners the banking innovation awards for the last five years. But there hasn’t been any banks from Scandinavian and Baltic countries among the nominees for years – maybe we should take some time off and take a look at what others are doing to keep on track with the time?

Time is money!
Entrepreneurs most valuable asset is Time (which we don’t have!). Every visit to the bank office takes about 60-90 minutes, it makes about an hour of wasted time for the entrepreneur. Instead of  spending the time in traffic or in the queue at the bank, this time could be spent on finding new clients and new opportunities. Can we solve the situation with the help of new technology?

The speed and comfort that the Internet banking provides is unique, but it still does not free us from the face-to-face meetings if important topics have to be discussed with the bank – but does it necessarily have to happen in physical environment?

To find the solution, we should follow the steps of the most innovative banks in the world. One of the central topicd of banking innovation awards for last 3 year has been interactive video bankingLiveBank interactive video banking brings us the speed and comfort of the internet and mobile app, while still offering the good old-fashioned face-to-face communication with the bank teller.

LiveBank video banking has millions of users all around the world and the user statistics show that the clients are ready to replace the physical handshake with a virtual video chat, If that process spares an extra 30 minutes for them. The statistics also show that the video bank users are extremely loyal to the channel – once a client uses it, he/she will never go back to the old methods. The main reason for that is time that is saved.

You don’t only save time by not commuting to the bank office, you save time during the “meeting”. With presenting interactive materials and documents on the screen during the video meeting, the bank teller can solve clients problems 200% faster than in a real life meeting and 110% faster than in a traditional phone call. People have a visual sense and by seeing the information on the screen, the problem can be solved and advice given much quicker.

Bank should be for the client, not the other way around
Statistically it is very important for clients that the conversation with the bank gives immediate results. But sometimes clients have to send the contracts with email, confirm them on internet bank or still arrange a meeting in the banks office. LiveBank video baking allows to authorize the transactions during the video call. This small function has turned out to be essential. With the video call, you can complete the agreements in a small amount of time, from the comfort of your home, office, boat or cottage.

More and more banks around the world are taking up different solutions for internet banking, the paradigm of banking is constantly changing – through the on-demand interactive video chat channel, the bank is always available for the client, regardless of the client’s location.

I hope that Scandinavian banks allow us to save time on banking services and through that we as entrepreneurs, can focus on the tasks beneficial to  us.

Written by Paavo PauklinFinTech expert @ LiveBank video banking software
@paavopauklin

Originally published at Linkedin Pulse Why Should I go to a Bank?

Paavo Pauklin
info@netcorp.ee
1Comment
  • Jasa Konveksi
    Posted at 14:53h, 27 March Reply

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