Video Banking: More Bank Per Bank

“Good banking is produced not by good laws but by good facilities.

Private sector AU Small Finance has launched Video Banking as a personalised banking experience from the comfort of a home or office. Customers can avail of 400+ banking services, including opening a Fixed Deposit, Recurring Deposit, and transferring funds with the help of AU Video Banking. The facility allows customers to open a new Savings Account through Video KYC. After completing the Video KYC for a new Savings Account, the customer can book FDs and RDs.?

Video Banking is available 24x7 on all 365 days of the year. Accounts can be opened anytime, providing round-the-clock visibility and accessibility for additional business opportunities to the Bank. It is, therefore, a mega-bank branch for the entire country, providing more banks per bank.?

Day-to-day banking activities, changing registered mobile numbers or addresses, are performed without the hassle of visiting a bank. Customers initiate NEFT and RTGS transactions on video. The advanced technologies ensure safety, encryption, AI-based face recognition, OTP verification, and video validation. The service is as simple as making a video call with family and friends on mobile, tablet, desktop, or laptop. Customers can instantly connect with a bank representative or even schedule the call for later at their convenience.?

?In today’s digital age, where convenience and accessibility are paramount, video banking shall emerge as a powerful tool, bridging the gap between face-to-face interactions and online banking. Western financial institutions have reaped the benefits of video banking to save operational costs.

In India, the cost of a banking transaction done physically over the counter is Rs. 40 and core banking solutions have brought down the same to Rs. 11 per transaction. Online banking has reduced the cost to Rs.2 per transaction. With Video Banking, the price shall be less than Rs. 1 per transaction.?

Connecting with customers has been, and will always be, the number one priority for any successful bank. Creating a face-to-face relationship is a unique opportunity to elicit genuine emotion and build deeper foundations. The ever-changing world creates challenges in being able to meet in person. Customers who can’t come to a branch shouldn’t lose out on the quality of service; with video banking, they don’t.

In our fast-paced world, it’s not uncommon for a member to require financial services while travelling abroad, recovering from surgery, or for reasons that make visiting a branch complex difficult. Video banking connects with a banking professional in real-time, gaining the benefits of face-to-face communication without physical branch visits.

A significant struggle in the corporate world is the battle against labour shortages. To render excellent customer service while short on staff requires innovation and creativity. Video banking can make a difference for employees and consumers by enabling customers to have queries addressed promptly, receive expert financial advice, and complete transactions securely and efficiently. The first movers will have an advantage over competitors who cannot provide video banking.

Video banking provides dual benefits of personalised service to customers who continue their day without hassle, without waiting in long lines or driving long distances. Conversely, employees provide friendly service without rushing or risking errors by multi-tasking and crowding on counters. Providing technology that supports valued employees is an investment that offers long-term benefits.

Whether addressing customer queries or offering seamless transactions, video banking is a game-changer in the banking industry, benefiting consumers and institutions alike. The service is the key to unlocking sustainable cost savings and new value. By modernising and harmonising the core, banks can simultaneously reduce costs with process efficiencies and deliver optimised customer experiences.

Banks deliver seamless service by leveraging video banking, resolving issues promptly and boosting customer delight. This competitive advantage attracts new customers from competitors who may not offer remote banking services.

A KPMG report on the digitisation of banking finds many banks operating a patchwork of legacy systems and applications. Customer-facing channels are loosely linked and need full integration. Bank executives face enormous pressure to take out costs and drive profitability.?Banks have come to terms with the fact that digitalisation is no longer a nice-to-have capability.?

Video Banking is essential to customer experience—and crucial for cost optimisation. Business processes require workarounds. Maintaining outdated, disjointed IT systems affects efficiency and operational agility. Modernising IT systems—through well-designed, planned, and executed digital transformations like Video Banking— solves multiple problems.

Banks are migrating substantial processes to the cloud to leverage advanced analytics, including AI and machine learning. They are replacing core banking and investing in technology to enhance customer experience and deliver value. The Video Banking delivery is crucial to integrating operations and technology based on customer insights. Banks shall increase digital transformation momentum for competitive and cost advantages through Video Banking.?

State Bank of India and eleven other Public Sector banks have a customer base of 900 million people. Opting for Video Banking by them can encompass 70% of India. The rollout may prevent customers from running laughing to the bank but enjoying banking from their homes!

Rightly said Bill Gates in 1994,?“Banking is necessary, banks are not.”