Video Banking: Showing the Middle Path
The primary reason for this seems to be that human beings still crave the personal touch in some of their dealings, especially those which are high-involvement in nature. So, while it's OK to pay bills online, it's much better to take an investment decision after discussing it face to face with an advisor. This is largely congruent with the banks' interest to shift all routine transactions to self-service modes and leave branch staff to focus on complex issues or revenue generation, which unassisted channels are not very effective at.
But, in a less than ideal world, the lines are often blurred. Hence, a Gen Y customer might suddenly feel the need for personal assistance during an ATM transaction and a high-net worth ranch owner may find it most inconvenient to travel out to a city branch while planning a portfolio. How can banks service both these needs without compromising cost or performance?
Video banking may be the answer. Treading a middle path between a self and fully-assisted mode, it allows banks to render greater, more personalized service over self-service channels and customers to enjoy the same at a time and place of their choosing.
That being said, video banking is capable of a lot more. Spain's Banco Sabadell, among the first to launch an iPad banking service, is enhancing it to facilitate video calls with a sales rep while Australia's New England Credit Union has used video banking for years to connect branch customers with specialists located elsewhere. And others are finding this a useful means to improve cross-sales and communication, attract both Gen Y and unbanked clients and create differentiation in a crowded market landscape.
Read the detailed paper @Self-service or Fully Assisted - A Middle Path Holds the Answer
