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Yorktel Blog

Video Communication Isn’t Just For Big Banks

Joe Arena

Senior Vice President, Advanced Services at Yorktel

Latest posts by Joe Arena (see all)

In the hyper competitive world of banking, customer service is a key differentiator. With so many options and choices, consumer loyalty can be fickle.

It’s no surprise, accordingly, that many of the world’s largest banks are investing heavily in technologies that provide their customers with convenience and efficiency. One trend taking hold is adoption of video communications – for both internal and external interaction.

According to a USA Today article, the number of routine transactions conducted at community bank and credit union branches has gone down 10% annually over the past four years. Conversely, mobile traffic is skyrocketing with 50,000 customers downloading banks’/credit unions’ mobile apps each week and executing anywhere from 250 to 300 million online banking logins each month.

Customers are sending a message that they want to do business differently than in the past. They demand the speed and convenience of banking remotely without sacrificing security. Despite the perception of high costs and complexity, more than just the biggest players are putting new procedures in place.

Credit Unions, as some will note, are known for their commitment to member service. As such, Yorktel’s own SVP of Advanced Services, Joe Arena, recently authored an article in Credit Union Times that examines how video communications are not only appropriate for big banks.

Click here to read the full content of what Joe has to say on this subject…