By: Sean Farrell on November 19th, 2020
Five Reasons You Should Consider Video Banking For Your Financial Institution
POPiO is a virtual way of banking that allows your FI to serve its clients through multi-channel, primarily mobile and video, solutions. This program appeals to the modern consumer in search of on-demand service that adapts to their busy schedules. Clients can complete a broad transaction set and complete tasks like opening accounts, paying off and taking out loans, and signing documents from their homes.
POPiO allows your clients to handle their finances remotely. It empowers your FI to centralize staff, putting your expert employees at the forefront of interactions to immediately meet clients’ needs without scheduling follow-up appointments that can derail the process. POPiO creates an efficient business model within your institution that opens up the potential for growth in client base, deposit volume, and profit.
By implementing POPiO, financial institutions can grow their branch density without investing in construction or real estate. By reaching people digitally, an FI can expand its reach beyond geographic location, passed its typical— and possibly limited— client base to serve surrounding areas.
For example, most teenagers bank at their parents’ institutions before going off to college. Families might struggle to find a place for students to handle their transactions if the kids go to school outside of the FI’s geographic reach. By incorporating POPiO technology, your FI can serve these clients through mobile or tablet service, allowing your FI to help its clients even when they’re unable to visit a physical branch.
This is a great tool for clients in all market types. Some clients in rural markets might have to travel for miles to get to the closest branch. Some clients in urban markets might work the same hours as the branches or be bogged down by city traffic or public transport malfunctions. With POPiO, clients can easily complete transactions from their homes or places of work.
IMPROVED CLIENT EXPERIENCE
POPiO enables clients to bank how they want, when they want. Modern consumers likely want their needs met immediately and at their convenience. Digital banking solutions help you cater to these consumers by empowering your FI to expand hours of operation, leverage your staff members’ unique skills, and handle your clients’ needs without disrupting the transaction process with follow-up appointments that might be frustrating or inconvenient for your clients.
POPiO gives clients virtual access to your FI with near full functionality. When your clients have virtual access to your institution, you can extend your video tellers’ hours to serve clients remotely outside your institution’s traditional business hours. The more you’re able to accommodate your clients’ schedules, the better your clients’ experience will be, boosting their loyalty to your FI.
Through virtual banking, your staff can handle transactions remotely, ensuring there’s always an expert in the branch. Some institutions rely on outdated business models that place their top talent on-location for limited hours of the week. That means if a client is trying to take out a mortgage on a Monday and your mortgage specialist is only in the branch on Tuesdays and Thursdays, it’s likely to cause frustration. With POPiO, an expert is just a video call away. Your employee can work from the comfort of their home and assist clients any day of the week.
As mentioned above, multichannel digital banking expands the hours that your institution can serve its clients. This plays a major role in how accessible your services are. Clients working hours conflicting hours can access your facility from their workplace without sacrificing time from their work schedule to visit a branch.
Remote banking is especially important now as we consider the impact of the COVID-19 pandemic. Lobby closures have severely impacted FIs across the industry and many are considering if they’re equipped to shut down again if necessary. Not only might lobbies close again, but many clients, especially those with medical conditions, might be anxious about entering branches and might avoid handling their finances in-person.
With POPiO, your branches become all the more accessible to your clients.
CENTRALIZED STAFFING MODEL
Utilizing digital and video solutions can centralize your institution’s employees. As an FI grows and adds more branches, it’s difficult to ensure there will be an expert in every branch each day it’s open. With POPiO, clients can easily get a hold of expert employees. A client can easily walk into a branch, have staff member engage and find out what the client is looking for, and walk the client to a station to have needs met through an immediate interaction. Virtual solutions make employees available as soon as a client needs assistance.
Having a staff of centralized experts also benefits your institution. Your video-trained employees can learn from one another, giving you multi-skilled, cross-trained staff. Video banking ensures you have an expert in every branch every day of the week. Video banking can also accommodate for your employees’ PTO, sick days, etc. as video-trained employees can take up the workload of a co-worker when someone’s away.
INEXPENSIVE START-UP COST
Compared to other solutions, POPiO has a relatively inexpensive start-up cost. ITM implementation starting costs can be upwards to $150,000, plus the cost of the actual hardware. POPiO’s typical start-up cost ranges from $25,000 to $50,000, depending on the size of the institution and how many channels the FI chooses to include.
Since POPiO is a software without hardware costs, it’s also more likely to have a longer product lifecycle. Costs following the initial set-up will be primarily for updates or the future addition of channels if your institution decides to start small and add on more features later.
About Sean Farrell
Sean has been in the business since 2003 and always aims to be an expert on whatever solutions QDS is providing. Sean has grown into a thought leader in the space through research and company growth. Sean holds strongly to his Christian faith and uses those principles to guide the business.