When we undertook our Global Social Video Study last year we were surprised to find that we had users on the OpenTok platform from over 150 countries. There was even an instance of a live video chat involving users from 13 countries at the same time! The OpenTok platform provides global reach but there are times when compliance dictates that media traffic be restricted or geo-fenced to a specific region or country. To support the finer level of control required we are delighted to introduce our latest advanced security feature – Regional Media Zones.
An exciting FinDEVr 2017 New York event was held on March 21st & 22nd in New York. This conference was focused exclusively on the technology that is enabling innovation in the Fintech industry. Technology startups and bigwigs – such as IBM, Google, Box, Citi, Capital One – showcased their latest tools, technologies, APIs, platforms, and case studies that developers, software architects, and other technologists will use to create the next wave of Fintech innovations.
TokBox has presented at FinDEVr since 2015, previously introducing WebRTC technologies and showing the video-enabled online branch. This year we felt it important to discuss the impact we are seeing of social applications on customer expectations, and show how live video platforms, such as TokBox, are making it easier for financial services organizations to keep up with the rapid social evolution of customer experience requirements.
Research continues to prove that more of us than ever and banking online. Studies show that 94% of millennials now conduct their transactional banking entirely online. And it is not just millennials; there are now more people who bank on a smartphone or computer on a weekly basis than who step foot in a branch.
In line with this customer move to online channels, banks are increasingly faced with the dilemma that while customers expect everything to be online, they also are demanding a more personalized service. The friendly face and personal touch from a bank teller – once an integral part of the banking customer experience – have largely been replaced by automation. As a result, banks are looking for solutions to enable them to deliver the level of service they want to online. Many are turning to live video.
This latest white paper explores how interactive live video is ushering in a new era of service in personal banking, the opportunity for banks, as well as best practices for implementing interactive live video into the customer journey.
Click here to download the white paper.
The convenience and seamlessness of managing finances online has become standard. Today, customers not only expect to manage their accounts online, they are also demanding a more personalized customer experience. As fintech startups challenge the industry and loyalty wanes, banks and financial institutions must find a way to break through the homogenized digital landscape to deepen engagement and drive value with this growing cohort of customers.
Innovation in banking has previously focused predominantly on customer convenience. For all of the efficiency and convenience technologies have brought to banking, banks always need to differentiate themselves with superior service. And that’s why many leading financial organizations are now turning their attention toward customer experience. In an age where banking is increasingly done online or through mobile applications, this presents a challenge to many financial service organizations.
As behavior changes and as technology continues to transform the financial services industry, it is no surprise that bank branches are closing. Analysts suggest that the number of bank branches open in the US could be cut by within the next decade. This is to be expected as more and more of what we do as customers is online. According to research conducted by Accenture customers engage with their banks an average of 17 times a month, but only two of those interactions involve human contact.
Due to evolving customer expectations when it comes to service, organizations across a range of different industries are having to change their business models in order to retain and gain customers. One industry in particular that is learning this lesson is the financial services industry. When it comes to banking, there is always news of branches shutting down, more users using their mobile phones for banking and technology being used to make all transactions quicker and easier.
There is no doubt that the financial service industry is going through a period of accelerated change. In order to keep up with shifting customer behavior and expectations, organizations are turning to a range of new technologies in order to create better experiences for their employees and customers.
Money2020, the world’s largest fintech event, focuses exactly on these innovative and disruptive technologies and how they are being used. For the first time, TokBox will be exhibiting this year at the European show, taking place in Copenhagen, April 4-7.