Video banking is an increasingly popular set of services for institutions to offer to their customers. Using modern video streaming technologies, customers can talk with financial professionals about a range of topics. In the simplest form, this is video conferencing. The demands of the banking industry, however, impose a lot more requirements than you might need to do a video call with your family from the other side of the planet. Here are four things you should look for when considering video banking solutions.
Due to the sensitive nature of financial discussions, you'll want to have a system that's properly encrypted. 256-bit encryption is a commonly cited figure for what's considered banking-grade. While it's easy to assume that more encryption is always better, bear in mind that added encryption means added processing overhead for both the customer and the bank. This overhead can add up significantly if you elect to provide high-definition video.
Verify that every component is fully encrypted. In addition to the video and audio streams, any attached data streams and file transfers should also be encrypted the whole way from the user's system to yours.
Although a majority of folks who use online banking still use desktop computers to do the job, mobile computing is the future. As of 2018, 57.93% of people aged 18 to 29 were using desktops. That means a solid 40% have already gone mobile. As mobile platforms develop a better reputation for security, you can expect that number to rise. To ensure end-to-end security, it is best to build video capabilities into a single mobile app that your institution deploys.
Mobile solutions should be light on bandwidth consumption. That means you should try to avoid excess bells and whistles, and you'll most likely want to use relatively low-resolution video protocols.
Throughout their conversations, customers and representatives may need to send documents back and forth. Your video solution should include a way to transfer files without having to resort to email. If you have a mobile app, it can be very helpful to include the ability for a user to snap a photo and share it, too.
Video banking is also frequently offered at branches alongside ATMs. These systems can be configured to deal with cash withdrawals, deposits, checking, and bill payments. The setups should be dual-use, allowing them to also provide standard ATM functionality to folks who don't need video banking at the time.