Financial Institutions are Using Video More than Ever—Here’s How

April 27, 2017 by Diane Hagan

 

Cloud technologies—especially cloud video conferencing services—have significant and measurable benefits for businesses of all kinds. The true test for a technology solution, though, is how it performs for an actual company. In that spirit, we’ve gathered seven real-world fintech (the combination of finance and technology) examples that prove transitioning to the cloud is worthwhile.

  • #1—Bank of America now incorporates video-friendly terminals in 500 branch locations, employs video-capable ATM machines in 200 locations, and uses cloud products to streamline processes behind the scenes for its developers and infrastructure workers around the country.
  • #2—Investment giant Morgan Stanley offers clients its wealth management app. The app allows users to check their portfolios and even video chat with advisors, all from a variety of devices.
  • #3—NCR, an ATM manufacturing company that works with leaders like Wells Fargo, is working to install video-capable teller kiosks in some locations to reduce overhead costs without sacrificing the personalized customer experience of seeing a teller face-to-face.
  • #4—Tesco Bank in the UK is harnessing the power of the cloud internally, opting for regulatory-compliance-friendly solutions to streamline workloads and bolster data storage capabilities.
  • #5, 6 & 7— ICICI Bank, a private-sector institution in India, recently launched video banking—a service that offers 24/7 videoconference capabilities with customer service representatives. BluCurrent Credit Union and UK-based Barclays have also made similar leaps to the cloud.

Cloud-based video adoption looks different for each institution. The path to successful implementations involves a well-thought-out strategy and careful planning. Once a solution is determined, migrating to a cloud-based operating system is indeed a process. While it does not take as long as completely overhauling an organization’s IT infrastructure, it will not happen overnight. Today, the companies mentioned above and others generally invest in one or two solutions at a time to allow consumers and team members to adjust to the new functionalities.

This was just a glimpse into how video and other applications for fintech are reshaping today’s financial industry. To learn more about the future of video communication in this industry, download our white paper: How the Cloud is Simplifying Ad-Hoc Communications for the Finance Industry.

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