You frequently hear about the power of Skype and similar video chat services for connecting patients and doctors, working to ultimately decrease healthcare costs and time spent traveling to and from hospitals as well as in the waiting room. But what about other industries – like banking?
Providence based Citizens Financial Group believes video banking plays a huge role in the future of customer service, and has launched a pilot at several branches in four states including Massachusetts.
If you are a customer of the bank, these one-on-one video banking sessions are targeted at customers who leverage the financial institution for mortgage and wealth management services. Not having to visit branch locations means banking related to both of these can happen more quickly and efficiently. For example, if you are applying for a mortgage, video banking eliminates the need to wait for follow-up appointments and the mailing of documents you’re required to sign. Instead it all happens over video — including being able to cast an electronic signature.
Face-to-face interaction plays an important role in [banking] communications,” explained Vice Chairman Martin Bischoff, who heads Consumer and Business Banking at Citizens Financial Group. “Video banking is an innovative banking solution that makes us more convenient than ever before in these markets by instantly connecting our customers with knowledgeable bank specialists and providing them with the tools to make financial decisions.”
The companies and solutions behind this video banking tech are Cisco‘s Remote Expert solution (enables the face-to-face consultations over HD video) coupled with LongPen’s Signature Solution (a ecure electronic signature solution, which enables customers to sign bank documents during these video banking sessions).
The power of video is in developing valuable solutions like Video Banking/Remote Expert to transform business models and ultimately create a differentiated customer experience” said OJ Winge, SVP and GM, Cisco TelePresence Technology Group. “This solution showcases how immersive Cisco TelePresence experience can play a major role in the future of retail banking by providing customers timely, personalized access to experts who can help them make solid financial decisions.”
Here are the branch locations in Massachusetts piloting video banking:
- 196 East Main Street, Rt. 16, Milford, MA 01757 (located inside Stop & Shop)
- 40 Franklin Village Drive, Franklin, MA 02038 (located inside Stop & Shop)
- 250 Legacy Place, Dedham, MA 02026
- 73 Tremont Street, Boston, MA 02108
- 414 Washington Street, Brighton, MA 02135
Citizens says that customers eligible for this video banking were provided a pre-approval letter in the mail.
Citizens Financial Group is a $132 billion commercial bank holding company. Through its subsidiaries, it has more than 1,500 branches, 3,800 ATMs and 21,140 employees. It operates branches in 12 states and has non-branch retail and commercial offices in more than 30 states.
