Video Banking: What It Is + How to Implement It

Published on January 29, 2024 • Updated on April 24, 2024 • About 7 min. read

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video banking representative

Looking to connect with borrowers or account holders without requiring in-person visits? Video banking gives financial institutions a reliable way to serve customers in virtually any location.

From customer onboarding to promotional demos, this technology works for a wide range of solutions. When done right, it can even build stronger relationships and improve loyalty.

So is video banking an intelligent choice for your financial institution? By the end of this article, you'll have a complete understanding of common use cases, typical benefits, and a quick guide to implementing this technology.


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What is video banking?

Video banking is a digital tool that enables banks, credit unions, and lenders to offer services via video conferencing. This technology allows financial representatives to consult with customers, present offers, and answer questions in real-time through a live video feed.

With video banking, your organization can give customers the option to initiate a video call with customer success or sales representatives. It's ideal for education, support, and promotions.

How does video banking work?

Curious how video banking could align with the services your organization already offers? These use cases typically create the most value for banks and credit unions:

  • Customer onboarding sessions: Video training led by an expert who can provide personalized advice and answer customer questions about relevant financial products
  • Customer advisory meetings: Timely financial news or reporting related to regulatory reforms, unusual economic situations, or significant changes in the market
  • Commercial offer promotions: Targeted presentations of new banking or insurance products, typically led by a member of the sales team

Why financial institutions should use video banking

Virtual banking can give both banks and customers an advantage. Some of the most significant benefits include the following.

Enhanced efficiency

For customers, the efficiency of digital banking is unparalleled. Instead of taking time to travel to a physical location and wait for an appointment, they can connect with an advisor at their convenience via a remote video call.

Increased efficiency can also benefit your team. When you give customers a faster way to make face-to-face connections with advisors, your team may be able to shorten the sales cycle for upsells and new customer acquisition.

Improved customer access

Current and potential customers may not have a realistic option to visit your bank or credit union in person, even if they want to do so. If your financial institution has few physical branches, offering video banking can significantly improve accessibility.

With video conferencing technology, customers can connect with advisors from virtually any location. As a result, they can access banking solutions from work, home, or anywhere in between.

More opportunities to educate

Because this technology is more accessible and more convenient, video banking allows customers to connect with advisors more frequently. That means advisors have more opportunities to interact with customers and educate them about financial products.

Customer success manager using client onboarding software

The more customers know about financial options, the more likely they may be to adopt or invest in these solutions. Increased loyalty and improved customer relationships may result.

Increased customer satisfaction

Video banking services that improve efficiency and provide real value often increase customer satisfaction. To measure this metric, integrate surveys into your video banking services. That way you can ensure customer satisfaction and service quality both remain as high as possible.

Decreased operating costs

Will video banking fully replace in-person services at your bank branches? In most cases, probably not. A complete digital transformation may not be the end goal for most financial institutions.

However, offering advisory services and customer onboarding via video banking can help limit the staff and space needed at physical locations. Over time, this shift can lead to a substantial reduction in operating costs.


Download Livestorm's virtual meeting kit to host efficient virtual meetings using our meeting preparation checklist, agenda and minutes templates.

How to implement video banking

Implementing digital banking services is more straightforward than you may think. Use these steps as a framework for rolling out a video banking experience to your customers.

1. Choose relevant video banking services

Virtual banking can encompass many different offerings. To identify the right services to include in your initial rollout, use one of these approaches.

Review your organization's goals

First, consider your financial institution's goals for customer acquisition, customer lifetime value, and customer success. Which creates the most value for your organization? Which is the most difficult (i.e., expensive or inefficient) for your team to achieve?

Use these findings to identify where video banking could make the most significant impact. For example, providing virtual customer assistance may decrease internal costs dramatically and create substantial value for account holders.

Survey customers and prospects

Referencing internal data is a smart place to start. But it's just as important to survey your current and prospective clientele. That way you can confirm you're planning services that customers truly want and will actually use.

To poll your customer base, add a survey to your website or display a QR code in bank branches. Then invite customers to rank potential video services in order of preference. Ask them about their preferences for virtual vs. in-person services.

Perform competitive research

Do you have a true competitive advantage over other financial institutions? One way to create a superior customer experience is to offer virtual services the competition doesn't provide.

To do so, review your top competitors' virtual offerings. Make a note of what they provide—and, more importantly, what they don't offer customers. Then use this list to guide your planning.

2. Select video conferencing software

Once you've identified the primary use cases for your organization, take time to evaluate the best video banking platforms. Look for virtual meeting software that:

  • Allows customers to book banking appointments at convenient times.
  • Hosts secure 1:1 video chats with account holders or prospective customers.
  • Is browser-based and doesn't require users to download another app.
  • Provides analytics so you can pinpoint what's working and what needs improvement.

It's also important to choose software that integrates seamlessly with the tools you already use. Look for a platform that works with your organization's website and scheduling system as well as with your customer service and customer relationship management (CRM) tools.

video call with Livestorm

With Livestorm's video conferencing software, financial institutions can gain a competitive edge. In addition to virtual meetings and rooms, Livestorm also supports virtual events that can help banks and credit unions establish authority and improve loyalty.

3. Establish appropriate security measures

Whether you plan to use video banking for support, sales, or education, digital security** should be a top priority**. Before choosing a software platform, review the security protocols closely.

The most secure video conferencing software offers:

  • SOC 2 (Service Organization Control Type 2) compliance
  • IDS/IPS (intrusion detection and prevention system) to prevent malware
  • TLS 1.2 (Transport Layer Security for end-to-end data encryption
  • SSO (single sign-on) and MFA (multi-factor authentication) options
  • ISO 27001 (Information Security Management) compliance
  • GDPR (General Data Protection Regulation) compliance

These standard security features are just the beginning. Any video banking software you choose should also offer backup and erasure options to protect your organization's data.

In addition, the most reliable digital platforms have service-level agreements (SLAs) with guaranteed uptime. Look for a solution that offers as close to 100% uptime as possible. That way you can ensure your team can provide consistent service with minimal interruptions.

4. Onboard your customer success and sales teams

Once you've chosen the right video banking platform for your organization, it's time to bring your sales and customer success teams on board. Get them familiar with workflows for:

  • Meeting one-on-one with current or potential customers in dedicated virtual rooms
  • Scheduling one-time or recurring presentations to share news or present product demos

Adding consistent branding to virtual meetings and conference rooms can go a long way to inspire trust. Ensure all team members use the same approved virtual backgrounds and branding when meeting with customers.

virtual background

Registration pages, email reminders, and follow-up messages can be just as important as the meetings themselves. Whether you use your video banking platform's tools or integrations with your existing software, take time to set up pre- and post-appointment communication.

5. Promote video banking services to customers

Finally, you're ready to roll out video banking services to prospects and customers. To encourage adoption, consider announcing these services via your organization's:

  • Website (e.g., a banner, popup, or chat window)
  • Email list (e.g., a dedicated email announcement)
  • Social media (e.g., organic or paid promotions)

If you choose a browser-based platform like Livestorm, customers won't need to worry about downloading or updating an app. Instead, they can simply click a link or button to join a virtual meeting or conference room directly in supported browsers.

Review your team's video banking analytics regularly. Monitor both usage and success metrics. For example, which services are most popular with customers? Which ones generate the most revenue for your organization? Use your findings to fine-tune your offerings.

Livestorm analytics dashboard

Livestorm for video banking

Offering video banking services doesn't have to be complicated. With Livestorm, financial institutions can provide everything from virtual meetings for customer success to video conferences for education and promotion.

Here's how Livestorm can simplify your video banking setup:

  • Browser-based software that employees and customers can access without an app
  • Virtual meeting rooms for 1:1 conversations and conference rooms for presentations
  • Integrations with scheduling tools and CRM systems
  • Robust security features to protect data and sensitive information

Livestorm enables your team to do more than merely meet with customers. With our video meeting software, you can also follow up with customers, build better relationships, and improve both loyalty and lifetime value.