Video Banking And Its Advantages

26 December 2018
 Categories: Finance & Money, Blog


Modern technology is transforming the way that people bank. There are now multiple banking options that don't require a customer to actually visit a bank branch to conduct business. One of these options is video banking. Here is a bit of information about video banking to help you better understand it.

What Is Video Banking?

Video banking is the use of a remote video connection to conduct financial transactions and consultations through a bank. The technology used for video banking connects the customer to a live teller.

What Equipment Is Needed to Perform Video Banking?

Video banking can be completed through videoconferencing equipment at a bank branch or via specialized transaction machines that resemble teller machines. The transaction machines may be located in office buildings, industrial structures, stores, or college campuses.

In addition, video banking may even be conducted through applications on a computer or cell phone. The videoconferencing equipment that is used must simply include live video and audio capabilities. High-speed connectivity is necessary, so a customer performing video banking from their home would need a high-speed internet connection.

Why Is Video Banking Preferred?

Video banking offers multiple advantages. Here are a few of them. 

  • Fewer time constraints. Video banking offers the convenience of after-hours banking. Even if a transaction is performed away from home, teller-like machines may be open around the clock. 
  • Personal service. Automated banking services may not offer the personalized experience that some customers seek. Video banking allows the customer to interact with a human bank representative.
  • Convenient locations. The banking customer does not have to travel to the banking branch to complete transactions. If a phone or computer is used for video banking, the customer can have a face-to-face interaction with their bank representative without leaving home.
  • Greater trust. With an increase in fraudulent account activity, video banking can help improve security by allowing the visual confirmation of the customer's identity before a transaction is completed. 

What Type of Transactions Can Be Performed With Video Banking?

Video banking can allow customers to remotely perform a number of transactions. Here are some of them:

  • Withdrawing cash
  • Inquiring about account balances or other banking information
  • Paying a bill
  • Authenticating a customer's identity
  • Opening a new account
  • Transferring money from one account to another
  • Printing a check
  • Processing a loan
  • Depositing cash
  • Depositing checks

To learn more about video banking, consult with a banking representative in your local area.