Digital Video Conferencing: Fintech & Banking
Digital conferencing is a core innovation in financial technology. It’s a central focus as fintech companies collaborate with financial institutions to convert to digital onboarding and money management.
Digital Web Conferencing Is Replacing the Local Branches
Around 8,000 U.S. bank branches shut their windows for good between 2009 and 2016, according to FDIC figures. And where the corner bank does survive, in-person tellers are now playing something of a concierge role, using tablets and smartphones to show customers how to utilize their mobile banking apps and features.
Bank of America is an exemplar of tech-powered banking.
They have been experimenting with tellerless kiosks. These quick-stop banking spots—called “automated centers” or simply “robo branches”—connect customers to bank representatives through video conferencing.
Speaking with a remote (but actual) person, BoA’s clients can:
- Apply for a mortgage
- Manage retirement accounts
- Borrow money
- Set up a business account
Examples of Digital Conferencing Tools
When a face-to-face conversation between the bank employee and the customer can take place anywhere a smartphone goes, will banks need in-person tellers?
With every smartphone capable of running digital video conferencing, financial institutions are aware of the importance of onboarding and retaining clients through financial tech. They know most of their new or prospective clients are millennials, who overwhelmingly prefer to interact online with their financial institutions.
Another example of live digital conferencing would be Morgan Stanley’s wealth management app. Their app enables live video chats from various devices, streamlining the customer and wealth advisor interaction.
Looking ahead to the future, we can expect more financial institutions to utilize video tech like Liveoak, Amazon Echo Show, Google Meet, and Facebook Portal to connect with clients right in their home.
2020: The Year of Digital Video Conferencing
With the onset of the global pandemic of COVID-19, governments and nations made the difficult but understandable decision to stay at home. Together, the world took part in the biggest work from home experiment that was ever undertaken.
What we’ve learned so far is this:
- Digital tech companies whose records, assets, and team collaboration exist in the digital realm can easily make the jump to a fully remote workforce
- Just because you’re remote doesn’t mean there are fewer meetings. In some cases, digital conferencing platforms are reporting an even higher usage during work from home. In April 2020, the folks behind Microsoft Teams reported a record-breaking 2.7 billion meeting minutes in one day.
- Some companies may never return to the office. Notably Twitter CEO, Jack Dorsey, announced that Twitter employees can work from home “forever.”
2020 will reveal a lot about how the workplace has changed. Digital collaboration apps and technology like Slack, Google Meet, Basecamp, and more are going to be the foundation for how companies will function in the future.
Liveoak Drives Business and Client Interaction Through an Innovative Digital Video Conferencing Platform
Liveoak is engineered with according to financial institution and banking security and compliance requirements, and can handle a range of transactions. We’re the perfect tool for legacy financial institutions in transition as our technology runs in parallel with existing IT infrastructures.
Liveoak’s platform allows you to seamlessly work with clients in the digital realm, keeping interactions location-agnostic and completely within KYC compliance.