Financial Institutions Worldwide Adopting Video-Enabled Communications

By Joe Arena, Senior Vice President of Advanced Services, Yorktel

Banks and financial services companies of all sizes are realizing the value that SaaS (software as a service) and cloud-based videoconferencing and media services deliver. Visual communications technology not only cuts travel-related expenses, but also increases team efficiency, enhances the customer service experience, and streamlines client, executive and shareholder communications. Many wealth management firms use video communications to interact with their high-wealth clients to ensure an exceptional level of virtual face-to-face service, regardless of time and location.

But such initiatives do not always come easily.  Businesses ranging from community banks to private equity to multinational institutions must ensure their communications are kept secure across geographically dispersed offices without compromising the performance of their communications. In addition, these organizations are often faced with the challenge of having to integrate disparate communication systems and productivity applications that enable employees (and other key stakeholders) to collaborate remotely, regardless of their network or endpoint (i.e., conference room, desktop or mobile device).

Utilizing a video managed services partner, many financial companies have successfully avoided the high price tag of maintaining legacy video conferencing equipment, leading to large capital expenditures. Video managed service providers offer an alternative to CapEX investment in infrastructure and ongoing maintenance costs by handling everything from system planning and deployment to monitoring and maintenance.

Remote branch offices can also incorporate video kiosk services to adapt with the evolving ways customers prefer to do business. These devices enable customers to contact banking personnel and conduct transactions requiring a live staff person without waiting on long lines, or revisiting when a particular category expert is unavailable, while maintaining the benefits of a private, live meeting. Video kiosks also deliver high quality video for natural interaction and incorporate secure information exchange.

As a result, customers feel valued with this type of service and customer satisfaction ratings rise.

Live video conferencing is clearly a useful tool for connecting employees and branch offices, regardless of location. But enterprises with highly distributed workforces are discovering that there are multiple ways to use video communications to connect people in the company.

One of the largest commercial banks in the United States, (*American Bank) operates over 3,000 banking offices and 5,000 ATMs, and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. In order to reduce travel costs and time, spread a consistent message to all employees directly and create a more intimate face-to-face environment, American Bank uses managed media services. American Bank takes advantage of professional event management and production services for its shareholder and town hall meetings. Satellite trucks with uplink and downlink enabling a two-way live feed capability, as well as cameras and lighting equipment, were dispatched to six US Bank corporate offices around the country for live interaction capability. This enabled employees to speak directly to the CEO as if they were all at the same location.

Streaming video platforms like American Bank’s can help drive employee engagement, enabling users to upload their own content, tag it and comment on it while collaborating with other employees. With video managed and media services, American Bank is able to focus on the message it wants to communicate to its employees and shareholders, rather than the logistics of managing and mastering the video technology.

Joe Arena is Senior Vice President of Advanced Services for Yorktel, a worldwide leader in cloud, UC&C, video and managed media services.

For almost 30 years, Yorktel has provided cloud, unified communications and collaboration (UC&C), and video managed services to federal government and Fortune 500 companies around the world. Headquartered in New Jersey, with offices across the US, UK, and France, Yorktel enables customers to successfully integrate video into their operations –from video conferencing to video event production; on premise or in the cloud. www.yorktel.com; knowmore@yorktel.com

(* American Bank is not the enterprise’s real name.)

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