Are you ready for video banking?

Monday 25 March 2013

Article by Mozo

As technology continues to change the way Australia does it's banking, it seems the next addition that is about to become an everyday norm with our bank accounts is video banking, according to a report by the News Limited Network.

A woman maintaining her bank account with video calling.

It has recently been reported of the changing face of the local bank branch, gearing up to deal with more specialised personal finance conversations with customers, as the traditional purpose of everyday banking shifts to our computers and mobile devices. And now for those seeking more specific advice, banks are offering video calling from branches to give customers access to the specialised personal advice they need.

Online video calling is by no means new technology with Skype and Google Hangouts already part on many peoples day to day lives but this is a concept that has yet to take hold in the banking sector and would greatly benefit those who live in remote areas. The technology already exists in 43 locations including regional and remote areas, though not yet officially launched, according to ANZ managing director Mark Hand.

"We need to have more specialists available for our customers who walk through the door," Said Mr Hand. "With just minutes notice they need to be able to sit in an office in a private area and have a conversation with a specialist about their need on the spot.

And according to Mr Hand, the number of customers using video banking has already gone up by 10 percent since last year but admits there is a major hurdle to overcome in supplying customers a video platform that feels safe and secure for discussing their personal finance issues.

Similarly the Commonwealth has video banking available in almost 250 branches and will be accessible in all CBA branches by the end of the year.

"Customers say to us they get blown away and feel as though they are having a face to face with a specialist," says Commonwealth Bank's general manger of retail sales, Lyn McGrath.

However she said it could be another 5 years until customers will be able to do video banking from home.

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