Video banking restoring personal touch for banking

Fincare Small Finance Bank announced an expansion in its state-of-the-art banking services with the launch of its video banking services for customers.

Aimed at reducing waiting lines and offering location agnostic banking services, the Bank launched the video banking platform whereby customers can connect face-to-face with a customer service representative of the bank and also chat, simply by initiating a video call using the Bank's WhatsApp channel.

The channel supports increased drive towards modern, digital means of banking with elements of higher personalization, quick and convenient, with the pleasure of a full interaction without having to visit a physical branch. This channel not only brings the bank closer to the customer, but also helps bespoke services possible.

Talking to Bizz Buzz, about the new proposition, Ashish Misra, Chief Operating Officer (Retail Banking), Fincare Small Finance Bank, said: "Video Banking offers access to banking services with added convenience of time and place. Plus, the comfort of a free and frank interaction with your Personal banker. The bank sees this service as an opportunity to enhance the personalization quotient leading to an enduring relationship, loyalty and ultimately a higher share of wallet."

The service offers a competitive edge vis-a-vis several other banks and helps differentiate the bank's technical capabilities. It demonstrates the bank's ability to leverage technology and adopt a modern lifestyle tool, otherwise a part of everyday life of customers. With this tool, the bank shall be able to establish a connect with all customers looking for a modern, tech-savvy service provider with a smart solution to make their banking experience more convenient and more accessible.

Video Banking as a feature is an aid to increasing conversion rates – thanks to efficient yet personalized conversations. Also, as video banking is personal, it helps bankers to understand customers' needs better and signal opportunities for offering a wider bouquet of products. This platform can potentially yield higher conversions in comparison to chat or phone, he said.

Replying to a query, Misra said that video banking feature allows customers to interact with the bank digitally in a secure and efficient manner while maintaining the human touch.

The facility enables customers to complete banking transactions seamlessly, and also helps in receiving advisory on right-fit deposit, credit, payment, insurance, investment and wealth management solutions. Being face to face with a person has a big advantage of being interactive, personalized and handling more complex queries. As of March 31, the bank serves 32+ lakh customers in 19 States/UT and has a workforce of 12,000.