Vidyo announced that Baxter Credit Union (BCU) has deployed a video banking service using Vidyo’s cloud-based video collaboration technology, with the goal of launching a number of video-only branches in 2017. BCU members use video to remotely connect face-to-face with credit union representatives and knowledge experts, from their homes, mobile devices or in-branch, for improved self-service and a better overall experience.
To provide better access to members, BCU plans to leverage Vidyo to launch a number of video-only branches in remote locations. More than 65% of BCU members are not located near a branch; the video-only branches will demonstrate the ability of next-generation video collaboration technology to help credit unions simultaneously increase both simplicity and member engagement.
To serve today’s mobile, on-the-go members and customers, credit unions and banks are turning to scalable video collaboration in order to foster valuable in-person relationships remotely, and recreate the in-branch experience from anywhere. Video banking helps credit union members easily access knowledge experts across the organization from any location, both encouraging engagement while freeing up resources and optimizing branch productivity.
“We are excited to offer a video service to our far-reaching member base so that they can easily connect with our knowledge experts face-to-face, from wherever they happen to be, recreating the in-branch experience remotely with exceptional quality,” said BCU SVP and Chief Retail Officer Carey Price. “With our mobile-first mindset, we looked for a simple-to-use video platform that would run across mobile and desktop applications and varying network connections – which made Vidyo the right fit for BCU.
“Video collaboration is rapidly gaining traction among credit unions across the US as a capability that both reduces branch costs while increasing member engagement and satisfaction,” said Vidyo CEO Eran Westman. “We are thrilled that BCU is using Vidyo to create a differentiated experience and keep the human element in digital engagement.”
For credit unions, banks and other financial institutions, the adoption of video banking is on the rise in order to both increase engagement and create efficiency; according to a recent survey by Vidyo, CUNA Strategic Services and Efma, almost 20% of survey respondents have deployed at least one form of video banking, more than 40% are piloting a video service and more than 80% said that they are planning to offer video banking in the future.
