The twenty-first century will be remembered as the Digitization Era – a period when digital technologies evolved and reshaped the way people lived their lives. Today, we use the internet and digital tools for online education, medical consultation, virtual meetings, and a range of other needs. In the banking industry, digitization has been playing an increasingly important role in allowing banks to offer better features and services and customers the added convenience and security of banking. One of the latest developments in the delivery of banking services is Video Banking.
Understanding Video Banking
Video Banking, as it can be understood from the name itself, is a banking channels where all the banking services are delivered over a video call between the customer and the bank.
Video Banking is poised to be a game changer in India as it is:
- Convenient – as customers can connect with their banks at any time and from anywhere
- Personalized – as customers have a one-to-one interaction with the bank official.
- Human – As it adds a face to the remote bank interactions
- Safe – as the digital channel created for video banking is usually encrypted
- Cost-efficient – as customers do not have to travel to the branch and as these services are offered for free as of now
Video Banking also helps to complement mobile banking offerings as certain services which require the physical presence of the customers in front of bank officials and are hence not possible on mobile banking can be easily delivered over video banking.
Who can benefit from video banking?
India is a large and diverse country. While internet penetration was around 45-50 percent in 2021, many banking customers having access to the internet still do not use mobile banking. This is either because of the lack of awareness or reservations around the safety of their accounts and transactions. For such customers, video banking can be a great alternative to get their banking-related work done without having to visit a branch.
It is also a good option for pensioners, housewives, and people who either do not have the time or resources to visit a bank branch.
Benefits of Video Banking for the banks
Interestingly, banks also stand to benefit from Video Banking. Traditionally, if a bank wanted to expand to a remote region, then it needed to open at least one branch in the area to allow people to visit for their banking needs. However, with video banking, they can scale and expand their reach without having to think about the costs associated with opening a new branch.
Additionally, Video Banking helps bank to standardize their services as the Video Banking calls are all recorded and can be used to establish positive feedback mechanism. Moreover, Video Banking helps banks establish better connect with the customers due to a human touch in the interactions
The current video banking landscape in India
The Reserve Bank of India allowed video KYC to open Savings Account in January 2020. Post that, several banks in India have been offering video KYC services to their customers, while very few banks offer additional services other than video KYC. Across various banks, customers can currently avail additional services like money transfer and account servicing.
AU Video Banking
In sync with the tagline, ‘Badlaav Humse Hai’, AU Small Finance Bank has launched a secure video-based digital banking channel called AU Video Banking. This is set to change the way banking services are delivered in India.
Customers can connect with an AU Bank Video Banking Officer between 8 am and 8 pm on any day of the week. They no longer have to check for the second and fourth Saturdays or bank holidays before contacting their bank. AU offers a comprehensive range of services via Video Banking. Almost everything that can be done at a bank branch, except cash withdrawal and deposit is offered at AU Video Banking. The services include:
- Opening a Savings Account
- Getting a credit card
- Booking a Fixed DepositAccount and Credit Card related services
- Money transfer to someone using their bank account details
- Resolution for any banking related query
Customers can connect to AU Video Banking using the AU 0101 mobile application or from the official website of AU Bank. This is a highly secure service and the bank has ensured features like OTP-based mobile number authentication, AI-based face recognition, personalized security questions, and various others. Best part? All these services are being offered completely free to all the customers of the bank. And even if you are not a customer of AU Bank currently, you can still connect with the bank over video call and experience their services as AU Video Banking is open for everyone. This tech-led initiative stands testament to AU Bank’s endeavor of offering the best banking services to India across all segments.
Future for Video Banking
With improvements in broadband connectivity across the country and launch of 5G technologies slated to happen in near future, Video Banking services are poised to grow. Building on the current offerings,
we can expect complex services like assistance in purchasing financial products like Mutual Funds, Insurance, and Home loans, KYC for loan processing, Personal Finance Management, and many other services to be offered via video banking.
With all these factors at play, Video Banking is here to stay and grow and the Indian banking customers will have more convenient ways to bank.
Written by
Ankur Tripathi, Chief Information Officer, AU Small Finance Bank
