NatWest and Barclays are best placed to convert digital holdouts with video banking in the UK, if done well.
As banks deal with high volumes of customer queries in response to the outbreak of COVID-19, those that have the provision for video banking are in an advantageous position to assist customers that frequent the branch.
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Video banking has only recently been introduced, with most providers using them as a convenient way for their customers to apply for mortgages.
However, not all banks offering video banking are in a position to use it to help their customers. Nationwide, for example, launched Nationwide Now, an in-branch video banking service catering for mortgage applicants.
Santander’s and Lloyds’ video banking channel can be accessed from anywhere as long as customers have a smartphone/tablet with a camera, which most do. Presently, it has only been used for mortgage appointments, but would have to be upscaled to accommodate a wider range of queries.
In the UK, only Barclays’ and NatWest’s video banking platforms and operations are already setup to support a wide range of complex customer queries including account opening, loan application and management, complaints, and financial health check-ups.
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By GlobalDataAcross most markets globally, the percentage of consumers currently using video banking is often in single digits, according to our 2019 Banking and Payments Survey. The low level of consumer demand for video banking has meant that not many providers have invested in it.
Consequently, the few that have are in a good position to serve their customers during this period. If NatWest and Barclays can keep digital natives on digital channels, less branch staff would have to be redeployed to call centers, leaving more to conduct video banking with the aim of ‘proving’ the benefits of digital to branch users. The priority for video banking appointments should be given to those with high product holdings and little exposure to digital platforms, as well as those that have downloaded the app or registered for online banking but are inactive.
