Video Conferencing in the Banking sector

Having implemented internet-based video conferencing in a number of branches, Nationwide Building Society has seen growth within its mortgage division and a significant increase in customer satisfaction.

Partnering with Cisco, Nationwide began its video conferencing pilot in January across a number of rural branches, enabling customers to speak with remote mortgage experts regarding the application process.

After only a few weeks such was the positive reaction that Nationwide moved to roll out the scheme to all its branches. It became apparent that the video conferencing scheme offered a number of additional benefits such as easing capacity constraints at certain branches, enabling the bank to offer flexible time slots, therefore saving the customer time and the bank money.

Nationawide believes that the improved customer service has contribued to a 66% increase in new mortgage business, while reducing costs by 66% in its mortgage division.

The quality of the high definition video has also been a significant factor in the success of the solution, Searle says. “Having the very high definition video breaks down a barrier where the customer forgets they’re talking to someone remote… It’s a truly stunning picture. It’s not Facetime or Skype.”

The technology has also been reliable, Searle adds, without any issues regarding the technology not working during a meeting.

The bank is now looking into using the solution for other experts beyond its mortgage division, such as relationship managers and financial advisers, Searle reports.

As video conferencing goes mainstream, many businesses are now seeing the real benefits of adopting video conferencing into their operations, enabling real savings in time and money right along the supply chain.