ABA Banking Journal
No Result
View All Result
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive
SUBSCRIBE
ABA Banking Journal
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive
No Result
View All Result
No Result
View All Result
ADVERTISEMENT
Home Retail and Marketing

How Video-Based Business Intel Improves the Customer Experience

May 18, 2018
Reading Time: 4 mins read

By Dan Cremins

Bank transformation is a hot topic right now, and for good reason. As with other industries, many services have moved online and customers are more likely to turn to their smartphones or laptops for day-to-day transactions than they are to visit a local bank branch in person.

But when it comes to arranging a mortgage, a line of credit, insurance or other, more complex products, in-branch services are still in high demand. According to a recent study by J.D. Power, 71 percent of all bank customers visited a branch an average of 14 times in 2017. In addition, the study confirmed what most banks have already recognized—that customers want a flexible approach to banking, with both digital and brick-and-mortar options.

‘In the midst of these shifting demands, financial institutions are working hard to reimagine and transform their retail banking branches. Already we’re seeing examples of these “banks of the future,” which are typically designed to be more open and inviting with comfortable seating areas, more ATMs or ITMs and fewer teller stations and smaller footprints as a result.

What you won’t see at any of these bank branches are the host of behind-the-scenes advanced technologies financial institutions are deploying to optimize their customer experience. These technologies are making it possible for banks to improve a wide range of branch operations that impact customer service, as well as the bottom line.

Chief among these are intelligent video solutions that integrate surveillance video with analytics, RFID and other data sources. Not only do these video solutions provide valuable insights into branch trends and performance, they also make it possible to track and analyze how customers behave and what they experience when they enter a bank branch or ATM vestibule.

Video-based business intelligence gives banks an unparalleled opportunity to identify and improve speed of service and training, promotional efforts, self-serve initiatives, asset protection and more. Here are just a few examples.

1. Speed of service

Imagine your bank has just purchased another, smaller financial institution and assumed responsibility for all of its branch locations. You want to ensure that those newly acquired branches are meeting your customer service objectives, which include waiting in line no longer than five minutes for teller service. An intelligent video solution can help you assess and track wait times quickly using integrated video and queue length monitoring analytics. It can provide reports detailing wait times at all locations, provide charts with trends over time, and enable you to compare performance across all of your branches. If one or more locations appear to be underperforming, a quick review of the recorded video is just a click away, enabling you to see what’s actually happening and formulate the best approach to the problem.

Adding a dwell time analytic to the solution will also let you measure how long each transaction takes once a customer reaches a teller station. This information can prove invaluable in understanding how efficiently tellers are engaging with customers, or where more training might be needed. Even better, some banks are using these insights to reward employees for outstanding customer service and motivate others to do the same.

2. Self-service and promotional efforts

Providing customers with new services is a critical objective for most banks, and an intelligent video solution can help gauge the success of these efforts. Video combined with both transaction and people counting analytic data can reveal what customers did once they entered your bank branch.

For example, if 100 customers came into Branch 12 on a Wednesday, and only two of them applied for the new credit card promotion, then you know you had a 2 percent conversion rate for that new offering. If that’s well below your promotional target, then you could review the recorded video to determine what might be contributing to the lower uptake. Maybe you’ll see that the promotional sign is not in a noticeable location—or wasn’t even present on the branch floor. Maybe an older promotion was still running on the digital display. An intelligent video solution can both highlight the low success rate, as well as the potential issue so you can act immediately to improve conversions.

Similarly, multiple banks are also using video-based analytics to help monitor the success of self-serve ITMs and kiosks. The combination of video and data can reveal the percentage of customers opting for self-service versus a live teller, or highlight a potential problem if customers are spending an unusual amount of time in front of a self-service machine. Again, a review of the archived video will deliver further insights.

3. Security and asset protection

Most customers expect, and even welcome, video surveillance in their bank branch. In fact, in a recent Ipsos survey, 90 percent of U.S. bank customers reported feeling more secure when they see video surveillance in their bank.

An intelligent video solution can extend a bank’s ability to ensure the security of customers, employees and assets beyond simply recording incidents as they occur. For example, a combination of video, presence detection analytics and transaction data can help proactively flag possible incidents of ATM skimming installation or cash harvesting. A license plate recognition analytic integrated with video can enable a fraud investigator to search for instances where a criminal with an identified license plate visited any of the bank’s other locations. And a solution that marries video with RFID data offers banks a very efficient way to track items such as money bags, valuable artwork or antiques—making it possible to identify the exact time an item went missing and then review the video to see what happened and who was involved.

Banks are using intelligent video solutions in a myriad of ways to improve the customer experience. At a time when many are transforming their bricks-and-mortar locations, understanding where the opportunities are to improve customer service and operations across many different departments within their organization is an invaluable asset. Doing so by matching analytics with the video and data they already collect is also a smart way to improve returns on their technology investment, and one a growing number of financial institutions are adopting to keep ahead of the competition.

Dan Cremins is the global leader of product management for March Networks, a provider of intelligent video solutions to financial institutions.

ADVERTISEMENT
Tags: Bank branchesBig dataMarketingPhysical securityRetail banking
ShareTweetPin

Related Posts

CFPB proposes to regulate large nonbanks in personal loan market

Survey: Customer satisfaction with personal loans holds steady

Mortgage
May 16, 2025

Overall customer satisfaction with personal loans has remained largely flat, according to J.D. Power’s 2025 U.S. Consumer Lending Satisfaction Study.

Directors Briefing: Millbury National Bank marks 200 years  of independence with CEO transition

Directors Briefing: Millbury National Bank marks 200 years of independence with CEO transition

Directors Briefing
May 14, 2025

“Millbury National has always been about serving our community, and that will never change.”

Former NCUA chair named acting OCC head

Acting Comptroller Hood outlines OCC priorities

Newsbytes
May 13, 2025

In a recent speech, Acting Comptroller Rodney Hood outlined his top priorities for the OCC, including efforts to promote financial inclusion and expand the banks’ ability to provide cryptocurrency services.

Future risk and compliance professionals may be just down the hall

Marketing mutuality

Mutual Banks
May 12, 2025

Mutuals Matter campaign seeks to educate the public about what separates mutual banks from other financial institutions.

Podcast: Accelerating banking for quick-service restaurants

Podcast: Accelerating banking for quick-service restaurants

ABA Banking Journal Podcast
May 8, 2025

As independently owned and operated small businesses, fast-food restaurant franchisees have unique business needs. They have mobile and often part-time workforces, complex inventory management and the constant challenge of managing both a small business and being the face...

White paper: Banks have clear legal authority to issue stablecoins

Stablecoin legislation hits roadblock in Senate

Newsbytes
May 8, 2025

A bill to create a regulatory framework for stablecoins stalled in the Senate after it failed to generate enough votes to advance. Afterward, Senate Republicans vowed to continue working to pass the legislation.

NEWSBYTES

ABA DataBank: Higher costs, less credit

May 16, 2025

Survey: Customer satisfaction with personal loans holds steady

May 16, 2025

CFPB ends pandemic-related mortgage foreclosure relief

May 16, 2025

SPONSORED CONTENT

Choosing the Right Account Opening Platform: 10 Key Considerations for Long-Term Success

Choosing the Right Account Opening Platform: 10 Key Considerations for Long-Term Success

April 25, 2025
Outsourcing: Getting to Go/No-Go

Outsourcing: Getting to Go/No-Go

April 5, 2025
Six Payments Trends Driving the Future of Transactions

Six Payments Trends Driving the Future of Transactions

March 15, 2025
AI for Banks: A Starter Guide for Community and Regional Institutions

AI for Banks: A Starter Guide for Community and Regional Institutions

March 1, 2025

PODCASTS

Podcast: Accelerating banking for quick-service restaurants

May 8, 2025

How a Georgia community bank supports government-guaranteed lending nationwide

May 1, 2025

Podcast: Quantum computing’s shakeup in payments, cybersecurity

April 24, 2025
ADVERTISEMENT

American Bankers Association
1333 New Hampshire Ave NW
Washington, DC 20036
1-800-BANKERS (800-226-5377)
www.aba.com
About ABA
Privacy Policy
Contact ABA

ABA Banking Journal
About ABA Banking Journal
Media Kit
Advertising
Subscribe

© 2025 American Bankers Association. All rights reserved.

No Result
View All Result
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive

© 2025 American Bankers Association. All rights reserved.