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Video banking on the rise during Covid-19 pandemic

Video banking on the rise during Covid-19 pandemic

Having gradually gained in popularity over the last few years, video banking is set to break out in the era of social distancing, says industry research outfit RBR.

The use of video teller machines grew in 2019 as banks sought to bridge the gap between branches and digital services, according to an RBR report covering 23 key global markets.

The technology is being used for a range of different services, from mortgage advice at Bank of America, to large amount withdrawals at South Africa's Nedbank, to debit card reissuing at Singapore's DBS.

RBR says that video teller machines are gaining greater traction during the Covid-19 pandemic as branches are forced to shut down and banks look to provide services while maintaining social distancing.

This chimes with figures from video banking vendor POPi/o, which tells American Banker that calls between its clients and their customers that result in transactions or service have more than tripled since the crisis hit.

Daniel Dawson, associate, RBR, says: "In times of financial uncertainty combined with a need to avoid human contact, video banking technology offers banks the possibility to keep employees and customers safe, while continuing to provide financial services, as social distancing imperatives can be kept without losing the human element."

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