Bahaa Abdul Hussein is a Fintech expert and shares his experiences with his audience through his blogs.

Video banking is the new way of offering customer service by the financial institutions. In the situations of pandemic struck lockdown, disability, old age, or simply the convenience of your home, video banking helps in a big way

Video call to resolve all banking queries is the modern way of handling transactions, opening or closing accounts, opening or closing deposits, transferring funds, making payments, linking accounts, opening or closing accounts, cancelling cheque, giving loans, and explaining about various service offerings and much more all in a go.

How does it take place?

Existing or new customers  do not need to walk up to the bank. they simply need to make a video call on their mobile devices, or computers, and connect with the phone banking officer or personal assistant. This is modern way of doing things. This facility is still new, and gradually making its way to the podium.

Online banking is different from online shopping. It takes place in set banking hours only, during the day time.

How is video banking different from traditional banking?

Traditional banking involves going to the bank in person. Connecting with the officer in charge and asking them the details you wish to know. It is useful when:

  • you wish to deposit money into your account,
  • change ATM PIN,
  • generate ATM PIN,
  • change credit card password,
  • get an account opened,
  • wish to close an account,
  • need to sign on any document,
  • avail a loan,
  • open gold locker, etc.

But most of these activities are not possible digitally without the need to be present in the bank. The bank aligns you with supportive customer care representatives, who are here to hear your queries, and do what you ask them to do. Anything that does not require cash deposit or withdrawl or signing on any papers, or availing cheque book – can be done online. Offcourse like any other facility it will require you to authenticate and authorize before availing your account.

How does modern banking help?

It reduces cost, eliminates lot of paperwork, allows banks to process the request at the earliest, pays personal attention, saves time by not letting customers wait in the queue. Every technology has to be a notch about what is already available. If it helps, it will gradually scale up. If it does not, it will soon diminish.

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