How to Use Video Banking When Applying for Your Next Loan

May 27, 2020
  by Blog Team

Mobile banking has allowed consumers all over the world to enjoy a new method of banking that provides convenient access to their bank accounts. You can perform transactions from the palm of your hand. Video banking gives you even more convenience, and most banks have already started implementing video banking solutions. This change can help provide better customer service, increase customer engagement, and boost sales.

Benefits of video banking

Using video when applying for a loan means you don’t have to run down to the bank to sit face-to-face with a teller to complete the process now. You can enjoy a lifelike and feature-rich experience with a loan expert, no matter where you are — relaxing at home or on the go.

Thus, you’ll find a better customer experience for you and top-notch customer service from any location. You’ll have immediate access to a banking expert anytime you need one, which can help you get your loan quickly and easily.

Video banking allows you to complete several transactions, including opening a new bank account, resolving a technical issue with your account, or applying for different types of loans, such as mortgage loans, auto loans, or personal loans.

Tips for Customers New to Video Banking

If you’ve never used video banking before, there are a few things you should know.

Download the app

Your first step is to download your bank’s app on your phone or desktop. Applying for a loan using video doesn’t require any downloads beyond the banking app — the same one you may already use to make transactions. Not only will you save time with video banking by avoiding a commute and a long line, but you’ll get high-quality service, whether you’re at a physical bank branch or sitting in your living room.

Apply through the app

Once you open your bank’s app, scroll to the loan application tab. Then you can connect effortlessly with a service rep who can help you start the loan application process and guide you through all of the necessary steps it takes to get approved and funded. No matter what device or network you’re on, you’ll get an optimal experience.

Call for assistance

You can expect the same app experience across all of your devices.  You don’t need to know anything about the video software to complete a transaction. If a signature is required while you’re inside your bank branch, the software connects to a document camera and signature pad to capture information. If you have any trouble, a customer service representative is just a phone call away.

How to Use Vidyo to Apply for Your Next Loan

Once you’re ready to apply for your next loan, doing it through video can be a convenient way to get the application process started as quickly and easily as possible.

Simply head to your local bank branch or connect with a representative via video right from your smartphone app to start your application. If you’ve opted to apply from a physical location, you’ll be guided to an area where you can sit down in front of a monitor and interact with a financial expert who can help you get started.

If you’re at home, you’ll simply follow the prompts from your mobile app to get through the process with help from a remote financial expert who does the same. You’ll be asked a series of questions related to your needs and your unique situation. If you’re applying for a mortgage loan, you’ll have to provide your budget for a home and discuss financial information, like your debt-to-income ratio.

If you’re applying for an auto loan or a personal loan, you’ll be asked about your income and your credit. You’ll need a high enough credit score to qualify for the loan, as well as a strong credit history. If you don’t qualify, you might need to ask a co-signer to sit down with the virtual teller, or connect to your call remotely, to discuss their financial information and background.

Whatever route you’re taking, your video banking specialist can help guide you in the right direction towards getting the funds you need as quickly and conveniently as possible.

Video Banking: The New Normal

Whether you’re a customer looking to apply for your next loan via video or a financial institution planning to implement video banking software to make the process smoother for your customers, VidyoConnect can help you get there. The software improves operations on both ends — for the customer and the financial institution. If you’re considering a new loan, video banking is the next-level solution that can help you get the results you’re looking for with minimal effort.

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