Vidyo Sees Video Banking Success With Growth in Sales to Credit Unions

May 9, 2018

More than 25 new credit union customers signed in the last 12 months in line with market trends

Hackensack, NJ – May 10, 2018 — Vidyo, Inc., the leader in embedded video communications, reports significant momentum in bringing video banking to the financial services market, signing more than 25 credit unions in the past 12 months. The company reports that credit unions leverage its patented video technology to improve customer satisfaction, increase close rates, and garner faster sales cycles. These institutions, with assets ranging from $70 million to $8.2 billion, include Solarity Credit Union, TDECU, and Baxter Credit Union among many others.

Typical deployment scenarios for video banking range from digital banking to in-branch services across all lines of business — from lending to wealth management to account services. Multiple trends are driving this growth. These include a consumer-driven desire for technology-rich branches, increasing use of self-service channels and demand for immediate access to experts, coupled with organization-driven goals for increased workforce productivity and cost containment. Add to this cultural trends, such as millennials who are tech savvy and comfortable with using visual communications, and the importance of mobile access to services.

“This ‘perfect storm’ of trends has provided the financial services sector with a clear business case to employ video technology for face-to-face communications,” said Elana Anderson, Chief Marketing Officer. “Despite the trend towards digital transformation, there are times when a face-to-face interaction can make all the difference in satisfying a member or successfully closing a transaction. The beauty of video banking is that it offers a rich human experience regardless of location thereby enabling credit unions to differentiate their services and more effectively manage their most highly skilled resources.”

Vidyo’s latest video banking survey report shows that banks and credit unions that have deployed video banking realize many benefits, including:

  • Improved customer and member satisfaction
  • Increase in NPS
  • Increase in share of wallet
  • Reduced wait times
  • More efficient staffing model

“Video banking has delivered a very positive change to our business. In addition to the impact video banking has had on our members, we’ve also seen an increase in employee satisfaction as we use Vidyo’s technology for collaboration within our teams as well as for customer engagement,” said Sam Johnson, Member Experience Manager, from Solarity Credit Union. “We’ve improved our efficiency by centralizing our loan team, resulting in an enhanced utilization. By doing so we’ve maintained face-to-face interaction while increasing member access to our experts. Members have reported higher satisfaction and our team’s ability to close loans has gone up by 42%.”

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