Here’s What’s in Store for the Future of Video Communication in the Financial Services Sector

The future of fintech—the marriage of finance and technology—is a bright one. As fintech applications continue to boom, we’ve uncovered the barriers and promise surrounding cloud-based videoconferencing. We’ve also explored the potential of cloud-based, ad-hoc communications and, most recently, delved into precisely how financial institutions use video today to improve both the customer experience and internal operations.

Now, it’s prudent to examine what’s in store for the future of video communication in the financial services sector.

According to a recent report from Accenture, 52 percent of customers would welcome more interactive capabilities in local branch offices. Thirty-three percent reported they would stay with a financial institution if it offered the “right selection of online services.” Even more telling, 81 percent of survey respondents indicated they wouldn’t change where they bank if their local branch closed—a solid indicator they’re already embracing digital methods of interacting with their financial institution. The financial forecast, then, appears to be filled with substantially more clouds. As banks and consumers continue to place more trust in cloud services—and continue to demand the flexibility and device accessibility they offer—solutions will become even more cost-effective and prevalent.

Look for financial firms to continue to leverage video communication as a way to offer customers additional value from remote locations. This capability can also reduce overhead costs in brick and mortar locations, as banking professionals will be able to use a smart TV, tablet, or any other connected device to easily engage with customers while on the cloud. Banks will also rely on cloud solutions involving comprehensive analytics from video exchanges to transform the nature of regulatory requirements, adding transparency and saving time in the process. In addition, the boom will encourage the growth of third-party fintech vendors to manage communications, host cloud storage, and more. Finally, we look for a mass transformation of traditional banking thanks to the collaborative potential and user-friendly interfaces provided by cloud video solutions. And, while banks offering complete financial services won’t become extinct for some time, some predictions point to a pendulum swing in which consumers turn to alternate funding solutions to meet their lending needs.

If we look to the past—even a mere decade ago—we can see how much technology has revolutionized the financial sector today. As we look to the future, there is no doubt we should expect more of the same. If current trends are any indicators—and they are—cloud solutions and videoconferencing will be leading the fintech charge.