Modern Financial Institutions are Using Video More than Ever Before—Here’s How.

Applications for fintech, the combination of finance and technology, continue to abound as banking institutions, customers, and partners become increasingly digital. In recent posts, we’ve taken a close look at the potential of cloud-based, ad-hoc communications as well as the promise and barriers surrounding one fintech game-changer: Cloud-based videoconferencing. Interested in discovering how modern financial institutions are using video today? We’ve got you covered.

It’s easy for cloud service providers to list handfuls of stats about why their scalable solutions offer such a high business value and level of accessibility. Why wouldn’t they, after all? Cloud technologies—especially cloud videoconferencing services—have significant and measurable benefits for businesses of all kinds. The true test for a technology solution, though, is how it performs for an actual company. In that spirit, we’ve gathered seven real-world fintech examples that prove transitioning to the cloud is worthwhile.

Bank of America now incorporates video-friendly terminals in 500 branch locations, employs video-capable ATM machines in 200 locations, and uses cloud products to streamline processes behind the scenes for its developers and infrastructure workers around the country. Investment giant Morgan Stanley offers clients its wealth management app. The app allows users to check their portfolios and even video chat with advisors, all from a variety of devices. NCR, an ATM manufacturing company that works with leaders like Wells Fargo, is working to install video-capable teller kiosks in some locations to reduce overhead costs without sacrificing the personalized customer experience of seeing a teller face-to-face. Tesco Bank in the UK is harnessing the power of cloud internally, opting for regulatory-compliance-friendly solutions to streamline workloads and bolster data storage capabilities. ICICI Bank, a private-sector institution in India, recently launched video banking—a service that offers 24/7 videoconference capabilities with customer service representatives. BluCurrent Credit Union and UK-based Barclays have also made similar leaps to cloud.

It’s clear optimal cloud-based video adoption looks different for each institution. The path to successful implementations involves a well-thought-out strategy and careful planning. Once a solution is decided upon, migrating to a cloud-based operating system is indeed a process. While it certainly does not take as long as completely overhauling an organization’s IT infrastructure, it also will not happen overnight. Today, the companies mentioned above and others generally invest in one or two solutions at a time to allow consumers and team members to adjust to the new functionalities.

This was just a glimpse into how video and other fintech applications are reshaping the financial industry today. What does the future hold for video communication in the financial services, though?