Hackensack, N.J. based Vidyo, announced the $2.6 billion Vernon Hills, Ill. Baxter Credit Union is deploying its cloud-based video collaboration technology to connect members with several video-only branches in 2017.
BCU plans to use video to remotely link members, from their homes, mobile devices or in-branch, with credit union representatives and knowledge experts, for improved self-service and a better overall experience.
The credit union plans to leverage Vidyo to launch several video-only branches in remote locations. Because more than 65% of BCU members are not located near a branch; the video-only branches demonstrate the ability of next-generation video collaboration technology to help credit unions simultaneously increase both simplicity and member engagement.
To serve today’s mobile members credit unions are turning to scalable video collaboration to foster in-person relationships remotely, and recreate the in-branch experience from anywhere. Video banking helps credit union members access knowledge experts across the organization from any location, both encouraging engagement while freeing up resources and optimizing branch productivity.
“We are excited to offer a video service to our far-reaching member base so that they can easily connect with our knowledge experts face-to-face, from wherever they happen to be, recreating the in-branch experience remotely with exceptional quality,” Carey Price BCU SVP and chief retail officer said. “With our mobile-first mindset, we looked for a simple-to-use video platform that would run across mobile and desktop applications and varying network connections – which made Vidyo the right fit for BCU.”
“Video collaboration is rapidly gaining traction among credit unions across the U.S. as a capability that both reduces branch costs while increasing member engagement and satisfaction,” Vidyo CEO Eran Westman said. “BCU is using Vidyo to create a differentiated experience and keep the human element in digital engagement.”
Video banking adoption is on the rise at credit unions and other financial institutions to increase engagement and create efficiency; according to a recent survey by Vidyo, CUNA Strategic Services and Efma. Almost 20% of survey respondents have deployed at least one form of video banking, more than 40% are piloting a video service and more than 80% said that they are planning to offer video banking in the future.
