One of the curious effects of the COVID-19 pandemic was a widely overlooked detail about people’s adherence to appointments.
As mask mandates and work-from-home orders took effect, many industries pivoted to accommodate these changes. In the medical world—just as in many other industries—virtual appointments were rolled out.
Since telehealth solutions have been implemented at medical practices of all shapes and sizes across the country, it’s been consistently reported that patient no-show rates are lower for telehealth appointments than they are for in-person appointments.
The telehealth service MDLive reports a no-show rate of 4.4% – 7.62%, far lower than the 19% – 22% baseline of traditional appointments. Likewise, The University of Rochester Medical Center has reported that their no-show rates have fallen 10% with the implementation of virtual appointments. At Garfield Health Center in California, no-show rates have fallen 15% since their telehealth rollout in October 2020.
While speaking on the subject, a Clinical Supervisor named Gary Mitchell made a poignant comment. Mitchell, who works at Northeast Kingdom Human Services in Vermont, said, “[We’re] reaching people that we just have never been able to get to before.” Mitchell’s comment not only indicates that more people are now getting the medical care they need, but also suggests something deeper: that video services are mobilizing people to do things they would not have done otherwise.
Similar to how more telehealth appointments are being kept, financial institutions are seeing a rise in loan applications over video. Like people who have put off going to the doctor, people who have applied for a loan are taking advantage of Eltropy’s Digital Conversations platform. This is especially true with loans because they remove the applicants’ need to leave the car dealership or mortgage lender from which they are applying and travel to a bank or credit union. It simplifies the process, making it convenient enough for those on the fence to be willing to try.
Like many other financial institutions, Affinity Plus Federal Credit Union had to pivot when the pandemic hit. Branches were forced to close, and soon after, they rolled out video banking. According to Sarah Kuesel, the director of the Affinity Plus video call center, the credit union was already planning a video banking launch before the pandemic. And what were they planning on using video banking for? Well, loans of course.
Affinity Plus’ members wanted to apply for loans quickly, comfortably, and discreetly—and the credit union wanted to meet them where they were. Today, loan applications are driven through Affinity Plus’ video banking channels on a daily basis. And with all the positive feedback they’re receiving from their members, the trend shows no sign of letting up any time soon.
Even more impressive was the effect that video banking had on loans at Xplore Federal Credit Union in Louisiana. After implementing video banking in 2020, Xplore saw a 50% increase in new memberships. Interest grew among Xplore members, and soon their video channels were flourishing. Now, 49% of the loans funded by Xplore come through video banking channels. In other words, without video banking, they would miss out on half of these essential, revenue-generating opportunities.
At Idaho Central Credit Union, the power of processing loans through video is even more apparent. ICCU processed 3,500 PPP loans totaling $165 million over video in 2020. These loans went a long way toward supporting local businesses but also played a key role in supporting the credit union.
Because loans and securities make up such a large portion of a financial institution’s income, it was especially valuable to these credit unions that they could process loans at a time when branches were closed. The entire loan process, from application to approval, could be fulfilled over video. In part, this is how ICCU could process them so efficiently.
But aside from the convenience and efficiency of video banking, there is also the consumer’s willingness that plays a part. Efficiency and convenience would mean nothing if video banking didn’t give consumers the privacy, comfort, and discretion they need to facilitate the loan application process.
Applying for a loan can be challenging and inconvenient. However, with video banking, applicants can approach the process with convenience and flexibility. It makes the process more seamless and allows it to happen in an environment that suits the applicant’s needs. It’s one of the many ways that video banking brings real value to both the consumer and the financial institution.
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