In the second part of our blog series, we’ll be focusing on the benefits of incorporating video banking into your institution’s arsenal of fraud-fighting tools like a true video banking solution.
Seamless Integration of Video Banking
A solution is only as powerful as it is usable. In the case of video banking, its true benefits are realized only when they’re seamlessly integrated across multiple systems to ensure maximum efficiency. This is when video banking can give you actual real-time, face-to-face interactions between your members and representatives.
By offering this personalized touch, financial institutions can not only enhance the customer experience but also detect suspicious activities more effectively, reducing the risk of fraudulent transactions. A true win-win for banks and credit unions!
Enhanced Authentication Measures
Implementing video banking allows for enhanced authentication measures. By verifying customers’ identities through video calls, institutions can minimize the risk of unauthorized access to sensitive information and accounts. Face-to-face verification can be challenging in an ever-changing digital world, and most people want to at least have the option to perform their normal day-to-day activities anytime, anywhere.
Video banking puts that power into your consumer’s hands while giving your team the power to perform their daily tasks more effectively. What’s morethis level of authentication also acts as a deterrent for potential fraudsters. The harder it is for a bad guy to impersonate and steal sensitive information from your consumers, the more likely they are to leave them alone.
Tailored Fraud Solutions for Credit Unions and Banks
Video banking can be customized to cater to the unique needs of credit unions and banks. Whether it’s for small community credit unions or large financial institutions, adopting video banking as part of your fraud prevention strategy can lead to significant advantages in thwarting fraud attempts specific to each institution type.
Different sizes of community financial institutions have different needs, however, video banking fills many gaps across the board. For example, a smaller CFI with members who live far from an in-person branch might struggle to those members physically into a branch to complete in-person verifications. With video banking, you can bring the branch to that member – anytime, anywhere – without having to compromise on time or distance traveled. For larger CFIs trying to provide a more tailored solution to members completing wire transfers of substantial amounts, for example, offering anytime, anywhere convenience, creates a unique and unmatched experience .
Make sure to tune into our full blog series about the importance of video banking in fighting fraud!