What is Video Banking Service?
Video Banking is a service that allows users to talk to us about our products and get a free face-to-face financial check whenever and wherever they want, using their smartphone, tablet, or computer. Video banking refers to the use of a remote video connection to conduct banking transactions or professional banking consultations. Video banking can be done through purpose-built banking transaction machines (similar to an ATM) or a videoconference-enabled bank branch. Video banking can provide professional banking services to bank customers during nontraditional banking hours, such as after-hours banking branch vestibules that may be open 24 hours a day. This provides bank customers with personal teller service during hours when bank branches are typically closed.
|Unit||Value (USD Million)|
|Key Companies Profiled||Zoom (United States), POPio (United States), TrueConf (Russia), Enghouse (Canada), Glia Inc (United States), Pexip (United Kingdom), Software Mind (Poland), Cisco (United States), Vidyard (Canada) and Yealink (China)|
The study covers a detailed analysis segmented by key business segments i.e. by type (Cloud Based and On Premise) , by application (Banking Institutions, Credit Unions, Financial Institutions and Others) and major geographies. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Video Banking Service market throughout the predicted period.
The competition is expected to become even more intense in the years to come due to the entry of several new players in the market. To help clients improve their revenue shares in the market, this research study provides an in-depth analysis of the markets competitive landscape and offers information on the products offered by various leading companies. Additionally, this Video Banking Service market report suggests strategies that Players can follow and highlights key areas they should focus on, in order to take maximum benefits of growth opportunities.
The report offers several leading Players, some of them are Zoom (United States), POPio (United States), TrueConf (Russia), Enghouse (Canada), Glia Inc (United States), Pexip (United Kingdom), Software Mind (Poland), Cisco (United States), Vidyard (Canada) and Yealink (China).
On 8th June 2022, a digital communications platform, has announced the acquisition of video banking expert POPi/o. The financial terms of the transaction were not disclosed. Eltropy anticipates that the acquisition will strengthen its digital communications platform, which allows financial institutions to engage in digital channels such as social media in a compliant manner. As a result of the acquisition, Eltropy now has 100 credit union clients. The company now assists over 400 credit unions in reaching out to their members through digital channels.
Governments all over the world have industry-wide regulations in place to ensure video communication security in the financial services industry. These standards are in place to protect consumers and prevent privacy violations. It is the responsibility of each institution to provide ongoing scrutiny and due diligence of all transactions for the duration of the business relationship; improve customer identification and verification; and participate in transaction monitoring to detect fraud. Furthermore, any suspicious activity must be reported by each institution. To keep customer data safe, general risk management and anti-fraud measures should be implemented.
Companies are now exploring the market through mergers and acquisitions, expansions, investments, new developments in existing products, and collaborations. The players are also expanding into new geographies and industries through acquisitions and mergers to gain a competitive advantage through synergies.
Video Banking Service Market Dynamics:
- High Growth in Video Banking Service Sector
- Advancement in Mobile Payment
- High Adoption from Large Size Organizations
- Increasing Focus on Enhancing the Customer Experience by Providing Better Interest and Increased Customer Connectivity
- Rising Prevalence of Banking-as-a-Service
- Rapid Development of Automation and APIs in Banking
- Rising Security Issue from End Users
- Rising Frauds Activities in the Valuables Insurance Plans
|Road Blocks / Challenges|
- Lack of Awareness Regarding the Video Banking Services in Under Developed Regions
- Strict Regulatory Guidelines on the Valuables Video Banking Service
|Gaps & Opportunities|
- Rising Number of New Technology Related Market Entrants
- Increase In Investment in Research and Development Activities
Key highlights of the Global Video Banking Service market Study:
CAGR of the market during the forecast period 2021-2027
In-depth information on growth factors that will accelerate the Video Banking Service market in next few years.
Detailed Insights on futuristic trends and changing consumer behavior
Forecast of the Global Video Banking Service market size and its contribution to the parent market by type, application and by country.
A broad view of customer demand
Uncover markets competitive landscape and in-depth information on various Players
Comprehensive information about factors that will challenge the growth of Video Banking Service Players
Transformation and Important Triggers:
Business transformation has taken hold across the broad corporate landscape due to the confluence of several important triggers, including:
A tipping point in globalization
A major slowdown in Western economies
Significant shifts in technology and cost structure
The challenges of regulatory compliance
New forms of competition developing
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Video Banking Service market.
In order to reach an exhaustive list of functional and relevant players, various industry classification standards are closely followed such as NAICS, ICB, and SIC to penetrate deep into important geographies by players, and a thorough validation test is conducted to reach the most relevant players for survey in Video Banking Service market.
In order to make a priority list sorting is done based on revenue generated based on the latest reporting, using paid databases such as Factiva, Bloomberg, etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment> by targeting key target audience that includes New Entrants/Investors, Analysts and Strategic Business Planners, Research and Development Institutes, Video Banking Service Suppliers & Distribution, Government Bodies, End-Users and Others.
This helps us to gather the data for the players revenue, operating cycle and expense, profit along with product or service growth, etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that include Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, Annual reports, press releases, etc.