Five Benefits of Video Conferencing if You Work in Finance

Five Benefits of Video Conferencing if You Work in Finance

Times are changing. The days of bankers and insurance agents meeting with clients in their offices are slowly fading away. Remote is on the rise!

One of the largest investment companies worldwide, Morgan Stanley, has a wealth management app for its clients, which allows them to check their portfolios and chat with advisors from their phones.

In India, continents away, ICICI Bank launched video banking giving their clients 24/7 access to reps through video conferencing. From wealth management firms to insurance companies to mortgage brokers, more and more financial businesses are adapting to the ease, convenience, and comfort of secure video conferencing.

Benefits of video conferencing that can help improve your business:

  • It’s better than a phone call.

    • To have a video call requires a phone and the internet. No fancy camera or any other equipment is necessary to have a quick face-to-face conversation.
    • If you are having a serious conversation about finances, it is better to have visual communication.
    • The ability to see your mortgage client’s face during the pre-approval process gives you more insight into how they feel about their finances, whether they think they can support the mortgage. All valuable things to know when deciding if they would be a good fit for a loan.
  • You will benefit by having a competitive edge over your competition.

    • Finance is an old industry. To most people, it is probably the least open to change. How will your average bank, broker, or credit union adapt to what new generations need? Probably very slowly.
    • According to a recent study, many prospects and clients are comfortable working with a virtual financial advisor. Will you be ready to serve them?
    • If you move quickly enough, you can offer people a way to do their finances online and have a head start establishing a stronger relationship with new clients, getting referrals, and more.
  • It attracts a younger staff and younger client base.

    • Millennials are now in their 30s. Gen Z has become old enough to have their own bank accounts and could be thinking about loans and mortgages themselves. Will communication with them be possible by using the methods they are currently using?
    • You don’t need an Instagram page or TikTok account for your business. But you do require the right people, the right skill set, and the right equipment to attract this younger audience.
    • To do that, you need to put together a team with those skills. People that are comfortable using high tech — like video conferencing and social media.
    • According to a study, millennials still value face-to-face meetings for advice. In the survey, 82% of millennials stated they want more personal meetings with their financial advisors, not fewer. How can you provide that face-to-face communication in a world where convenience and ease have become so important?
    • There are additional benefits to incorporating video conferencing into your day-to-day work as well. Your team can become more comfortable with new technologies. If your team is more tech-savvy, they will be more likely to develop creative solutions for innovative products to serve their clients.
    • Suppose you want your business to have more flexibility and be adaptable to the changes in the financial arena. In that case, you need to be open to incorporating new ideas and tools to allow that to happen.

video conferencing for financial professionals

  • Video conferencing can save money.

    • If your business has clients or branches in other towns, cities, or countries, it is not always possible to travel to meet with people.
    • Traveling for work can get old, exhausting, and expensive, real fast.
    • Using a video conferencing tool, you can schedule meetings quickly, with no more traveling, just by inviting them using a link to the video call.
    • Whether training new hires, meeting with clients, or having a brainstorm team meeting, you save on flights and hotels by having a video conference call instead.
    • Think of the thousands or hundreds of thousands of dollars you could save using the video conferencing device. Most video conferencing tools are very budget-friendly, and with a relatively inexpensive fee for a monthly subscription, it would pay for itself within months or possibly weeks.
  • Video conferencing saves time.

    • It saves lots of travel time. Rather than flying or driving to meet clients in remote areas or have meetings with your teams in other cities or towns, get on a video call with them.
    • Video conferencing can help make faster decisions as well, especially when multiple people are involved. If it is an important discussion with partners and investors, where everyone needs to refer to documents, files, and videos, access to a good video conferencing app is vital.
    • A good video conferencing app will allow you and your team to have the video call while screen sharing and viewing documents on the screen if needed. Some allow team messaging and calls simultaneously.

Finance is perhaps the industry with the biggest opportunity to impact itself and set your business apart from the competitors at the same time. Using a video conferencing app tells current and potential clients that you know how to stay connected while staying organized.

If you want increased productivity, improved efficiency, and streamlined collaboration while enhancing communication and building relationships, video conferencing is a tool that can help to achieve those ends. Make scheduling your meetings easier, have accurate and consistent records, and host live events — all with a video conferencing tool.

Everyone wants to save time and money while building their business. Are you ready to start using video conferencing for your finance business? Look at your client base and ask how they would prefer to communicate with you. Would they be agreeable to video calls? If so, see how using video conferencing can help evolve your communication options while saving time and money.

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