Taking It to the Bank: Vidyo Expands Efforts in the Financial Vertical


Taking It to the Bank: Vidyo Expands Efforts in the Financial Vertical

By Rich Tehrani, Group Editor-in-Chief, TMC  |  July 06, 2017

We've covered Vidyo news before. The company has video solutions serving numerous industries with powerful solutions that work over a wide range of bandwidth situations.

Recently Vidyo (News - Alert) has been focusing more on banking solutions, as research has shown the timing is good. In fact, 90 percent of banking industry respondents expect video collaboration to positively impact customer satisfaction, and 80 percent are planning on deploying a video collaboration tool in the near future.

To learn more, we spoke with Eran Westman, CEO of Vidyo.

The chief executive sees financial as a natural extension of the company's success in healthcare. He thinks using video when getting a mortgage establishes trust with the customer and will become more common. He says the company had some early banking adopters and now has six of the top 25 banks and should have its seventh closing this month (meaning March).

He continued, saying it landed RBC and has been fortunate that the bank speaks about the relationship publicly. He said that although there is competition, to do the job correctly you need resiliency, scale, and stability while being able to integrate into the corporate workflow.

For example, RBC integrated video into the workflow by allowing agents to send a link for a Vidyo call and also by providing for instant escalation from voice or chat to video through Genesys (News - Alert) call center software. One Vidyo customer saw 20 percent of its customers agree to a video call after starting the conversation on chat or voice.

Westman said it is working with Nice and Verint (News - Alert) on recording solutions for compliance. That obviously is becoming more important as time goes on and is crucial in the financial sector.

He cites more differentiators such as scalability, quality, and the ability to handle worldwide deployments. In addition, it is bringing best practices to customers. For example, that includes making sure agents are ready to make the transition from a voice call to one which includes showing your face and part of your body throughout the communications session. 

The company is also continuing to make progress with its CPaaS, Vidyo.io, where it provides APIs to developers so they can video-enable other solutions. The beauty of the approach is the developer pays on consumption, when the app goes live, as opposed to making a huge upfront investment. Or Opex vs. capex.

In the future, we can expect Vidyo to continue to grow in numerous areas as well in the credit union space, where it is already touting a successful case study and video.

One closing comment. There are two megatrends in the contact center space - the growth of bots or AI, which will eliminate humans from customer communication, and video, which requires it.

What does this mean? Call centers will likely favor the agents who look better on camera as bots take over more of the call center seats. In other words, being attractive may be as important for call center work as it is in the world of news anchors and TV personalities.

I also want to invite you to join me at Communications 20/20, which will be held February 14 through 16 in Fort Lauderdale, FL. It will focus on the next wave of technology and innovation that will transcend the importance of person-to-person contact, disrupting the future of the entire communications industry. Artificial intelligence, automation, call centers, customer service, and video and other rich communications will be among the topics we explore at this importance new event. Hope to see you there.

Edited by Alicia Young
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