The Executive Innovation Show

Today, we're gonna be talking about a question we get all the time — is video banking affordable?

So the one bucket I want to break down on is video banking and the ROI. We have a great ROI calculator that you can click on here in the show notes and see your actual video banking ROI for your individual bank or credit union. But really the ROI comes from several different buckets.

It comes from, on average, a 20% efficiency in your workforce. It comes on the increased conversion rate on your website, traffic, reducing application abandonment rate, increasing the conversion rate of new customers. Then it also comes from the relationship management side and increasing wallet share with existing customers.

The second bucket I wanna talk about is staff optimization. A lot of banks and credit unions have reduced their staff in certain locations with centralized hubs, with smaller micro branches and the ability whether somebody comes into a physical branch and you only have, you know, one business banker in that location.

They're tied up for the next 20 to 30 minutes, having a cove or cubbie where you have video banking to connect that person to another business banker in a different location really allows you to optimize that staff across locations.

That really goes into number three, as well as the physical branch, and real estate is not as important in the banking community anymore. Expanding your market share without spending on average 2 million per physical branch location with video banking.

It really allows you to expand into markets where you do not have a physical branch or expand into markets that are outside of that five to a seven-mile radius of driving distance. So it allows you to acquire new customers and hire folks in a centralized hub, in a centralized location to support those markets.

The last one that I wanna talk about is: is video baking affordable? Comparing it to ITMs. And so as we look at interactive teller machines and the average cost being $80,000 per hardwired ITM, that is only good. If somebody is driving to that existing branch location, and if they're an existing customer, it doesn't support new customer acquisition. And in comparison to one ITM at $80,000, the average video banking customer is spending about $1,500 a month or $18,000 a year.

That is not tied to a physical location. So if we compare the 80,000 to 18,000 and the average span has a minimum of three videos ITMs, we're really comparing 18,000 to $240,000. So food for thought on answering the question is video baking affordable. You could click more to really look at our optimizing branch workforce white paper, an infographic, and really walk through that, play around with the ROI calculator. 

As you're looking at your budgets for 2022, asking "Is Video Banking Affordable?" make sure to schedule a demo today to see for yourself.

There are many types of loans out there today that banks and credit unions, as well as mortgage companies, offer to consumers and business customers through their websites. A lot of companies and financial institutions are in different processes of providing lending services. Online, most have moved to digital service platforms where customers can get rates, apply online, and fully get a loan — digitally.

Online credit checks offer you options, where you can fill out an application and somebody, will get back to you. Video banking provides a very good increase in conversion rate to put the digital lobby on those loan application pages to increase the conversion rate in some cases over 70%.

Let's break down the traditional process VS. video banking to do some comparison of the typical application in pages on your website.


www.onetouchvideobanking.com/podcast/driving-loans-through-video-banking

Today, we're gonna be talking about video chat solutions for banking and three ways to improve the digital banking system. We're gonna be going over different ways of if you're doing digital banking today and customer expectations now with digital banking, as well as some improvements there.

If we're calling the bank, we're expecting that they're answering in about 20 seconds or less. And if we're doing some type of live chat, that's 48 seconds or less. This is outlined in our Digital Transformations white paper. If you click on the link and the podcast show notes, you can see all these expectations outlined in that white paper, if you wanna follow along with this podcast. 

As you look at your digital strategies and your digital banking system and, and what should be included in that for 2022, please make sure you're looking at the video chat solution for where those levers should be, what departments they should be in, and how to best use that from an acquisition as well as a servicing perspective. That's all for today's podcast as always, please comment give us future topics for future shows and subscribe to get your podcast delivered to you next week.

A lot of you might have seen our video banking ROI calculator, in which you can calculate your own ROI for your bank or credit union. It breaks it down by department. So the conversion rate will be a little bit different for a mortgage conversion rate application page versus just opening a checking account. We’re talking today about the differences between the two.

So where does video banking really come in and move that needle in the ROI versus a standard customer page with the video banking, digital lobby?

Putting that digital lobby in the bottom right-hand corner of every one of your application pages will really reduce your abandonment rate. So if I start an application and I have questions or it's taking too long or whatever it may be, I should be able to click a button and video with a video banker and that should be routed to the appropriate person. If I'm filling out a mortgage application, it should route to a loan officer. If I'm filling out opening a checking account, it should write to somebody that can handle checking and allow them to be able to video with the customer and then be able to share their screen and walk through that application, not let the banker or teller do anything on the customer member screen, but be able to see and let them take action them full in what the information is and walk through that journey.

It's gonna be somewhere in the 5% to 20% range. And then it's gonna show you based on that, how you're going to really be able to see the numbers for your video banking ROI and what that's gonna look like. Just on average, if you're going to add that, I mean, you're gonna be increasing your ROI 300% to 500% depending upon what department that is. So do your own scenario to fill it out and see what your ROI is.

Click on the link in the description, play around with the tool and see really where your budget should be for video banking for 2022, and how to incorporate that on your application pages for higher conversion.

Please leave us any comments or questions that you want to be addressed on a future podcast and stay tuned for next week. Thanks!

www.onetouchvideobanking.com/video-banking-roi-calculator

Today, we're going to be talking about the Key Ingredients For Success In Video Banking and the technology uses for those features. We get a lot of questions about that and want to break them down in this podcast. The first feature that I’ll talk about is developing a customer-centric model. What does a customer-centric model really mean? Rather than thinking about how the bank or credit union has done business in the past and doing processes and technology around what is best for the financial institution, you’re putting on your customer's hat, your customer's shoes, and really thinking about what is best for them. So we actually break this down in further detail in our Video Banking Beyond Four Walls white paper. 

Embrace the change. Get your systems and processes in place today versus trying to have an overnight strategy implemented. It is part of the future and its part of today. So to really get that competitive advantage and get the ROI for video banking, utilize those top features. If you really wanna learn more about looking at these features and breakdowns in the ROI, the Video Banking Beyond Four Walls white paper is what you want to read. Stay tuned — we're gonna be talking about video banking, ROI, driving loans through video banking in the sessions next week. Thanks.

Hello everybody, and welcome to today's Knowledge Knugget brought to you by One Touch Telehealth. We're going to be talking today about growing family practice groups with telehealth. A lot of family practice groups across the U.S. Are trying to figure out the new normal of seeing patients in person as well as still accommodating telehealth. One of the key mistakes that we're seeing across family practice groups is practices going back to seeing patients only in person. There are many ways to market new patients, as well as retain existing patients with telehealth. It's not one or the other. It's a new blended environment, a hybrid telehealth model. So family practice groups should look at their appointment types and look at patient demands for telehealth and convenience when determining what needs to come in person and what should be offered as telehealth.

To learn more on telehealth marketing, download our FREE white paper, click here.

To learn about One Touch Telehealth, click here. 

If you have any questions that you want us to address on the podcast, feel free to contact us. 

Hello everybody. And welcome to today's knowledge nugget brought to you by One Touch Video Banking. Today’s topic is one we get all the time and want to break it down - what is a Video Lending Advisor? Some folks were doing it pre-pandemic but Video Lending Advisors have been rapidly expanding.

They could be for a mortgage, could be auto, it could be for commercial lending. Have them instantly through your website - fully branded with the touch of a button - whether it's to schedule appointments, which a lot of these banks have gone to, or if you walk into a branch and see somebody and you have to have a scheduled appointment which frustrates people.

So having that right on your website, the ability to instantly talk to a Lending Advisor with a click of a button, and the option to have a virtual appointment with a Video Lending Advisor.

So why is video lending advisors important? A lot of younger demographics - and when I say younger demographics don't mean younger, younger... I mean your Millennials even your Gen Xs - do want advice and handholding on lending. Whether it's an auto loan, whether it's a mortgage, whether it's buying a building on the commercial side... or even as you saw during the pandemic, all the PPP loans for small business lending people like to have that face-to-face relationship. Now we live in this convenient world where we don't want to have to drive a couple of hours round trip in traffic to a bank to talk to somebody.

 So that's today's Knowledge Knugget brought to you by One Touch Video Banking. If you want to learn more about what video lending advisors are - we do outline it in our new White Paper. If you click on the notes here and download a copy of that as always, please subscribe to the podcast to get your weekly knowledge delivered in your podcast player of choice. And we'll see you next week.

Hello everybody and welcome to today's Knowledge Knugget. We're going to be talking about telehealth marketing in today's healthcare market and how to market around telehealth brought to you by One Touch Telehealth. You've probably seen the news, there has been a lot of talk about Amazon getting into telehealth, they’re doing big marketing for that initiative.
 
Walmart has acquired a company that is going to be in the telehealth space nationwide and pretty much every market in the rural community. Best buy talked about being in this space as well as Sam's club. So there's a lot of marketing and big dollars being spent on telehealth and acquiring patients. If you're a healthcare provider, a practice group, or a hospital in today’s market, then you need to have a strategy and a plan around your telehealth marketing.

To learn more on telehealth marketing, download our FREE white paper, click here.

To learn about One Touch Telehealth, click here. 

If you have any questions that you want us to address on the podcast, feel free to contact us. 

Hello, Everybody. And welcome to today's Knowledge Knugget brought to you by One Touch Video Banking. We're going to be talking about a hot topic today — how virtual Lending as a Service (LaaS) is really making a difference in 2021.

We've seen a lot of market changes in 2021. The real estate and housing market have gone crazy in a lot of markets. A lot of new players have come into the industry and allowing you to make cash offers and get instant mortgages, the ability to sell your house sight-unseen online to these bigger lenders. So, there's been a lot of changes — and that's all been driven by technology.

If you have any questions that you want us to address on the show, feel free to submit those as always subscribes. You can get your show delivered to your inbox weekly on your podcast, player of choice. Thanks, everybody. And also click on the link in the podcast notes to download our new white paper on video lending as a service take a read and let us know what you think. Thanks.

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Dr. Diana Girnita Founder and CEO of Rheumatologist OnCall direct care telemedicine company actively seeing patients in 6 states. Her practice focus is a highly personalized, evidence-based, and integrative medicine approach for patients with autoimmune diseases and arthritis.

She provides instant access to specialized care in a digital format to meet the needs of her patient’s lifestyle, accelerating the diagnosis and treatment of autoimmune and inflammatory conditions. 

Topics: 

1.     Dr. Girnita, you made the decision years ago to move to a direct Rheumatologist model, tell us a little the background of what led you here. 

2.     Let’s talk about the patient experience in a normal specialty medicine model of waiting to see the specialty rheumatologist, maybe in pain waiting, and how your model of the first contact to visit really works? 

3.     Tell us a little about the efficiencies of managing a virtual care rheumatologist practice. Do you see more patients, have a better work/life balance, what are the benefits vs. when you used to practice only seeing patients in person, in the office.

4.     You are actively seeing patients via telehealth in over 6 states. How have this benefited both patients who might not have access to a rheumatologist and your practice for not being tethered to a physical location? 

5.     Do you think the pandemic progressed the virtual care model, have you seen an uptick from patients wanting to be seen over video? Where do you see this 2 years from now?