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Use of Video Conferencing to gain competitive advantage in New Bank New bank can make use of video technology to connect customers with the right experts in a short p of time to provide quick and personalized service on-demand. Most banks worldwide are in a nascent stage of using video to carry on various businesses with their customers remotely; hence New Bank can take advantage of this. Through video-enabled web conferencing or branch office video conferencing the bank can conduct high risk, high return businesses of discussing purchase and sell of stock, selling mortgages, structuring investment portfolios and advising on loans.

Advantages of adopting video conferencing in New Bank (Drivers) * Optimization of the cost/lemon ratio Cost income ratio is the standard benchmark of bank efficiency. In some cases, bank balance sheets and cost income/ratio are in an unhealthy state such that reducing cost whilst increasing revenues becomes critical. In this regard, video banking will help in reducing cost/income by decreasing branch banking headcount and improving revenues effectively. * Integration of disparate business processes Video technology paves way to integrate the disparate processes in the enterprise ND bring synergies between business teams across geographies. Real-time remote access Video conferencing enables real-time access to expert bankers located remotely. This then improves the quality of interoffice interactions. * Value to customers Video technology implemented in retail branches can provide high value product information to customers. This decreases turnaround times for closure of customer queries. * Enhancement of branch banking interactions Video conferencing allows expansion of video across branch networks helps information dissemination and cross selling. Visual Connect Video conferencing is used to connect customers with product experts when selling higher margin products.

This then allows wealth management experts to maintain visual contact with clients spread across the branch network. Examples of real life scenarios of video conferencing * Video teller technology in retail banking This is ideal where financial organizations seek to offer personalized transactional services to customers more flexibly and its benefit is that, it optimizes branch resources by focusing on higher value, non transactional advisory work and permits a eider range of services at branches and unstained locations. Social Media Innovation This is ideal to support a virtual branch online to support enquiries regarding advice on mortgages, foreign exchange and setting up payments. The merit of this is that it helps in providing personalized services to the customer and enhancing customer relationship. 2. Use of automated call centers in New Bank to capture competitive forces New Bank can adopt automated call centers as a meaner for cutting costs and improving transactions from high touch, high cost, traditional branch banking channel.

This then allows branch employees to concentrate on revenue generating activities. Additional benefits for using automated call centers include: * The creation off comprehensive view of each customer’s profile to understand his or her needs. * The standardization of the sales process to maximize the use of customer information in sales. * The upgrading of the personnel’s skills so they can satisfy the customer by offering the right products and services. This allows the recognition of productive staff with the facility to monitor operator productivity.

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