The term "video banking" describes the practice of conducting financial transactions or getting professional financial advice via a distance video link. Customers and bank employees can interact through video conferencing technology when using video for financial services. Additionally, customers can use virtual banking while at home on a laptop, tablet, or smartphone to communicate with their bank. It connects a client with a banker or financial counsellor via live video technology. Additionally, video banking can help to increase the efficiency of banking operations by facilitating the completion of specific tasks, such loan applications and account opening, and by enabling bank professionals to manage many customer transactions at once.
According to SPER Market Research, ‘Global Video Banking Service Market Size- By Component, By Deployment Mode, By Application - Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ states that the Global Video Banking Service Market is estimated to reach USD 321.27 billion by 2033 with a CAGR of 13.84%.
Drivers:
Development of Online Banking Services:
Banks are moving to provide their services through digital channels as the use of mobile devices and the internet increases globally as a result of the growth in digital banking trends. Banks are working with fintech firms and other third-party platforms to create new consumer-focused products and services in an effort to further enhance customer experiences.
Digital banking services are being introduced and encouraged by government-led initiatives worldwide. Several banks are also using machine learning to anticipate fraud before it happens, which strengthens the security measures in the banking platform. More widespread use of cutting-edge technologies in video banking services is anticipated to have a favourable effect on the advancement of digital banking in the upcoming years. Consequently, the market for video banking services is primarily driven by this factor.
Restraints:
Privacy and security concerns for customers:
Concerns about client privacy and security have become significant commercial challenges due to the large amount of data being collected. Enhancing client data security against theft, data breaches, and other cyber threats, as well as maintaining the secure administration and privacy of client data, are important considerations for video service providers. Because comprehensive federal regulation is lacking, banks and other financial institutions, particularly those that provide digital financial services, are under increasing pressure to take a proactive approach to protecting client privacy.
For example, 80% of bank executives polled for the World Retail Banking Report stated that cyber security and privacy are their top worries as the banking industry continues to shift to digital methods. This is a major obstacle preventing the market for video banking services from growing as a result.
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Impact of COVID-19 on Global Video Banking Service Market
COVID-19 had a favourable effect on the video banking services sector. The rapid adoption of digitalisation in the financial industry during the epidemic aided the growth of the video banking market. Furthermore, to strengthen the security aspects of the banking platform, many banks used machine learning to predict fraud before it occurred. In addition, AI in video banking solutions has the potential to significantly reduce account opening time and operational expenses. Furthermore, it is expected that in the coming years, this element will provide the video banking service industry with multiple, very profitable opportunities.
Video Banking Service Market Key Players:
North America experienced the most growth in 2021. This is due to the increased demand for video communication, virtual workforce management, and cloud-based collaboration platforms, which are some of the primary drivers driving the video banking service market expansion. Furthermore, banks and organisations are using video collaboration technologies to make faster decisions and avoid the significant costs associated with travel. Major players in the market are AU Small Finance Bank Limited, Barclays, Branddocs, Cisco, DialTM, Enghouse, Glia Technologies, Inc., Guaranty Trust Bank Limited, and Others.
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Video Banking Service Market Growth
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