Technology has come a long way in the past few decades. And it has connected people in ways that generations before would have never thought possible. RewardExpert had the opportunity to speak with Director of Financial Services Solutions Marketing, Damien Simonneau, of Vidyo, a company that has revolutionized the world through its real-time video and cloud-based services.
In the Beginning
Vidyo was founded in 2005, and “since the beginning, we’ve really been a pioneer in the video collaboration business,” stated Simonneau. “We brought to market a very innovative solution that actually delivered very good video quality over the public Internet. That’s how we started. With our solutions, we were able to be the first to introduce things like HD video conferencing on the mobile and on the desktop.”
If you look back a decade or more ago, most of the video conferencing in the corporate world was happening in meeting rooms. You typically had to go to a room to have a video meeting and visit someone else from your company. “What Vidyo brought to market was the ability to get out of the meeting room and be able to do high quality video conferencing from almost anywhere on the mobile or the desktop,” said Simonneau. “That’s really how it all started.”
The Solutions That Vidyo Provides
Vidyo offers a variety of solutions for companies, as well as millions of individuals around the world with their secure, scalable technology and cloud-based services.
One example is VidyoConnect, which is a solution that provides video conferencing for team meetings. “It’s really about boosting collaboration for all companies, so enabling their employees to video collaborate,” explained Simonneau.
Another example is VidyoEngage for customer engagement, which Simonneau described as “increasing the quality of the relationship with the customers.” This is typically what their banking and financial services customers generally use. In addition, vidyo.io is about developing any sort of application.
“Any type of company can use these solutions,” said Simonneau. “So they are looking at Vidyo as a way to overcome challenges and to be able to re-humanize the digital experience.”
Importance of Video Chats in Financial Services
While many financial services providers don’t utilize video at the moment, Simonneau said that it really should be a key component moving forward. He said his company actually conducted a study last year which showed that, “over 80 percent of our financial institutions are planning to deploy at some point some sort of off Video Customer Engagement Solution. That really means they see the value in it, and I think that’s what we’ll see in the future.”
Simonneau said that video banking in particular seems to be the best way to effectively communicate with customers, especially since most people don’t have time to visit in person. “With Vidyo, each time you need to have a meaningful conversation, you’re able to do that through video, which is much more effective than email or on the phone. And we see most of our customers will use that type of solution. It’s all about building a long term relationship with the customer.”
Benefits for Financial Institutions and Clients
Simonneau said with video engagement, financial institutions can sell more easily and more effectively to their customers. “And in many cases they are going to be able to shorten the sales cycle. So that’s the top line benefit. And on the bottom line, there are also a number of benefits in terms of cost reduction – mainly because they are going to be able to better utilize their resources, and having the right experiences available at any time.”
In addition, Simonneau stated he sees a lot of insurance companies interested in using a video for claim management. He said, “You don’t have to send your experts on-site anymore to assess the damage and do a loss adjustment. You can just do that over Vidyo, which may save a lot of the cost and is much more convenient for the customer.”
Vidyo also offers companies an opportunity to download a free Video Banking Success Kit, which includes 12 Assets to Grow a Successful Video Banking Program. For more information, visit https://info.vidyo.com/2019-video-banking-success-kit.html.
Vidyo’s Solutions for Success
To summarize, Vidyo’s solutions offer companies, particularly financial institutions, the following:
- the ability to transform the customer experience
- ways to rehumanize the digital experience
- the ability to give customers access to the right expertise whenever they need it
- ways to shorten the sales cycle
- an opportunity to allow individuals to better utilize their resources
Simonneau said that Vidyo is really at the forefront of innovation in terms of video. The company currently has over 190 patents in the video collaboration business. In terms of the future, Simonneau said, “Our focus is to continue to build our platform, to make it easier for financial institutions to be in the full solution on top of all the video offerings. So building additional integrations and already making it easier to build upon those integrations for customers is really what we are very much focused on.”
To see what Vidyo can do to enhance your business, or to embark on your next video banking project, visit https://www.vidyo.com/.