5 Advantages of Video Conferencing for the Financial Industry

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Photo by Gustavo Fring from Pexels

It used to be all about face-to-face meetings but with the rise of remote working, things are changing. Video conferencing is becoming a huge part of more and more industries, and financing is one of them. 

It doesn’t matter if you’re a banker, an insurance agent, or a mortgage broker – the number of financial businesses that turn to video conferencing is growing. Video conferencing is a very useful tool that can help your business grow and make it easier to connect to clients and partners. 

Here are five good reasons why you should start using video conferencing in your financial business. 

It works better than a simple phone call 

A phone call can be useful in some case but a video has many more advantages. For example, if you’re a mortgage broker, being able to see your client’s face gives you more insights during the pre-approval stage. It will allow you to find out in more nuances how confident they are about managing their finances and whether they’ll be able to support the mortgage in the future.  

It allows you to step ahead of the competition 

Finance might be one of the oldest industries but that doesn’t mean it has to stay in the past. Your business should be open to change if that’s going to help you grow, reach more customers, and make the working process more convenient. 

By allowing your clients to do their finances online, you can step ahead of other businesses that are still keeping it on the traditional side, expand quicker, reach new customers and build a stronger relationship with existing ones. 

It helps you attract younger clients 

Millennials and Gen Z are not even old enough to have a bank account, but probably already thinking about loans, investments, and mortgages. By opening up to channels and ways of communications they’re more used to, you’ll be more likely to win them as customers. 

You want your business to be fluid enough and to be able to adapt quickly to the ever-changing world, or you might find you were left behind. 

It can save you money 

Video conferencing not only makes it easier to schedule and conduct meetings but also cheaper. You won’t have to travel to another city or country for a meeting with a client, you can have a brainstorming session with your team from different branches, or you can train new hires from the comfort of your office just by sending an invite to a video conferencing call. 

And not having to spend on travel and accommodation can save you a lot of money throughout the year – much more than the initial investment in technology or subscription fee. 

It also saves you a lot of time 

By eliminating the need for travel you not only save money but a lot of time as well. You won’t have to waste hours on the plane or in the car just to have a meeting with your clients or partners. 

And unlike a phone call, by using video conferencing you can easily share your screen so you can quickly show files and documents to your partners and investors, without the need for complicated explanation. 

Overall, you can highly benefit from Incorporating video conferencing in your financial business by winning more new clients, build up better relationship though easier communication, and save a lot of time and money. 

 

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