Technology within the financial services industry continues to thrive as US banks explore new ways of communicating with their customers.
Minneapolis-based US Bank, the fifth-largest banking institution in the United States, this month announced plans to offer individual clients video meetings with bankers. The live video offerings aim to provide personal support from local bankers to retail clients without having to travel.
The Bank’s Cobrowse feature allows customers to share their screen with a banker so they can work in tandem, simultaneously browsing online and mobile banking.
According to US Bank, a Cobrowse trial has been popular with customers during the pandemic, with more than half a million sessions taking place in 2020.
“Customers continue to show that they appreciate being able to talk to a human being about their banking needs”, said Tim Wealth, US Bank vice president for personal and commercial banking. “Customers loved these tools during pilots because they were convenient, efficient and secure, without losing the personal one-on-one connection.
The Bank’s digital service has emerged during a period of instability for branch and call center jobs within the industry as fintech partnerships endanger traditional roles. However, while the adoption of digital services has increased dramatically, customers still prefer a personal touch. A recent KeyBank survey showed that younger customers were still keen to have a face-to-face interaction with their bank, despite being comfortable with online services.
Meanwhile, Ohio-headquartered Huntington Bank introduced its first digital-only lending tool: “Cash Standby”, which gives eligible customers immediate access up to $ 1,000.
The tool is designed to help clients with emergency expenses. A recent Huntington poll found that only 51% of respondents had money in reserve for emergencies.
Eligibility for the tool is dependent on a constant monthly deposit of a minimum of $ 750 over a period of three months or more and a review of overdraft history. Unless customers subscribe to automatic payments, a monthly interest charge of 1% is applied on unpaid balances.