How Video APIs are transforming customer experience in the financial services Industry

Industry Trends video api for banking
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The Financial services industry is constantly evolving, and providing customers with personalized and seamless service a key way to differentiate today. One of the areas where service experience has greatly evolved is customer onboarding and relationship management, where video technologies have become a core offering for virtual client servicing.   

Solution providers are now exploring ways in which they integrate video capabilities into different fintech solutions. And this is where CPaaS or Communication Platform as a Service comes into play. Video APIs are a key component of CPaaS and are being increasingly used by BFSI companies to offer an immersive experience to customers.  

CPaaS providers offer these capabilities through cloud hosted infrastructure, taking away all complexity of management and upgrades of technology. So, clients don’t require new hardware or software, and APIs integrate with existing IT infrastructure seamlessly. In fact, with platforms like EnableX, customers can choose between on-premises deployment, hybrid cloud or fully hosted solutions. 

Video APIs offer a variety of benefits to BFSI companies:  

  • Personalisation: Creating personalized interactions by integrating video communication within the application workflow, helping to increase customer engagement and loyalty. They also allow BFSI companies to provide more efficient and effective customer support, as customers can receive real-time assistance through video chat. 
  • Security: Enhance the security of BFSI services. Video APIs can be used to verify the identity of customers and reduce fraud. For example, video APIs along with use of AI and video analytics can be used to perform facial recognition or voice biometric authentication, which can help ensure that only authorized customers have access to sensitive information. 
  • Service Virtualisation: Facilitate remote transactions. With the rise of remote work, many BFSI companies are adopting a digital-first approach to customer service. Video APIs can enable customers to complete transactions remotely, which can increase convenience and reduce the need for in-person interactions. 

How EnableX can help: 

EnableX is one of the leading providers of video APIs for BFSI companies. Our platform offers a range of features designed specifically for BFSI use cases. For example, video APIs powered by EnableX CPaaS platform can be used to conduct remote account opening and KYC (know your customer) processes, improving the customer onboarding experience dramatically.  Along with video calling, EnableX also provides video AI capabilities for features like Face compare  and matching. These are key parts of a customer onboarding journey and widely used in KYC process.  

We recently helped an Indian payments major build a fully virtual KYC process, resulting in major savings in OpEx and resource requirements- you can read the full case study here. 

Our video chat capabilities can also be used for customer support and remote advisory services.  For such requirements, the APIs are integrated into CRM and other core banking software for providing live customer support or help in form filling for different services.  

In addition to video APIs, EnableX also offers other CPaaS services, such as SMS APIs, WhatsApp and voice APIs. These can help BFSI companies to create a truly omni-channel engine of communication that can support a range of customer interactions. 

If you’re a BFSI company looking to enhance your customer engagement and support, consider signing up for EnableX’s platform. With their range of video APIs and other CPaaS services, you can create a seamless and personalized customer experience that will set you apart from your competitors. 

Frequently Asked Questions: 

What are some common use cases for video APIs in the BFSI industry? 

Video APIs can be used for a range of BFSI use cases, including remote customer support, video-based advisory services, remote account opening and KYC, and fraud prevention. They can also be used to facilitate remote transactions and to enhance the security of BFSI services. 

Q: How does video API ensure the security of the KYC process in the financial industry? 

A: Video API ensures the security of the KYC process by using end-to-end encryption to protect the customer’s personal information during the video call. Additionally, two-factor authentication and access controls are used to prevent unauthorized access. Video API providers also comply with data privacy and security regulations to ensure that customer data is secure. EnableX is one of the best video API providers for KYC solutions, as it offers on-premises deployment of the entire infrastructure to host the KYC process, ensuring national and global best practices can be met. 

Q: How can video APIs integrate with the financial industry’s existing systems? 

A: Video APIs can integrate with the financial industry’s existing systems through APIs or SDKs. APIs allow developers to build custom integrations while SDKs provide pre-built integrations that can be easily integrated into existing systems. Video API providers also offer support to assist with 4integration. You can try it for free by signing up for a trial account here. 

Q: How does video API handle large volumes of video calls during the KYC process? 

A: Video API can handle large volumes of video calls during the KYC process through cloud infrastructure. EnableX’s infrastructure can scale up or down depending on demand, ensuring the process runs smoothly even during peak periods. Video API providers also offer support to assist with scaling. 

Q: What customization options are available with video API for KYC in the financial industry? 

A: Video API providers offer customization options such as branding, user interface, and functionality to meet the specific needs of the financial industry. Customization options allow financial institutions to create a seamless experience for their customers. 

In summary, video APIs provide secure, customizable, and scalable solutions for video KYC in the financial industry. EnableX offers easy integration, compliance, customization, scalability, and 24/7 support to meet the specific needs of financial institutions. Try EnableX today by signing up for a trial account. 

The EnableX Video Platform is built using the best-in-class technologies and infrastructure to deliver best possible customer experience. With the use of WebRTC as the underlying real-time communication framework, we ensure seamless communication across end points and mobile devices. We offer native APIs and SDK’s along with hybrid frameworks – both for web and mobile applications including ReactNative, Flutter and Cordova to enable quick integration by developers.

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