8 Ways the Financial Services Sector Can Take Advantage of Online Video Conferencing

Organizations operating in the Financial Industry are facing challenges in which they have never dealt with before. Over the last three years, the global economic crisis has forced many financial institutions to close their doors, go bankrupt or merge with larger corporations.
In order to stay afloat in the financial sector, companies must find innovative ways to maintain a competitive advantage, cut back on costs and increase productivity. Online video conferencing is one tool all financial businesses must consider investing in. Not only does it save a company time and money, it also provides employees and customers with a cutting-edge way to commute with each other. Just look at the many ways online video conferencing is already being used in the Financial Services Industry:

1. Companies are offering "Agent on Demand" services, giving their prospects and clients one click access to sales personnel, customer service departments and technical support staff.
2. Online certification is being made available to employees, reducing the time an employee needs to take off in order to travel to and from certification courses.
3. Companies are offering educational webinars and online seminars to prospects and clients.
4. Customer service agents are providing online client trainings. This eliminates the need for customer service agents to travel to and from client locations, making them more productive and freeing up their time to conduct even more trainings.
5. Financial branches are meeting more often with company executives. Rather than conducting quarterly meetings that require either an executive to travel to a specific branch location, or employees to be flown and housed at the corporate office, companies are conducting more frequent meetings online, resulting in not only a cost savings due to less travel costs, but also improved employee morale and better team communication
6. Employers are conducting employee training remotely, resulting in a further decrease of travel dollars and time.
7. Financial offices are conducting online loan interviews. This makes it easier for clients to manage their schedules by allowing them to attend these interviews from their office or the comfort of their own home.
8. Companies are providing clients with live visual records and data, making it easier to address a client's security and investment concerns.

During these trying economic times, online video conferencing gives the Financial Services Industry a better and more economic way to reach out to customers and rebuild their confidence, as well as a way to streamline companywide processes, retain and attract top talent and drastically cut down on travel costs, all the while making personnel more productive and more responsive to client needs.

Dan Richmond is Co-founder of MegaMeeting.com. MegaMeeting provides web & video conferencing services for individuals & businesses.

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