A lot of you might have seen our video banking ROI calculator, in which you can calculate your own ROI for your bank or credit union. It breaks it down by department. So the conversion rate will be a little bit different for a mortgage conversion rate application page versus just opening a checking account. We’re talking today about the differences between the two.
So where does video banking really come in and move that needle in the ROI versus a standard customer page with the video banking, digital lobby?
Putting that digital lobby in the bottom right-hand corner of every one of your application pages will really reduce your abandonment rate. So if I start an application and I have questions or it's taking too long or whatever it may be, I should be able to click a button and video with a video banker and that should be routed to the appropriate person. If I'm filling out a mortgage application, it should route to a loan officer. If I'm filling out opening a checking account, it should write to somebody that can handle checking and allow them to be able to video with the customer and then be able to share their screen and walk through that application, not let the banker or teller do anything on the customer member screen, but be able to see and let them take action them full in what the information is and walk through that journey.
It's gonna be somewhere in the 5% to 20% range. And then it's gonna show you based on that, how you're going to really be able to see the numbers for your video banking ROI and what that's gonna look like. Just on average, if you're going to add that, I mean, you're gonna be increasing your ROI 300% to 500% depending upon what department that is. So do your own scenario to fill it out and see what your ROI is.
Click on the link in the description, play around with the tool and see really where your budget should be for video banking for 2022, and how to incorporate that on your application pages for higher conversion.
Please leave us any comments or questions that you want to be addressed on a future podcast and stay tuned for next week. Thanks!
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