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TMCNet:  Defence Bank's video banking service promises to be a success

[January 18, 2013]

Defence Bank's video banking service promises to be a success

Jan 18, 2013 (Datamonitor via COMTEX) -- Combining the convenience of online and the personal element of face-to-face banking, Defence Bank's recent launch of its new video banking system promises to be a success. By adding a personal and more direct component to online banking the mutual assumes a more important role in the customer's decision-making process, enabling it to promote its products more effectively.

With more than a fifth of consumers using the online channel on a daily basis, it is Australia's preferred method of banking. However, the lack of human contact still represents the single most important adoption barrier in Australia, even more so than security concerns. By addressing this issue, Defence Bank's new video banking service is likely to appeal to its customer base, who largely reside in remote areas.

To use the mutual's video banking service, customers book a session online, go to a specified web address, and a video-equipped customer service representative then takes the video call at the bank's Melbourne call center. Initially, Defence Bank's new service is targeting customers who want to conduct loans and credit card-related transactions. However, over time the mutual intends to add general banking transactions to the system.

In particular, in regards to higher value services, the new system allows Defence Bank to break into consumers' decision-making process through personal contact. This will enable the bank to reach out to a segment of its customer base that is accustomed to one-way communication more effectively and influence the buying process in a manner that is not possible through more remote channels such as online banking.

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