Video conferencing benefits: Video banking & virtual law firms

Sub: Video conference systems for bankers and lawyers

Before COVID-19, most businesses considered video conferencing systems a backup option. Now, they’re a communication mainstay—especially in the banking and legal sectors. Video consultations, video board meetings and even video trials have all become normal in the wake of the pandemic.

Grainy images and audio lag are so 2005. Calls made via high-speed internet using modern teleconferencing software are crisp, clear and colorful. Businesses benefit from face-to-face encounters with customers and telecommuting workers feel more engaged.

Let’s briefly explore work-from-home data before we move on. According to a Global Workforce Analytics survey, about 5 million American workers, or roughly 3.6% of the workforce, were based at home in 2018—a 173% increase on 2005 figures. When the COVID-19 pandemic struck in 2020, more than 42% of the workforce began working from home full time.

Many economists and HR experts believe that telecommuting is here to stay. According to one study conducted in late 2020, as many as 36.2 million Americans could be home-based by 2025.

In this guide, we’ll expand on some of the main benefits of video conferencing—specifically in relation to legal businesses and financial institutions. We’ll also talk about a few high-quality teleconferencing options, some of which you can integrate into your existing systems via API.

Benefits of video conferencing systems overall

The right communication technology can transform your business. Let’s begin by looking at some of the general perks associated with video conferencing systems.

A reliable channel for communication

Modern video conferencing is very reliable indeed. Audio and video quality problems initially made the medium a hit-or-miss option; newer technological upgrades have reduced or eliminated many of those previous issues. Most contemporary internet connections incorporate plenty of bandwidth, which helps maximize audio and video clarity.

Video conferencing software isn’t just more reliable than ever—it’s also more cost-effective than ever. Because calls travel through the internet, there are no time-based charges involved: you can meet with clients and staff members for as long as you like.

Use for training new staff members

Face-to-face training is so much more efficient than training by email. When new recruits and mentors meet via video calls, they form a rapport. New hires feel like part of your team, even if they work remotely. Tricky concepts are much easier to explain “in person” than via an email—tone, after all, is everything.

Some video conferencing platforms let trainers share screens and stream video or audio files. Recruits can see PowerPoints, diagrams and training videos clearly on screen—just like they would in a formal training environment.

Increase in productivity

Teleworkers left to their own devices sometimes experience a loss of momentum. When remote employees connect via video software, team spirit and personal morale both improve. Video conferencing enhances B2C commerce, too. In practical terms, agents who don’t have to travel to meet customers and clients can fit a greater number of appointments into each day.

Video conferences are easier to set up than face-to-face meetings—even outside the confines of a pandemic. Agents and clients no longer have to come up with mutually convenient times to chat in the office; deals are done online instead. Convenience fuels greater productivity.

Remote collaboration

In a Forbes Insights report conducted before the pandemic, more than 84% of respondents considered video conferencing a useful B2B and B2C communication tool. After the arrival of COVID-19, teleconferencing became the essential way to collaborate—without video chat, teams were left with group email threads and conference calls, neither of which felt satisfying or inspiring.

Pandemic or not, video conferencing technology also enables cross-country and international collaboration with industry peers. Teams don’t have to fly or drive to meet in person, so shared projects cost less. Providing team leaders and moderators stay on top of cross talk, video call participants feel heard and appreciated.

Effective customer service

Live video customer service is relatively new and innovative, and it’s loaded with benefits. Video chat is about as close to in-person customer service as it gets. Agents connect with callers and easily build rapport, enhancing CX. Facial expressions convey information and make communication easier—plus face-to-face dialog can diffuse tension more easily than a telephone conversation.

Finally, many customer service industry experts believe that live video customer service channels showcase professionalism. In other words, if your reps and your call center look good, you look good.

Video conference security

Modern video conferencing software is safe and secure. Many communications suites—like 8x8 Meetings, for instance—use DTLS-SRTP encryption to safeguard privacy. Confidential information stays confidential. These encryption measures apply even when participants tune in via mobile device.

Some video conference programs offer optional end-to-end encryption (e2ee) on desktop calls, which acts like a double shield over your call. Participants access the video meeting using a password. In 8x8 Meetings, for instance, you can toggle e2ee off or on depending on the security level you need to achieve.

Benefits to virtual law firms:

Great video conferencing software can make life easier—especially for lawyers. Here are some ways your virtual law office could benefit from a teleconferencing solution.

Increases trust between lawyers and clients

In many cases, people who seek legal advice feel vulnerable. Face-to-face meetings help to build trust; when they’re not feasible, video meetings provide many of the same trust-building opportunities. Arriving on time, making digital eye contact, paying close attention and mirroring body language can set your client’s mind at ease.

Whenever possible, try to avoid rescheduling meetings. Resist multitasking while you’re on the call and begin your conversation with a small amount of friendly banter to break the ice. One more thing—make sure you’re in a private space before you take a client video call to avoid breaching privacy laws.

Improves lawyer-to-lawyer relations

Lawyers often need to collaborate with one another. Video conferences can help build trust under these circumstances, too. Face-to-face video meetings support nonverbal communication and allow legal eagles to develop a rapport. When they’re on e2ee calls, lawyers can also exchange documents and screen share.

When lawyers work together effectively, clients and law firms both reap the benefits. Multidisciplinary legal teams solve complex problems efficiently and command higher rates than solo lawyers; clients feel satisfied and stay loyal over time.

Collect witness testimonies and depositions

You can use encrypted video calls to capture witness testimonies and depositions. Many witnesses feel more comfortable providing evidence via video link anyway. If they need to, witnesses can transmit documents to you at the same time. You can record video calls for posterity and transcribe testimonies or depositions at your leisure afterward.

Video testimony works especially well when clients are incarcerated or abroad. Video conferences are much easier to arrange than in-person meetings, so cases proceed more quickly.

Use legal video conferencing software for arraignments

Arraignments via video are much easier than in-person procedures. Jails don’t need to arrange secure transportation for violent or at-risk defendants, and they don’t need to dedicate time or manpower to the arraignment either. Because of the logistics involved, regular arraignments take hours or days to set up; video arrangements can be arranged in minutes.

Arraignments via video are safe, secure and reduce stress. Participants include the inmate, the inmate’s legal representative, the prosecutor and the judge. When arraignments are broadcast inside courtrooms, they’re still visible to members of the public sitting in on proceedings.

Video conferencing saves money

Video conferencing—and teleworking in general—can save companies a lot of money. One recent analysis found that employees who work from home just half the time save their employers up to $11,000 per person annually. Legal proceedings conducted via video save firms—and the general public—even more money.

Costs for in-person arraignments occasionally run into tens of thousands of dollars. Video call arraignment charges often amount to no more than the hourly fees for the professionals involved. When witnesses provide video testimony and lawyers meet online rather than in person, they eliminate travel costs. Everybody wins.

Video Banking Benefits:

Most large-scale financial deals happen during face-to-face meetings. Video conferences make great substitutes—particularly when clients live out of state. Here are four reasons to adopt a video conferencing solution at your bank.

A more secure communication channel

Contemporary video conferencing solutions like 8x8 Meetings use DTLS-SRTP encryption to safeguard privacy, so they’re ideal for banks. Customers dial in using their desktop computers and must provide a password before they join the call. Extra security options like e2ee make video meetings even more secure.

Secure video channels make identity verification much easier. You can see your customers’ faces in real time and compare them to ID documents held on file. Meanwhile, the video conferencing chat feature acts as a file transfer conduit, so you can exchange confidential loan or mortgage documents with clients.

Banking efficiency

Video conferencing makes banking more efficient. Financial experts based in different departments—even different time zones—can collaborate without traveling. Remote and in-office staff members can see and speak to each other in real time. Company unity improves, employee satisfaction levels increase and teams are more productive.

Video meetings work well from a consumer perspective, too. A full 85% of respondents in a recent Efma study felt that online video banking options were useful and efficient. When busy consumers don’t need to stop in at the bank to do business in person, they recoup valuable time—and that removes a barrier to purchase.

Reach a wider clientele

If your client can’t come to the office, you can use video conferencing software to hold a meeting anyway. This feature is especially useful when customers are housebound or live in other states. Video banking takes away a layer of complexity, so you can reach a wider clientele—and potentially boost your bottom line.

Some of the most adaptive banks no longer have any physical locations at all. Examples include Ally Bank and Capital One Financial Corp, both of which are based entirely online. These cutting-edge corporations communicate with their customers in a variety of ways, including via chat and secure video.

Customizable client offers

Banks used to offer clients personalized solutions as standard. A hundred years ago, they knew their customers by name and made credit decisions based on merit. Times have changed, but you can offer your clients customized products and personalized service via video right now.

Regular face-to-face meetings with customers pay dividends because they imply that you care. You could schedule a yearly conference, for instance, to ensure that your clients’ credit or savings needs are met.

Find the right video conferencing solution for your bank or law firm

Video conferencing systems are here to stay—and for good reason. Modern teleconferencing apps are reliable, convenient, affordable and secure. They facilitate training, customer service and collaboration more than any other method of communication. Finally, they bring remote and office-based workers together, strengthening teams in the process.

Law firms find video conferencing solutions useful for several reasons. Video arraignments are easier to arrange than in-person arraignments and lawyers and clients both benefit from face-to-face meetings when in-person consultations aren’t possible.

Banks benefit similarly. Video conferences make banks accessible to customers with mobility problems, for instance. Financial institutions can also use video calls to provide long standing customers with personalized service.

If you’re interested in making video conferencing software part of your customer service plan, we’d love to hear from you. We offer several video conferencing products, including 8x8 Meeting Rooms and Meeting Apps. Contact us today about standalone solutions and API-integrated widgets that work with existing platforms.