SALT LAKE CITY, Feb. 24, 2021 /PRNewswire-PRWeb/ -- POPio Mobile Video Cloud® (POPi/o), the #1 leader in video banking enabling virtual banking solutions, today announced a record year of milestones and successes for 2020, as financial institutions continue to embrace mobile and video banking services in response to COVID-19 restrictions and concerns.
"Since the emergence of a global pandemic, video banking has been truly put to the test—and has proven itself 100x over," said POPi/o founder and CEO Gene Pranger. "The virtual branch is no longer a futuristic technology, but one that has stepped up to the plate and is playing a critical part in keeping financial institutions and consumers connected, adapting and thriving in a new world."
The convergence of mobile video chat with digital collaboration, POPi/o facilitates the virtual completion of complex banking tasks while face-to-face with live banking representatives. Over the course of 2020, POPi/o's customer base grew over 130%. Some of these most recent bank and credit union customers include:
- America First Credit Union
- Beneficial State Bank
- Wisconsin Bank & Trust
- Affinity Plus Federal Credit Union
- Michigan State University FCU
- American Heritage Credit Union
- Chelsea Groton Bank
- Tyndall Federal Credit Union
Among this rapidly rising client base, POPi/o saw video banking call volume increase over 283% in 2020 (and 662% in year-over-year call volume compared to 2019). Furthermore, while indicators such as in-branch call volume began climbing back after the pandemic's initial impact, digital video call volume "spikes" never dropped off—demonstrating a dramatic shift to virtual services. While some practices initiated by COVID-19 are likely temporary, these virtual resources remain as fixtures of the new economy.
POPi/o user data for 2020 confirms virtual branches are providing exceptionally convenient, personal, remote and safe access to financial institution staff and product knowledge experts, at a fraction of the cost of a physical branch. The impact of the year's challenges, successes and continued growth in video banking activity is manifesting considerable rewards for POPi/o clients, including:
- Revenue-building relationships: 80% of video calls are related to new account openings or lending opportunities
- Bottom-line savings: 51% reduction in monthly lending expenses
- Increased access: 20% of digital visits are outside the standard 9-5 banking hours, and 11% of video banking visits are on the weekend
- Greater productivity: 80% average loan volume increase per centralized employee
- Customer satisfaction: 96% positivity rating across all clients and all call types
In addition to onboarding a surge of new bank and credit union customers and working to help each be successful with the launch of their unique virtual branches, POPi/o unveiled several pioneering features to its platform throughout 2020, including: POPwelcome, an all-new plug-in allowing website visitors to initiate text chat and real-time calls via their channels of choice; and the approval of the platform's 9th patent. This patent protects methods and systems for utilizing multi-pane video communication in connection with check deposit.
"We'll all remember the challenges of 2020, but POPi/o has been honored to partner with so many remarkable financial institutions in delivering critical services, comfort and smiles to their communities, despite the difficulties," said POPi/o President Jed Taylor. "In mere months, these agile banks and credit unions are proving video banking has the power to exponentially increase access to their services, optimize branch staffing, and make every home a virtual branch—empowering both financial institutions and consumers."
To learn more about the POPi/o video banking platform or how financial institutions are using POPi/o to create virtual branches, please visit popio.com.
POPio Mobile Video Cloud (POPi/o) is the leader in video banking and collaboration technology—a comprehensive mobile, web and in-branch video software solution that improves the customer experience. Through two-way video communication and collaboration tools such as screen sharing and document signing capabilities, banks and credit unions empower their sales and customer service channels to conduct a broad range of personal and business interactions. For more information regarding POPi/o, visit popio.com or call 801.417.9000.
Kristi McCain, 385.204.4341
Kristi McCain, POPi/o, 385.204.4341, [email protected]