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How Banks Use Secure Video Chat to Bring Financial Services to Previously Unbanked

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Banks in emerging economies can find it hard to reach and serve the underbanked, which make up more than half of the world’s adult population. These people lack access to bank accounts and financial services, so they are often forced to carry cash for all their transactions, making them vulnerable to theft and fraud. One innovative solution being used by banks in India and Kenya is video chat verification, which allows previously unbanked people to verify their identity and establish bank accounts through the simple act of video chatting with a bank teller from the comfort of their own home or mobile phone.

How many people are unbanked?

2.5 billion people don’t have a bank account or access to financial services, including credit, insurance, and savings. For example, about 1 billion of these 2.5 billion live in emerging economies like India, China, and Brazil.

Why it’s hard to get a bank account?

If you’re reading from a developed country, you can probably open up a bank account in less than an hour. You’ll likely only need identification, proof of address, and some cash. However, many people around the world do not have such easy access to financial services. In fact, 2 billion adults globally don’t have access to formal financial institutions meaning they can’t save money or get credit on reasonable terms according to data by The World Bank.

Why does secure video chat work?

A major challenge faced by banks as they seek to bring financial services to emerging economies is that people don’t have government-issued identification cards. In many cases, people also live far from traditional banks and can’t easily travel. In such circumstances, face-to-face verification of a customer is nearly impossible. To solve these issues, financial institutions in emerging markets are using secure video chat (SVC) technology, which allows customers and bank representatives to communicate remotely over a video call.

The positive impact of getting access to banking services

When financial services are scarce, populations in emerging economies often find themselves living under a cloud of constant financial stress. They can’t buy and sell things easily, they have less control over their money, and they’re exposed to more theft and fraud. But even if you live in an advanced economy like that of the United States or Western Europe, access to banking services is still important—and it might not be as easy as you think.

Eazyshow is a no-download secure video chat platform that can be used by anyone with any mobile camera-enabled device. Banks install Eazyshow’s “chat now” button on their homepage or mobile site and invite customers to chat instantly. The conversations can be archived and encrypted into the bank’s CRM or workflow management system. Call center management can observe the influx of calls and support requests in real-time and service agents can answer calls and route them to the appropriate departments.

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