When Are You Adding a CVO to Mahogany Row?
What’s a CVO? A Chief Video Officer. A senior officer in your bank who is responsible for developing your video strategy, executing on that strategy and measuring and reporting its results.
Why would this even be a consideration? Consider this, by 2013 92% of all Internet traffic will be video. Video is becoming more pervasive. It is not just YouTube and NetFlix. It is now pervasive throughout financial services.
The uses of video stack up very quickly: most obvious is the growth in digital signage in retail branches. Now those advertising screens are morphing to interactive touch screens and full blown video walls. There is video on almost all websites to promote products and services and to build financial literacy. Internally, both live streaming and on-demand video is used in training. Corporate executives can now live broadcast to all employees.
Virtual concierge services are appearing—this is where self-service branches use life-size, high-definition video to greet customers when they request help. Now, with video and collaboration technology banks are staffing branches with remote experts and collaboration stations—with this capability banks can have wealth managers, small business lenders and mortgage lenders available in every branch via video. Why Remote Experts? To deliver a high touch experience, to deliver the service and knowledge at the customers convenience, and to make the best productive use of experts’ time.
And have you considered video surveillance? In the branches. At ATMs. In corporate offices. In contact centers?
Without a CVO you run the risk of reinventing the wheel and solving the same problems across multiple operations. A perfect opportunity for silo building. Video is multichannel. So, without a consistent strategy, you run the risk of delivering inconsistent experiences to your customers and employees. Speaking of risk, what is your compliance policy when video interactions need to be recorded? Is it the same as audio? What about storage? What search capabilities are available for unstructured content? Hmmm.
As you write the job description for your CVO, remember that it is not all about technology, but also about people and process. And looking good on camera, while a nice to have, is not a show stopper.