The Finovate Debuts series introduces new Finovate alums. Today’s feature is Linqto, which demonstrated its virtual Personal Banker solution at FinovateFall 2014.
With Linqto’s Personal Banker, users can talk face-to-face with their bank teller in real time, from anywhere with an Internet or data connection.
The stats
- Company founded in 2010
- Product launched in 2014
- Clients include Marriott, Intuit, NCR, and other major organizations
The product
Digital banking has transitioned from a “nice-to-have” to a “must-have,” but many customers find that an online-only channel lacks the personal connection that comes with the in-branch experience. Personal Banker captures the convenience of remote banking while maintaining the personal, face-to-face relationship aspect of in-branch banking.
With Linqto’s system, customers launch a live video chat with a real teller directly on their mobile device. Personal Banker is built to accommodate all devices; even customers without a camera can use SMS to text with a teller.
How it works: Consumer facing
>>Banking
Customers launch the video chat by clicking a button on the web or mobile platform. The one-touch access works like the Mayday button for the Kindle Fire HDX.
To make it as easy as possible, there is no software to upload, no plug-in to install, and no additional user name or password required.
During a video chat, customers can view and discuss their balance and take a picture of a check to deposit it during the session. They also have the option to type in questions and answers during the discussion, in the event they are in a public place.
>>Learning
The Personal Banker solution also has community rooms that act as virtual conference rooms where banks can host seminars on subjects such as retirement and home buying. Customers can interact with the conference host by speaking through their microphone or typing into the chat box.
How it works: Bank-facing
The teller’s screen shows a streaming video of the customer, their location information, their account information, and notes, such as their preferred nickname.
The teller also sees the availability and location of other tellers or specialists. Similar to a call-in experience, the teller can transfer the customer to someone such as a loan officer or wealth management specialist.
Since Personal Banker still requires the use of tellers, it enables banks to use idle teller resources, helping some branches remain cost effective. This serves digital customers while keeping tellers in geographical locations where they are needed.
Security
Personal Banker adds an extra layer of security. First, it is difficult to spoof a live video of a face, which enables the teller to verify the customer’s identity. Additionally, the video feed is delivered securely, and all proprietary information is sent behind a firewall.
Linqto markets Personal Banker to bank technology providers such as Intuit, who combine the functionality with other solutions and market it to banks. The Personal Banker solution is coded to fit seamlessly within a bank’s website, mobile app, and branch software.
Watch Linqto’s live demonstration of Personal Banker at FinovateFall 2014.