Video Banking Evolution: Eltropy Empowers Community Financial Institutions to Delight Consumers

Eltropy, the trailblazing digital conversations platform empowering community financial institutions (CFIs), announced the surging demand for Video Banking. Eltropy’s enterprise Video Banking first gained momentum during the pandemic as the preferred platform for CFIs to provide safe and convenient banking access. As the financial services industry undergoes a transformative shift, community banks and credit unions have sought innovative ways to connect with customers and deliver banking products and services.

Eltropy’s Video Banking platform transcends traditional “video chat” capabilities, embodying the true essence of modern banking. With Eltropy, consumers can seamlessly access a wide array of sophisticated banking-specific tools and features conveniently from the comfort of their homes or smartphone, anytime, anywhere.

Since Eltropy’s acquisition of video banking pioneer POP/i/o in 2022, Eltropy Video Banking has soared, delivering an unmatched digital branch-like experience to community banks and credit unions. The comprehensive platform enables CFIs to exceed customer expectations and build meaningful relationships with specific functionality and deployment models tailored to the needs of the industry. These features combine to enable branch-like transactions virtually through video, provide convenience for the consumer, and enable efficient staffing models for banks and credit unions.

Among the hundreds of community financial institutions that utilize Eltropy’s Video Banking are these:

TruWest Credit Union wanted to improve its member services and experience through Video Banking, quickly. Early signs of the service have been promising. “Rolling it out was seamless, and it’s so simple and intuitive to use!” said Iwona Leatherberry, Digital Banking Manager at TruWest Credit Union. “All the steps made sense, including how it integrates with our other platforms to improve our member service experience. The ease of connecting with members, sharing screens and documents during conversations, and guiding them through website difficulties with screen sharing has been a game changer.”

Clearview Federal Credit Union has utilized Video Banking to expand its service reach and hours, allowing it to service members who have relocated or gone on vacation. In the first year alone, its service Clearview Live®, powered by Eltropy’s Digital Conversations Platform, successfully assisted members from 44 separate states. With the help of Eltropy, Clearview is meeting its members in new places. They’re creating satisfying experiences and driving brand loyalty, all while leveraging their most important, revenue-generating services through convenient digital channels.

Chelsea Groton Bank, leveraging its comprehensive digital conversations platform ChelseaLIVE, which includes Video Banking powered by Eltropy, has successfully offered customers secure and convenient access to essential banking services through safe and convenient digital channels. “The ability for our customers to connect with subject matter experts – who are centrally located – is a win-win for our customers and for us,” said Alex Masse, EVP and Chief of Operations and Innovation, Chelsea Groton Bank.

Rivermark Community Credit Union experienced remarkable growth and member engagement through the implementation of Eltropy’s Video Banking. Despite the pandemic, the credit union sustained operations without closing branches and witnessed even stronger results in subsequent years. By transitioning wire transfers to Eltropy’s Video Banking platform, operational efficiencies were significantly enhanced. “Previously, the process took 4-5 hours with callbacks and strict deadlines, but now it is streamlined to less than 15 minutes,” said Jennifer McKee, Video Solutions Manager at Rivermark. “The impact of this transformation on our members and employees has been tremendous, and we couldn’t be happier with the results.”

Eltropy’s commitment to innovation has expanded the horizons of Video Banking with new use cases – as Eltropy announced in May – including fraud prevention, enhanced ID scan, document exchange, signature, check deposit, and virtual notary capabilities. The platform offers multiple deployment models, enabling CFIs to personalize their Video Banking experience based on their unique requirements.

“The fundamental aim of Video Banking is to recreate branch-like experiences for consumers and members within the digital realm,” said Ashish Garg, Eltropy’s Co-founder and CEO. “Eltropy’s Video Banking surpasses simple video chat to offer a diverse range of sophisticated banking services, all accessible from the comfort of your home or screen. It’s been transformational for the community financial industry.”

Community financial institutions can hear first-hand experiences of other CFIs using Video Banking from Eltropy on the upcoming webinar on Wednesday, June 28 at 9:00 AM PDT / 12:00 PM EDT, entitled “A Window into the Future: See the power of video banking’s current-day capabilities.”