126 episodes

Welcome to The Executive Innovation Show Podcast with your host, Carrie Chitsey, 7x female Founder and CEO of several digital technology companies. She interviews innovative C-level executives from around the world that are changing the game in healthcare, financial services, and human resources. Carrie asks the questions you are scared to ask, we talk through industry problems and innovative ways to pave the future. Learn tips, best practices, and lessons learned from top industry executives.

The Executive Innovation Show Carrie Chitsey

    • Management

Welcome to The Executive Innovation Show Podcast with your host, Carrie Chitsey, 7x female Founder and CEO of several digital technology companies. She interviews innovative C-level executives from around the world that are changing the game in healthcare, financial services, and human resources. Carrie asks the questions you are scared to ask, we talk through industry problems and innovative ways to pave the future. Learn tips, best practices, and lessons learned from top industry executives.

    Is Video Banking Affordable?

    Is Video Banking Affordable?

    Today, we're gonna be talking about a question we get all the time — is video banking affordable?


    So the one bucket I want to break down on is video banking and the ROI. We have a great ROI calculator that you can click on here in the show notes and see your actual video banking ROI for your individual bank or credit union. But really the ROI comes from several different buckets.
    It comes from, on average, a 20% efficiency in your workforce. It comes on the increased conversion rate on your website, traffic, reducing application abandonment rate, increasing the conversion rate of new customers. Then it also comes from the relationship management side and increasing wallet share with existing customers.
    The second bucket I wanna talk about is staff optimization. A lot of banks and credit unions have reduced their staff in certain locations with centralized hubs, with smaller micro branches and the ability whether somebody comes into a physical branch and you only have, you know, one business banker in that location.
    They're tied up for the next 20 to 30 minutes, having a cove or cubbie where you have video banking to connect that person to another business banker in a different location really allows you to optimize that staff across locations.
    That really goes into number three, as well as the physical branch, and real estate is not as important in the banking community anymore. Expanding your market share without spending on average 2 million per physical branch location with video banking.
    It really allows you to expand into markets where you do not have a physical branch or expand into markets that are outside of that five to a seven-mile radius of driving distance. So it allows you to acquire new customers and hire folks in a centralized hub, in a centralized location to support those markets.
    The last one that I wanna talk about is: is video baking affordable? Comparing it to ITMs. And so as we look at interactive teller machines and the average cost being $80,000 per hardwired ITM, that is only good. If somebody is driving to that existing branch location, and if they're an existing customer, it doesn't support new customer acquisition. And in comparison to one ITM at $80,000, the average video banking customer is spending about $1,500 a month or $18,000 a year.
    That is not tied to a physical location. So if we compare the 80,000 to 18,000 and the average span has a minimum of three videos ITMs, we're really comparing 18,000 to $240,000. So food for thought on answering the question is video baking affordable. You could click more to really look at our optimizing branch workforce white paper, an infographic, and really walk through that, play around with the ROI calculator. 
    As you're looking at your budgets for 2022, asking "Is Video Banking Affordable?" make sure to schedule a demo today to see for yourself.
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    • 4 min
    Driving Loans Through Video Banking

    Driving Loans Through Video Banking

    There are many types of loans out there today that banks and credit unions, as well as mortgage companies, offer to consumers and business customers through their websites. A lot of companies and financial institutions are in different processes of providing lending services. Online, most have moved to digital service platforms where customers can get rates, apply online, and fully get a loan — digitally.


    Online credit checks offer you options, where you can fill out an application and somebody, will get back to you. Video banking provides a very good increase in conversion rate to put the digital lobby on those loan application pages to increase the conversion rate in some cases over 70%.


    Let's break down the traditional process VS. video banking to do some comparison of the typical application in pages on your website.


    www.onetouchvideobanking.com/podcast/driving-loans-through-video-banking
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    • 5 min
    3 Ways to Improve the Digital Banking System Video Chat Solution For Banking

    3 Ways to Improve the Digital Banking System Video Chat Solution For Banking

    Today, we're gonna be talking about video chat solutions for banking and three ways to improve the digital banking system. We're gonna be going over different ways of if you're doing digital banking today and customer expectations now with digital banking, as well as some improvements there.

    If we're calling the bank, we're expecting that they're answering in about 20 seconds or less. And if we're doing some type of live chat, that's 48 seconds or less. This is outlined in our Digital Transformations white paper. If you click on the link and the podcast show notes, you can see all these expectations outlined in that white paper, if you wanna follow along with this podcast. 
    As you look at your digital strategies and your digital banking system and, and what should be included in that for 2022, please make sure you're looking at the video chat solution for where those levers should be, what departments they should be in, and how to best use that from an acquisition as well as a servicing perspective. That's all for today's podcast as always, please comment give us future topics for future shows and subscribe to get your podcast delivered to you next week.
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    • 4 min
    Video Banking ROI VS. Standard New Customer Acquisition Pages Conversion Rates

    Video Banking ROI VS. Standard New Customer Acquisition Pages Conversion Rates

    A lot of you might have seen our video banking ROI calculator, in which you can calculate your own ROI for your bank or credit union. It breaks it down by department. So the conversion rate will be a little bit different for a mortgage conversion rate application page versus just opening a checking account. We’re talking today about the differences between the two.
    So where does video banking really come in and move that needle in the ROI versus a standard customer page with the video banking, digital lobby?
    Putting that digital lobby in the bottom right-hand corner of every one of your application pages will really reduce your abandonment rate. So if I start an application and I have questions or it's taking too long or whatever it may be, I should be able to click a button and video with a video banker and that should be routed to the appropriate person. If I'm filling out a mortgage application, it should route to a loan officer. If I'm filling out opening a checking account, it should write to somebody that can handle checking and allow them to be able to video with the customer and then be able to share their screen and walk through that application, not let the banker or teller do anything on the customer member screen, but be able to see and let them take action them full in what the information is and walk through that journey.
    It's gonna be somewhere in the 5% to 20% range. And then it's gonna show you based on that, how you're going to really be able to see the numbers for your video banking ROI and what that's gonna look like. Just on average, if you're going to add that, I mean, you're gonna be increasing your ROI 300% to 500% depending upon what department that is. So do your own scenario to fill it out and see what your ROI is.
    Click on the link in the description, play around with the tool and see really where your budget should be for video banking for 2022, and how to incorporate that on your application pages for higher conversion.
    Please leave us any comments or questions that you want to be addressed on a future podcast and stay tuned for next week. Thanks!
    www.onetouchvideobanking.com/video-banking-roi-calculator
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    • 5 min
    The Key Ingredients For Success In Video Banking

    The Key Ingredients For Success In Video Banking

    Today, we're going to be talking about the Key Ingredients For Success In Video Banking and the technology uses for those features. We get a lot of questions about that and want to break them down in this podcast. The first feature that I’ll talk about is developing a customer-centric model. What does a customer-centric model really mean? Rather than thinking about how the bank or credit union has done business in the past and doing processes and technology around what is best for the financial institution, you’re putting on your customer's hat, your customer's shoes, and really thinking about what is best for them. So we actually break this down in further detail in our Video Banking Beyond Four Walls white paper. 
    Embrace the change. Get your systems and processes in place today versus trying to have an overnight strategy implemented. It is part of the future and its part of today. So to really get that competitive advantage and get the ROI for video banking, utilize those top features. If you really wanna learn more about looking at these features and breakdowns in the ROI, the Video Banking Beyond Four Walls white paper is what you want to read. Stay tuned — we're gonna be talking about video banking, ROI, driving loans through video banking in the sessions next week. Thanks.
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    • 5 min
    Growing Family Practice Groups With Telehealth

    Growing Family Practice Groups With Telehealth

    Hello everybody, and welcome to today's Knowledge Knugget brought to you by One Touch Telehealth. We're going to be talking today about growing family practice groups with telehealth. A lot of family practice groups across the U.S. Are trying to figure out the new normal of seeing patients in person as well as still accommodating telehealth. One of the key mistakes that we're seeing across family practice groups is practices going back to seeing patients only in person. There are many ways to market new patients, as well as retain existing patients with telehealth. It's not one or the other. It's a new blended environment, a hybrid telehealth model. So family practice groups should look at their appointment types and look at patient demands for telehealth and convenience when determining what needs to come in person and what should be offered as telehealth.

    To learn more on telehealth marketing, download our FREE white paper, click here.

    To learn about One Touch Telehealth, click here. 

    If you have any questions that you want us to address on the podcast, feel free to contact us. 
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    • 5 min