The North America Video Banking Service Market would witness market growth of 11.7% CAGR during the forecast period (2023-2030).
Video banking uses a remote video connection to conduct banking transactions or professional banking consultations. Specialized banking transaction devices or video conference-enabled bank branches can provide virtual banking services. Additionally, video banking enables personalized and expert service remotely and is a potent component of a comprehensive digital customer service strategy. The primary advantage of video banking is that it allows banks to interact with customers digitally, securely, efficiently, and humanly.
Video banking allows customers to open new accounts remotely. Bank representatives can guide customers through the account setup process, verify identity documents, and answer questions. Customers can apply for loans via video banking, including mortgages, personal loans, and business loans. Loan officers can assist with the application process, provide information, and guide applicants through the necessary documentation. Customers can schedule video appointments with financial advisors and planners to discuss investment strategies, retirement planning, and other financial goals. This offers a convenient way to receive expert advice. Video banking can be used to verify customer identities and perform KYC checks, essential for regulatory compliance. Customers can display their identification documents via video for verification.
As per the International Trade Administration (ITA), there are currently 48 banks operating in Mexico, of which seven control 78 percent of the market share in total assets. BBVA Bancomer, CitiBanamex, Santander, Banorte, HSBC, Inbursa, and Scotia Bank are among the leading institutions. The commercial banking industry in Mexico is open to foreign competition. The BFSI sector in Mexico is subject to strict data security and compliance regulations. Expanding the banking sector in Mexico has improved financial inclusion, with more people gaining access to banking services. Video banking helps bridge the gap further by providing access to banking services even in areas with limited physical branches. The above factors will boost market growth in this region.
The US market dominated the North America Video Banking Service Market, By Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $42,453.3 million by 2030. The Canada market is exhibiting a CAGR of 14.2% during (2023 - 2030). Additionally, The Mexico market would experience a CAGR of 13.2% during (2023 - 2030).
Based on Application, the market is segmented into Banks, Credit Union, and Others. Based on Component, the market is segmented into Solution, and Services. Based on Deployment Mode, the market is segmented into On-Premise, and Cloud. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Video Banking Service Market is Predict to reach $172.3 Billion by 2030, at a CAGR of 12.5%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include AU Small Finance Bank Limited, Barclays PLC, Glia Technologies, Inc., STAR Financial Bank (STAR Financial Group, Inc.), NatWest Group Plc, Guaranty Trust Bank Limited, StonehamBank, U.S. Bank, Cisco Systems, Inc., and Vidyard.
By Application
By Component
By Deployment Mode
By Country
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