The financial crisis of 2008 cast a negative shadow on the banking industry.And the series of banking scandals that followed resulted in the public's loss of trust in banks.

"The disconnect between banks and customers has reached a critical point. As this "value gap" continues to widen, many customers feel that banks are becoming less relevant to their financial lives," according to a research whitepaper, The Advice Advantage.

The loss of public trust is only one area of concern for banks worldwide. Other concerns include pressure to increase sales, improve cross-sell and up-sell opportunities, and increase productivity. Success requires that banks prove their value.

Filling the value gap isn't instantaneous. The crucial first step is re-establishing trust. Collaboration solutions such as video, unified communications, and contact center provide customer connection points for personal, face-to-face interactions.

"Mobile banking won't only be something for consumers in 2016," says Byron Vielehr, president of the Depository Institution Services group for Fiserv. "Banks themselves may start to use mobile technology in their branches. Other branches are adding technology by installing self-service kiosks or video ATMs that provide the opportunity to chat with a remote teller."

Get Closer to Customers
Collaboration technology allows you to instantly connect customers to banking experts anywhere, anytime - on the customer's terms. Whether customers visit a branch office in person, or contact you from a home computer, tablet, or smartphone; you can provide a personalized high definition, interactive experience.

Italy's ING Bank has experienced first-hand the power of collaboration. The bank worked to create innovative channels for customers and to optimize remote in-branch resources. By using video, ING raised sales and customer satisfaction by making more memorable customer experiences. "We now have the high-touch personal interaction needed to sell investment products," says Mario Carrara, ING's head of sales and product. "It's more convenient for customers. That's driving top line growth with a 15 percent sales increase."

Regain Customer Trust and Attract New Customers
Customers want on-demand services to meet a variety of needs. Offer agent support beyond general banking. Make mortgage lending, wealth management, cash management, small business lending, and commercial loan services available.

Malaysia's Bank Simpanan Nasional has more than 8 million customers and 400 branches. The bank used collaboration solutions to balance its services between urban and rural branches. Virtual teller machines offer branch-based self-service, allowing tellers from any location to remotely serve customers any time. As a result, customers now spend less time waiting and have a better banking experience.

"Partnering with companies like Cisco and using new channels like the Virtual Teller Machine offers a better banking experience," says Pupsa Marina, senior vice president strategic communications. "It's attracting Generation Y customers who use technology all the time in their daily lives."

Position Your Bank as a Trusted Advisor
Earning customer trust and loyalty requires being genuine, insightful, and proactive. "Through technology, coupled with branch assets and financial expertise, banks have an opportunity to restore value and offer it to a much higher percentage of customers," shares The Advice Advantage.

To start improving trust and relationships for your bank, look to improving collaboration. Incorporating collaboration solutions can get you started on a new, more fulfilling journey with your customers. At the end of the day, banking is all about relationships and the experience.

For more information on ways to improve banking operations, check out Cisco's collaboration resources for financial services.