TokBox
The social network industry will soon realize the importance of TokBox. The app seeks to move the financial services industry into the future with a cloud platform by integrating live video, voice and messaging capabilities into lenders' mobile apps and websites.

As Facebook Live video, Apple's FaceTime interactions and Snap's app, SnapChat, have gained popularity, more traditional financial institutions have fallen behind the curve in connecting with tech-savvy customers.

At the recent FinDEVr 2017 conference, where companies focus on financial technology innovations, TokBox explained how the industry can use social media and video to interact with customers.

"You have to look at how you can engage these new generation customers and workers in an environment that is familiar to them and to send financial data in a more visually engaging manner," Puneet Shetty, TokBox product manager, said during the presentation. "Your customers' behavior and expectations are changing as we speak."

The San Francisco-based Telefonica company offers an application program interface, an API called OpenTok, that allows interactive real-time broadcasting, live video, messaging, video archiving, annotation, and computer-screen sharing. These services can be embedded or wrapped into company's websites or mobile apps.

"Platforms like TokBox have made this jump, or leap of faith, so much easier for financial companies because now they have a platform which is reliable," Shetty said in an interview. "We are an end-to-end platform which support any and every kind of video use case."

Examples of how the technology could be used include speaking to a bank teller via ATM or contacting a financial advisor with live video chat to discuss a portfolio, whose data is disclosed via shared computer screen.

One area of concern for financial service companies has been securing video communications. However, TokBox said that it provides an end-to-end encryption, while meeting different compliance and regulatory needs.

"We tick all those boxes for them," Shetty said.

TokBox works with the education, health care, customer and field services, and e-commerce industries along with other areas, while helping with workforce management within companies.