Video in the financial sector is nothing new! In fact, in 2017 alone, video ad spend hit the 1.3 billion dollar mark. Digital media is modernizing a once slow-moving industry and financial companies are just trying to keep up! Video is a must-have for financial institutions, FinTech, and SaaS companies because it humanizes and digitizes private and retail financial services for the better. Here are just some of the latest video trends accelerating business growth, improving the customer experience, and enhancing brand voice in the Financial sector!
1. A Mobile and Social Approach to Mobile-Banking
*63% of U.S. adults are expected to use mobile banking by 2018
Efficiency and ease of access to personal information is key! Millennials today trust more easily in banks and expect the convenience of their banking app in their pockets, keeping them informed when they're on-the-go. Customers are visiting branches less and less for those reasons! So, when it comes to video, in-app videos are a striking chance to explain the ins and outs of banking services, apps, how the user can get the most out of it, investment advice, savings, and lots more. Video and Fintech apps are a perfect pair. BNP Paribas is a good example of a bank using video to explain their services simply.
An awareness stage video shared on this bank's social media pages.
2. Getting More and More Personal Across Touch Points
Banking Customer Touch Points Where Video is Taking Over
ATMs • Call Centers • Web-based and Mobile sources • Branches • Mortgage units • Credit cards • Debt: student and auto loans • Volatility measures that impact the clients’ portfolios
Customers are craving a more personal experience when it comes to their financial services. They don’t want to feel like just a number, more like a valued customer. Interactive and personal video add that tailored dimension to the user experience, creating the authentic experience people are missing. The potential in personalized video is huge: imagine video in an email campaign, in a mobile app that calls a customer by name, or welcoming new members and walking them through the specifics of their account. Who wants to read a mountain of fine print? Instead, use video to navigate terms & conditions, features, and benefits of a credit card with ease. SmartVideo technology is an example of a company leveraging the power of video in a digital space.
Another unexpected use for video in the Finance sector is User Generated Content. Santander recently Bank created engaging video content with the help of their customers' mobile footage. The result was an authentic, relatable video showcasing “the incredible richness of everyday life.”
SmartVideo technology used for account onboarding video.
3. Video for More Transparency and Agility
As several banks go through transitions like restructuring and organizational shifts, video is a perfect tool to promote transparency internally and externally. For instance, events like mergers, acquisitions, and branch closures can be communicated clearly, pulling from the authenticity video naturally provides. Don't forget HR Video! Video works great internally for bank institutions where agile HR structures are taking over, streamlining communication among different departments. These kind of videos work great on social media, websites, and YouTube channels and help promote a healthy and honest brand. ING is a great example of a company anticipating the need for transparency and more agility with video.
ING’s CEO delivering 2Q17 results in a 90 second video
Tackling the topics of diversity & inclusion with video
4. Humanizing Convenient Customer Service with Video
Offline opportunities exist for video, too! Money never sleeps, and we all know branch hours aren’t so convenient. An amazing new addition to the banking world are the use of off-line Video Booths in Brussels. Set up at select bank ATM branches, Video Booths allow customers to come in after hours to get answers to their burning banking questions.
Another way that video is changing customer service methods is live video calling which puts customers front and center on a call with a representative, asap.
Drive-thru video calling by Bank of America.
There are great opportunities for financial institutions to use video throughout the marketing funnel and to better their customer experience.
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