The financial service industry is up against a new, high-tech generation. Managing the generational cliff between baby boomer financial service employees and millennials in the workforce is a challenge. Generally speaking, financial service organizations and younger generations often struggle to relate to one another. This can be particularly problematic since the industry is built on trust and relationships.
How do you bridge the gap?
Luckily, video has emerged as a key solution to help with this.
Why? Most people are naturally attracted to video content as opposed to large blocks of text. Using video in financial services allows companies to build more transparent relationships and explain financial products in a simple and easy way.
The shocking part is that even though video has proven to be a great way of connecting financial services with today’s changing buyers, over 90% of financial service organizations still have no video content.
A whopping 94% of banking firms are unable to deliver on their ‘personalization promise’.
This means that a mere 6% of bankers are employing advanced personalization technology, which includes individual one-on-one customer guidance.
To inspire you, and prove to you that companies can successfully use videos in financial services, we’ve compiled a list of 7 ways you can start using video in your financial institution to begin engaging and embracing new buyers.
Here are our 7 tips for using video in financial services
When a potential new customer hits your homepage, you want them to know exactly what you’re all about.
They should be greeted with a wealth of knowledge, without having to click too many times.
A homepage video should be informative and easily digestible so that potential customers get immediately engaged. After all, the homepage is the area of your site where customers will go to seek more information about the brand and its products.
Your homepage video can’t do all the legwork.
Why not use webinars to help educate audiences? Teach them how to take control of their cash flow and better manage their transactions.
Bring in top experts to share their knowledge, insights, tools, and best industry tips. Webinars are a great way to begin introducing video content because they are so versatile. After hosting the live event, you can promote the recording, or cut it up into a number of smaller videos that can be used in blog posts or on social media.
Humanize convenient customer service
By using video in financial services, you can humanizing convenient customer service!
Did you know that offline opportunities exist for video as well?
Finances never sleep, and branch hours aren’t always the most convenient. A unique addition to the banking world is the use of offline Video Booths in Brussels. These innovative booths are set up at select ATM branches, and allow customers to come in after hours to get answers to their burning banking questions.
They are similar to the Bank of America ATM with Teller Assist. Check it out:
Customer onboarding via video in financial services
Over the past several years, the speed of onboarding new customers has become a point of differentiation for retail banks. The faster they can onboard customers, the better the experience. As you may have guessed, this ultimately results in increased customer acquisition.
In today’s society, customers have become used to having everything on-demand and don’t enjoy being left hanging around. Yet, according to a report by Thomson Reuters, it still takes traditional banks on average 26 days to carry out Know Your Customer (KYC) checks to onboard a new customer.
Video onboarding decreases the time and cost. Take this example from a smartphone-only bank, Monzo: Instead of asking customers to visit a physical branch, they simply ask them to send a photo of their ID accompanied by a quick selfie-video for verification. By using video, Monzo is already creating a point of differentiation against competitors.
Video in financial services can help provide more transparency and agility. When banks go through transitions such as organizational shifts or restructuring, video is the ideal tool for promoting transparency internally and externally. For example, events such as mergers, acquisitions, and branch closures can be communicated via video. This medium allows clear and authentic communication.
Don’t forget the HR department! Video is perfect for internal communication. Modern and agile HR structures are taking over, and video can help streamline communication among different departments. These kinds of videos also work great on social media and YouTube to help promote a healthy and honest brand.
Who wants to read a mountain of fine print? Instead, financial institutions can use video to help navigate terms & conditions, features, and benefits of a credit card.
Nowadays, consumers crave a much more personal experience when it comes to their financial services. Most consumers don’t want to feel like just a number, but rather a valued customer. Using video in financial services can help provide an interactive and personal approach. This adds a tailored dimension to the user experience and helps to create that authentic experience people are missing.
Personalization is the competitive differentiator in financial services. Consumers expect their bank or other financial institution to not only understand their needs, but to deliver a personalized solution. Unfortunately, despite advanced technology, most personalization expectations still remain unfulfilled.
Customers want their financial institution partners to manage their finances professionally, understand their goals, and deliver the right services to help them achieve financial well-being.
Create a video library
Why not make a video library for all of that outstanding video content you create? Organize your amazing interviews, testimonials, product descriptions, and stories in one central location. Not only does this allow viewers to easily navigate and share videos, it also distinguishes you as a superior player in the video game.
Now you know the secrets to using video in financial services
There are so many great opportunities for financial institutions to use video throughout the marketing funnel. Start improving the customer experience with video when you sign up for our 2 week free trial today.