Ping! Ding. BEEP. Buzz.
Just like you, your consumers are inundated with notifications and alerts every day. Cutting through the digital noise to reach them with your financial institution’s unique message is challenging. In addition to notifications and volume of information, the way that your consumers digest information is changing. Video-heavy social media platforms like TikTok and Instagram are setting the trends for the cultural expectation: Video content is king in the attention economy.
The Attention Economy
The attention economy refers to the monetization of consumer’s attention. In the attention economy, an accountholder’s attention to your content is valuable currency. Just like the financial economy, in the attention economy your consumers exchange their attention for one task or message for another. The more your brand can capture your consumers’ attention, the more valuable your brand becomes.
Can Your Consumers Hear You?
Video holds high currency in the brand economy, and it can be coupled with traditional communication methods to increase the message’s receptiveness. Email, text, and webpages are still powerful ways to connect and communicate with your accountholders. According to our data, for emails that contain a video, both the email open rates and CTRs are more than 100% higher. Further, websites with video increase engagement by an average of 150%.
Video communication via email, text, and web page can be useful for answering common questions, providing more information about a particular product or service, and inspiring borrower action. Here are 3 ways that video communication can impact your accountholders:
Educate: Many financial institutions want to educate their consumers on topics such as promotional products, financial literacy materials, and other relationship building content. Video communication can educate consumers on relevant financial products and provide impactful cross-selling opportunities. Educational videos can help serve your consumers outside of branch hours and provide an overall better consumer experience. Financial institutions may also need to educate their accountholders on a specific call to action, such as verifying insurance on a new auto purchase or providing additional information to open their account.
Explain: Some consumer communications require complex explanations. This could include explaining insurance requirements for a vehicle loan or mortgage, or next-step instructions about a specific product that has been purchased. A dynamic video can explain complex financial concepts with bite-sized content. These videos could also be personalized with the accountholder’s information to increase relevance and engagement.
Engage: Institution-to-consumer video gives the consumer freedom to access the video on any device, at any time. Video distributed via multiple platforms can increase traffic and conversions. Providing CTAs at the end of a video communication can carry the engagement beyond the length of the video. Additionally, studies show that when information is received via a video, 95% of the information is retained. Videos that are branded with your institution's colors and logo can aid in overall brand engagement and continue to position your institution as innovative and relatable.
Watch a sample video here:
Video communication is part of an omnichannel experience for your consumers and can help educate and cross-sell products, explain complex financial concepts, and engage consumers outside of your branch. However, cutting through digital noise with a video communication strategy can be challenging for financial institutions if they lack video production resources. Financial institutions that don’t have dedicated technology to create, design, edit, and distribute video via email, text, and web page should consider a personalized video solution. With personalized video communication, your institution can serve consumers after branch hours, providing better consumer experience, offer more products and services and increase product revenue through cross-selling opportunities.
Learn more about personalized video for financial institutions here.