Bank customers are dismayed about the amount of low-quality, irrelevant content they receive from financial institutions. Not only do account holders feel financial institutions do not understand them, the array of generic advertising is considered spam which does nothing for the reputation of the finance industry.
Banks endeavour to build trust with customers and maintain strong loyalty programs. However, a consistent lack of quality content puts banks at risk of losing customers in a highly competitive market. Studies show banks need to improve their marketing campaigns.
Video marketing provides a solution because it is one of the most effective media for the modern audience. Statistics show the average user spends a third of all online activity watching videos and visitors typically spend 88% more time on a website that is hosting video content.
Video marketing has four key strengths:
- Videos grab attention
- Motion images evoke emotions
- Story-telling in video is easier for viewers to recall
- Online users prefer video to other forms of media
As we move into an era dominated by mobile devices, video plays an even more important role for banks. Below are five strategies financial institutions should be adopting to use in your content marketing efforts.
A banking survey conducted by NGData revealed bank customers do not feel as though financial institutions understand their individual needs. Ultimately, they want their banks to understand them better.
Personalised marketing is a content strategy that has been adopted by industries across the board in recent years. Banks are still lagging behind in recognising customer needs. Video content provides a focus on improving the consumer experience and sharing powerful insights.
The benefits of personalisation increase customer engagement and response rates because the content is relevant. As a result, banks are more likely to hear from account holders and strengthen customer loyalty.
However, marketers have to be careful when adopting personalised marketing methods. Although consumers want relevancy, if content is too highly personalised, it can make customers feel uneasy.
Know your customer journey
The digital space has developed more platforms into the marketing fold. The traditional funnel is dead. In today’s business environment, marketers not only need to know what customers are thinking and feeling, you also need to know when and where to reach them with the right message at the right time.
There are many ways for banks to interact with customers and gather data. Use information from various sources and segment customers into specific groups. By doing this you create a bigger picture of the type of customers you service and can create video content around each category on the platforms the average customer is using.
For example, in-store videos can be used to inform customers of services you provide, how to get what they need from you quicker and the types of incentives you offer customers that use specific bank facilities; i.e, mobile banking.
It is important that your customers identify with your brand. Marketers can help customers gain better insights and a sense of who you are and what you can do for them by showcasing your values in video marketing content.
Bank of America provide a sound example of this with their video celebrating the birthday of Eunice Kennedy Shriver – the founder of the Special Olympics. The video does not mention the brand, but focuses on their values of perseverance and bravery.
Another good example, is Barclay’s video promoting the company’s Life Skills project. The video shows the bank wants to be socially engaging and encourage a two-way conversation with customers. Social media is central to the lives of many online users and means brands have to show transparency.
The key to producing videos that showcase a bank’s values is that the message is authentic. Barclay’s video was aimed at young people because studies reveal the younger generations are the age groups that are most disconcerted with banks. And by sharing videos with their audience in social media, Barclays were able to reveal real-life stories of how they are building trust with young people.
Provide content with value
A feature of high-quality content marketing is to create content with value. It’s important to note that modern consumers want information and not advertising. JP Morgan Chase & Co overcame this obstacle by publishing financial data on their website that gives customers real-time insights into the financial industry.
Technology allows banks to provide interactive content that is new, engaging, and informative. Data visualisation charts which feature infographics, interactive maps and pop-up boxes with further information are a great way to help customers learn more about how financial institutions can help them with savings and investments.
Although interactive content is appealing, financial data can be difficult to understand. Explainer videos provide customers with additional information about how they can understand data charts and use your website.
Not only that, customers will take more time to engage with your content. Banks can use interactive data and explainer videos to build trust and strengthen customer loyalty programs. Furthermore, 90% of digital marketers say publishing interactive content is an effective way of distinguishing their brand from their competitors.
Some examples of interactive content can be found at Morgan Stanley. The investment banking giant use an array of content strategies to deliver information their account holders and potential customers want to know.
SoFi, a modern finance company that conducts all its business online is another firm to turn to for inspiration. As a firm that is solely based in the online space, they have perfected digital-only operations without making mistakes many traditional financial institutions make.
Demonstrate online security measures
Online and mobile banking has made it easier for customers to pay bills, transfer funds, check their balance and numerous other common activities. Whilst online technology provides customers with convenience and flexibility, there is also a higher security risk.
Consumers want peace of mind their bank accounts will not be breached by cybercriminals, but at the same time want easy access to their information in a digital environment. Banks can use video content to reaffirm online security is a high priority and reassure customers you are taking relevant steps to ensure their assets are protected.
In an effort to appeal to modern customers, overcome rivals and operate effectively in the space, banks have to produce fresh and inspiring content that provides consumers with relevant content. Video marketing is a powerful medium that reaches your audience and reveals more about your firm’s values.