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Digital consumers are growing impatient with outdated services provided by companies in the financial sector. As a result, financial institutions are looking for solutions to successfully undergo a digital transformation and increase customer trust and satisfaction.

Given video content is proving so successful across other industry sectors, it should come as no surprise that video is the primary choice of media adoption among finance companies. And with an increase in mobile banking, video is the sensible choice for forward-thinking marketers.

The digital age is bringing about a significant paradigm shift. The evolution of online services and customer experiences is not only changing consumer behaviour but also creating demands and expectations of financial service providers.

The interaction and mindset digital consumers have towards the financial sector is currently undergoing scrutiny. Financial companies that do not adapt to consumer behaviour risk being left out of the conversation.

A global study performed by Accenture, and involved almost 33,000 financial service providers offers some critical insights:

  • digital customers expect customised benefits and a superior experience in exchange for their personal data
  • service providers that deliver real value can expect increased loyalty and trust
  • digital customers want financial services to tailor advice and benefits to their lifestyle, financial goals and personal needs
  • online consumers are more comfortable with automated services and are willing to make complex decisions following advice from computer-generated support
  • modern consumers want communication channels that provide quick and easy access

Rethinking the banking experience

With stiff competition from GAFA (Google, Apple, Facebook and Amazon), financial institutions have to find answers to the problems faced by todays consumers.

Delivering digital experiences can be complicated. Unless you have dedicated IT experts that understand digital technologies and the best ways to incorporate them into your operational processes, the technical transformation can be laborious and frustrating.

The solution for many financial institutes is to partner with technology firms that provide specialist advice and assistance. This also gives firms the added benefit of building on your core system to remain flexible and consistent.

An article published in The Dubs magazine describes how banks are responding to GAFA with experiential marketing – a strategy that “engages consumers using branded experiences.” The objective is to reach customers through their passions such as lifestyle choices, food, travel and active interests.

But standard data gathering is not enough. Marketers need to know whereabouts individuals are in their customer journey, what content they prefer and when they want it. Firms also have to make it easy for customers to find the information they need at every touchpoint.

It goes without saying that content is a must-have for companies in every industry sector, but financial brands cannot rely on out-dated marketing methods. Paid ads and banners are ineffective, so too are regurgitated listicles and 500-word money saving tips.

Todays consumers want high-quality content; in-depth articles, talking points on live events, advice from influential people and easy to understand concepts that are convenient to find.

Two-way video is providing the perfect solution. Historically, the banking industry has relied on face-to-face relationships to deliver meaningful interactions.

Video provides the financial sector with several critical advantages; connecting with customers is more convenient, saves time and enables advisors to have more interactions. You can also provide easy access to experts and make it easier for people submitting insurance claims to provide visual evidence.

Video banking also provides financial firms with innovative solutions that have a cutting-edge. Furthermore, the reduced costs and ability to assess claims, applications and provide advice is beneficial for productivity and profitability.

For finance firms to say connected with customers, you have undergo a digital transformation. Working with tech companies and adopting two-way video banking are leading edge solutions you cannot afford to ignore.

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