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The most forward-thinking banks and financial institutions are using online video to improve customer experience and operational efficiency. A recent report suggests financial firms that are not using video risk being left behind.

There is no doubt that video technology is driving change across digital platforms. Until recently the financial sector was dragging its feet, but recent innovations has made the industry sit up and take notice.

A report published by Imagen, indicates that online financial services are under increasing pressure to remain compliant with online banking. Firms that do not look to update the service strategies could lose customers to firms that choose video.

With the EU’s recent GDPR mandate following hot on the heels of MiFID II, video technology provides a solution for financial outfits to reduce regulatory burden, drive operation efficiency and speed up the on-boarding process.

The solutions video content can offer banks is not only about financial institutions connecting with customers. Consumer trend is all about online experiences on mobile.

Why video?

Video catches the attention of your audience more than any other online content. Internet users spend on average 88% more time on a website that hosts video. Furthermore, one-third of all online activity is dedicated to watching video content.

The human brain is designed to retain visual information. We can understand and withhold a significant amount more through visual images than reading text. According to psychologists, 90% of the information communicated to the brain is visual.

Not only do consumers prefer video over other forms of content, video corresponds to modern marketing methods; you can create personalised video content, it helps to build trust, showcases the values of your brand, promotes customer loyalty and enables brands to tell compelling stories.

But video content should not only be used with a focus around marketing. There are many other uses banks can deploy video for. The future of finance has to look at how you can connect with customers through smaller screens.

How financial institutions are deploying video content

The finance industry is making up for lost time. In the last six months there has been a spate of innovative ideas and announcements of digital partnerships.

When DBS decided to update its tagline from ‘Living, Breathing Asia’ to ‘Live More, Bank Less,’ marketers chose video content to lead the new branding campaign.

On the other side of the globe in Toronto, BlueRush Inc were celebrating an award winning campaign for a series of interactive personalised videos they put together for DUCA Credit Union. The IAC award honours excellence in digital marketing – and video is a format that exudes excellence.

As more online financial institutions turn to digital channels, tech firms are developing solutions that will allow consumers to experience improved personalised banking. The world’s first interactive mobile video banking solution picks up on user trends and lays to bear traditional methods that have become old and tired.

The finance industry is under pressure to offer customer-centric services. Video can help banks reveal a friendly face through face-to-face video chat, and personalise content that explains how to do everything from transferring funds to investing in securities.

Banks are still struggling to repair the damage of the 2008 crisis, and digital platforms make financial services feel even more inflexible, dark and awkward. Video gives your brand a face and lightens the mood of customers.

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