Though the financial industry isn’t one that is known for its ability to interact with consumers as other companies do in terms of marketing, there is a place for video here. When creating video for the finance industry – whether it is banking, investing, or insurance, it’s always essential to create a level of trust. Consumers need to trust their investors and lenders at the highest level. However, video can help to create these opportunities.
Why Video Matters to Finance
Over the last few years, we’ve seen a significant change in the way banks and other financial industry players are interacting with their consumers. They’ve moved to provide more of the digital tools consumers desire. That’s a good thing. Yet, one of the worst parts of this is that these tools limit the intimate interactions that the financial industry has with their consumers. In losing this connection, it has become clear that there’s more of a disconnect between the consumer and the lender. In this industry, that connection is critical.
Video provides a way of fixing that. It helps to bring back the “face” of the bank to the consumer. There are many ways that video can create this type of emotional connection again.
Where Video Fits in Finance
Consider these key examples of how video is working to create the desired outcome within the financial industry especially as it becomes more digital.
- Video is an excellent tool for teaching and advising clients. Some of the largest investment firms are using video conferencing with advisors to connect with investors. Video can help to explain the product, the way the service works, the features, and much more.
- It’s also an important part of marketing. In most cases, marketing video needs to create that connection with the investor. Connecting with your audience through YouTube stories or social media marketing is critical to reaching the Millennial audience.
- Video can help to provide consumers with better experiences. For example, let’s say that a consumer needs to file an insurance claim. A video can show them how to do so and what steps the agent is taking. This improves their overall experience, solves a problem, and even makes the process a bit more efficient.
- Digital banking may even be enhanced with video. When you consider the ways that consumers are moving towards virtual banking, you need the connection video offers.
Video within the finance industry has to be done properly. There are compliance requirements that must be considered. Yet, across the board, the ROI here is high because video is able to give the finance industry back some of the personalization that consumers are seeking from it while still remaining the digital medium they are used to and want to use.
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