1-Enhanced Customer Education and Financial Literacy
The finance and fintech industry has witnessed a surge in demand for better customer education and financial literacy. According to a study by J.D. Power, 59% of consumers want banks to help improve their financial health, highlighting the importance of educational content in this sector.
Financial institutions can see an increase in personal investment contributions by improving retention and loyalty. Automated video marketing plays a crucial role in increasing customer satisfaction (CSAT) and Net Promoter Score (NPS) by delivering engaging, easy-to-understand content.
2-Personalized Product and Service Promotions
In-app personalized offers are excellent touchpoints for financial services companies to initiate personalized conversations with their customers. Automated video marketing allows for segmentation based on location, industry, demographics, and other factors, delivering tailored recommendations. This targeted approach has proven effective, as 49% of consumers say they purchased a product they did not initially intend to buy after receiving a personalized recommendation.
3-Improved Customer Trust and Brand Credibility
Trust is the backbone of finance and fintech’s product and marketing efforts. Automated video marketing can help enhance trust by implementing digital Know Your Customer (KYC) systems and producing educational content tailored to Millennials and Generation Z, who are increasingly seeking financial advice from banks. The 2021 Consumer Banking Report supports this trend, emphasizing the importance of educational videos in building trust with younger generations.
4-Streamlined Customer Support and Communication
Offering visually engaging and easy-to-understand solutions, customers can quickly resolve their issues, leading to increased customer Lifetime Value (LTV), improved brand appeal, and higher rates of repeat customer business. Automated video marketing has proven its worth by streamlining customer support processes and reducing the number of support calls. In fact, 93% of video marketers have reported a decrease in support calls thanks to video content.
5-Increased User Engagement and Retention
Keeping users engaged and retaining their interest is a top priority for finance and fintech companies. With automated video marketing, companies can incorporate interactive video elements such as in-video calls-to-action (CTAs), quizzes, surveys, and more to collect first-hand data and facilitate in-app communication. These interactive elements not only capture the attention of your audience but also encourage them to actively participate, leading to instant feedback and engagement.
6-Effective Lead Generation and Conversion
Video content is quickly becoming the preferred medium for consumers to learn about products and services. In fact, nearly three-quarters of consumers prefer video over other formats like text (11%) or infographics (4%). This preference extends to the financial sector, where 56% of consumers report that video played an important role in their decision-making process when purchasing financial or investment products.
Real-life Examples of Automated Video Marketing in Finance & Fintech
Banks and Credit Unions
1. New account onboarding: Automated videos showcasing the benefits of a new checking account, credit card, or any other newly started services.
Expected Result: Improved customer understanding of account features, increased adoption of additional banking services, and reduced customer support inquiries.
2. Explaining loan and credit products: Utilizing automated video marketing to explain the loan application process step by step.
Expected Result: Clearer communication of loan terms and conditions, higher loan application completion rates, and more satisfied customers.
3. Promoting mobile banking app features: Creating personalized video tutorials for first-time users, guiding them through the app’s features.
Expected Result: Increased mobile app downloads, higher usage of app features, and improved customer satisfaction with digital banking services.
Investment and Wealth Management Platforms
1. Introducing new investment opportunities: Develop automated video content to explain different investment products and strategies, tailored to each customer’s risk tolerance and financial goals.
Expected Result: Increased client interest in investment products, higher client engagement, and a boost in new investments.
2. Providing personalized portfolio updates: Utilizing automated video marketing to showcase the benefits of personalized financial advice or advanced trading tools.
Expected Result: Improved client understanding of portfolio performance, increased client trust, and stronger client relationships.
3.Explaining investment strategies and risk management: Incorporating video marketing to educate customers and increase financial literacy based on the previous behavior and investment data of unique customers.
Expected Result: Enhanced client comprehension of investment concepts, increased client confidence in the platform, and reduced customer support inquiries.
Payment Processing and Digital Wallets
1.Highlighting the advantages of digital payments: Crafting automated videos that demonstrate the convenience, security, and speed of using digital wallets for various transactions.
Expected results: Increased adoption of digital wallets, higher transaction volume, and expanded user base.
2. Promoting cashback and reward programs: Producing personalized videos featuring nearby retailers that accept digital wallet payments, incentivizing users to benefit from reward programs.
Expected Result: Improved customer loyalty, increased usage of the platform, and higher customer lifetime value.
3. Troubleshooting common issues and providing support: Designing automatically triggered video content based on the previous behavior on help & support pages or recent customer success interaction.
Expected Result: Decreased customer support call volume, quicker issue resolution, and higher customer satisfaction.
Key Considerations: Data Privacy & Financial Regulations
When finance and fintech companies implement automated video marketing, data security, and privacy must be a top priority. These businesses handle sensitive customer information, and any breach in data security could have severe consequences for both the company and its clients. When choosing an automated video marketing platform, ensure that it adheres to the highest industry standards for data protection and complies with all relevant data privacy regulations, such as GDPR, DPA, and regional data protection laws. The platform should also provide end-to-end encryption and secure storage of customer data, minimizing the risk of unauthorized access or data breaches.
Another critical consideration for finance and fintech companies is compliance with financial regulations and guidelines. The finance industry is heavily regulated, and any video content produced must adhere to the applicable rules and standards. For example, financial institutions must ensure that their video content does not contain misleading or inaccurate information, complies with advertising guidelines, and follows anti-money laundering (AML) and Know Your Customer (KYC) regulations. Automated video marketing platforms should offer built-in compliance features, such as customizable templates and approval workflows, to help finance and fintech companies navigate the complex regulatory landscape while creating compelling video content.
Key Features to Look for in a Video Marketing Platform
Real-time data: Ensure the platform can merge data and video in the client device for real-time data fetching and seamless personalization.
Personalized videos: The platform should allow you to personalize the video narrative, and strategically visualize content to increase engagement.
Interactivity: Look for features that enable feedback, surveys, user appreciation, promotions, ads, and actionable CTAs to drive desired actions.
Flexible scenarios: The platform should accommodate specific audience segments, interactivity, data thresholds, and previous behaviors to differentiate the video narrative.
Data protection: Opt for a platform that provides uncompromised data protection, complying with GDPR, DPA, and similar regulations.
Behavioral analytics: Choose a platform that allows you to optimize content for better ROI, conversion, engagement rates, and other KPIs relevant to your business.
Integrations with existing systems: The platform you choose should be capable of integrating with the existing workflows without disrupting the current processes.
Pricing models and scalability: Consider a pay-as-you-go model as it is an excellent option for subscription-based SaaS businesses that allows you to start your video marketing journey with a small target audience and gradually broadcast to a larger volume of audiences.
Get Started with Automated Video Marketing for Finance & Fintech
At OmmaVQ, we understand the power of automated video marketing in the finance and fintech industries. We also understand the unique challenges faced by finance and fintech companies, and our platform is designed to address those needs. With our cutting-edge technology, personalized video content, real-time data integration, and advanced analytics, we can help you elevate your marketing efforts, build trust with your customers, and ultimately, achieve success in this rapidly changing industry.
Don’t let the opportunity to harness the potential of automated video marketing pass you by. Join the growing number of finance and fintech companies already experiencing the benefits of OmmaVQ’s cutting-edge technology.
Get in touch with our team today and together, let’s revolutionize the way finance and fintech companies communicate with their customers.