Jaseem is the founder and CEO at WowMakers. He's a video marketing enthusiast, soccer lover and always curious to figure out how the world works. Beware, he can be annoyingly happy all the time!
Video marketing 4 min read
What makes Explainer Video Vital for Engagement Banking?
Every picture tells a story. But, it takes true skill to tell the same story concisely and effectively. Snapchat, Instagram and Vine were used for video marketing since the year 2013. We have come a long way since then.
The integration of new media capabilities and platforms such as Internet, mobile and video has changed the scope of consumer engagement and interaction globally. The development in technology, mainly internet, has led to dynamic shift in communication, allowing back and forth information flow involving user engagement and participation on real-time basis.
[Tweet “Customers are driving digitalization. They are the leaders and not the followers.”]
It is equally important for both small and big organizations whose objective is to provide the latest information updates allowing some degree of involvement and engagement with the target audience.
Customers are driving digitalization. They are the leaders and not the followers. They have readily adapted to the constantly evolving digitalization. Today, customers expect a seamless multi-optional service delivery and consistent global service standards. They evaluate their experience on three levels:
- How well companies understand their needs?
- The feasibility of doing business
- How enjoyable it is?
One of the most dynamic sectors is Banking, Financial services and Insurance (BFSI), which caters to a lot of customers and deals with millions of customer engagements. The BFSI sector recruits and employs a major chunk of the workforce. Most of the banks are focusing on transforming the customer experience using digital technologies. Digitalization takes control of customer experience ecosystem by redefining entire business from customers’ perspective. The banking industry is shifting towards more engagement banking mode focusing on customers and workforce.
How videos can transform banking industry
One doesn’t need to think too much about this question, if you have watched the #TDThanksYou, a video of TD Bank on YouTube. The video has over 24 million likes. This Canadian Bank has weaved the perfect magic with this viral video. The video targeted the prospective young customers and it proved to be a game changer.
This was just a needle in the stack. There are many ways a video can change your approach to marketing or customer engagement.
1) CUSTOMER ENGAGEMENT:
Internet allows customers to get information and gain knowledge. It also helps banks and other financial institutions to enable customers and build trust. Video played a key role in Barclays’ Life Skills project, a public-service campaign focused on improving and educating young banking customers. Axis Bank launched a website ‘It’s all about money’ and it showed how explainer videos can help in reaching out to the customers in a more meaningful way. Halifax UK’s Jargon Buster is another classic example of customer education through explainer videos.
According to researches, a video is watched more when it is directly uploaded to Facebook rather than sharing the YouTube link of the video. So, a Facebook video helps to get potential customers who are really tech-savvy and active on social media. ICICI bank gave the opportunity to its customer to do banking through Facebook and Twitter. Creating a short video about the newly launched product or service and sharing it on social media are proven to be successful. PepsiCo spends 50% of the allocated budget for Frito-Lay promotion on social media platforms and networking websites
Mission and Vision:
Instead of using one page information on your company’s mission and vision statement, creating a short entertaining video is far more effective. The video explains your customer what you do or tells them what you do differently. In a recent press release, Wells Fargo admitted that they want their customers to be glued to their phones a little longer. They have successfully converted their page to a user-friendly mobile page with relevant videos and infographics. Every LinkedIn page of an established company has a video to go with. Check it out…it helps!!!
Usage of the word video in emailers is found to increase the readership by 19%. Web video provides the viewers a dazzling effect and stimulates viewers in ways that are impossible with traditional emailers. Web video has the same advantages of TV video, but it has cost benefits and unlimited airing time. Facebook is spending 50 million on video content. How are you going to leverage this opportunity?
The biggest advantage for banks while using videos is the ability to connect with customers instantly. The right message will supersede the bank’s older identity and redefine its brand image. When compared to the conventional methods, using an explainer video has additional benefits and it is proven by the World Bank’s Mobile Internet Ecosystem Project. It is the new way to connect to the customers who usually skip lengthy text messages. Explainer video is the best alternative.
2) EMPLOYEE ENGAGEMENT:
Sir Richard Branson of Virgin Group encourages the idea of employee first contrary to the notion of customer first. Surveys have proved that increasing investments on employee engagement have rippling effects on the profit of any organisation. Yet, 87% of employees are not engaged. How can videos help in strengthening employee engagement?
An inspiring 2-min speech from the CEO with the welcome message will inspire the newly recruited employees and it instantly connects them to the company. A brief explanation of the company policies can also be included. All this and much more can be captured in a simple video which can be used again and again without incurring any new cost of producing the video.
Researches have shown that a human brain remembers and recollects more from visuals than text. Hence, videos are an integral part of the learning modules of every bank. Training sessions for Teller or Customer Service Executive are a big hit in the market. Several banks have incorporated games along with videos as part of these training modules. Various simple user-friendly video-based training modules are used to teach different aspects of banking transactions.
The banking industry is evolving, more towards engagement banking. Videos are undoubtedly the next big thing when it comes to building engagement.