Customers across the board have higher expectations and demand that the companies with which they do business personalize their interactions with them and improve their customer service. Banks are no exception, yet consumers see banks as lagging behind in treating them as individuals and understanding their needs. According to our survey, younger generations would be more satisfied if their banks understood them better, and more than 70% of consumers indicate banks do not make offers customized to their individual needs. As other industries make significant strides in providing customized, personalized interactions with customers, banks are missing the boat.
One of the most effective ways for banks to connect with customers and meet their needs is to utilize video marketing. Video is not just a marketing trend; it’s become the most effective type of content because average users spend 88% more time on a website with video, and one-third of all online activity is dedicated to watching videos. Video catches your audience’s attention and engages them more than text. It also delivers visuals and sound to connect with viewers emotionally, which increases click-through rates. Video also is one of the best ways to communicate with people because of the visuals and audio; the majority of people are visual and auditory learners, and video delivers information better to them than text.
So, how can banks harness the power of video marketing and use it to meet customer demands for personalization and improve the customer experience? To answer that question, we share five video marketing ideas specifically for banks:
Personalized videos are the most effective way for banks to show customers they understand them and are making offers customized to their needs. The easiest way to personalize videos is to use a leading personalized video marketing platform to send relevant, personalized videos to individual customers. Tools such as these utilize customer data to create videos that match customers’ preferences and needs and gather data from all sources to deliver the most personalized video possible.
One way to deliver personalized videos to consumers is to embed videos in email. When your financial institution delivers paperless statements to customers’ inboxes, include a video explaining the statement or bill. The more value you add to your video, the better.
Banks have been trying to build trust with consumers for quite some time, and video marketing is one solution. The Financial Brand points out that Barclay ran a successful campaign that is socially engaging and promotes a two-way dialogue rather than a one-directional monologue. Its Life Skills project, a public service campaign, focuses on young people and helps build trust by aiming to help them build their basic financial knowledge. Their first video is 7.5 minutes in length and shares personal, authentic stories of young people. The campaign highlights not only the need to move from content based on products to content based on outcomes or benefits but also the value of customer-centric marketing. Social media is the best place for banks to distribute and promote videos such as these.
Banks have much to learn from the Barclay Life Skills project. To build trust, utilize testimonials and interviews to showcase authenticity, build trust, and repair reputations. Show customers and focus on their stories to make emotional connections with viewers and deliver the kind of information they not only need but value.
Customers need to identify with your brand if they are to believe that you can understand and meet their needs. To help customers gain a better sense of who you are, create videos showcasing your values. Spredfast showcases Bank of America’s video, which went viral because of the values it represents. The campaign sent a birthday message to Eunice Kennedy Shriver, Special Olympics founder and Bank of America partner. The video shares an inspiring speech of Shriver’s yet never mentions Bank of America while clearly demonstrating the financial brand’s values of inclusivity, perseverance, and bravery. Remaining authentic and allowing your values to shine will create strong emotional bonds with your customers.
To show your customers that you value them as individuals, create thank-you videos promoting customer loyalty. Vidyard highlights a video from TD Canada, one of the top five banks in the country. In their video, TD turns their ATM into an “automated thanking machine” and surprises regular banking customers with personalized surprises. The video is engaging and entertaining. It also tugs at viewers’ heartstrings and helps viewers feel good, which makes them have more positive associations with the bank.
What makes the TD video work as well as it does? It is authentic. The video shows raw footage and showcases real customers’ genuine reactions. Nothing is forced and nothing is fake. TD went one step further by personalizing each surprise. Tellers knew the customers well enough to make the surprises possible, and TD obviously used all their customer data to deliver genuine thank yous to regular customers. TD also showcased their brand values and personality.
Marketers especially understand the value of telling a good story. When you want to show customers that you value your place in their community and understand the needs that are unique to them, creating a video that tells a compelling story is the way to go. For example, FNBC Bank won Best Video in Asset Class Under $500 Million in the 2017 ABA Bank Marketing Video Contest with a video showcasing Boyd Jackson, a 96-year-old man who took out a $150 loan in 1941 to purchase a team of mules for his farm. Mr. Jackson tells the story of his long relationship with the bank in his own words and showcases how customers value long-term relationships with local banks.
In 32 seconds, the video illustrates the deep roots of the bank in the community and evokes emotions in viewers. Videos go a long way in showing banking customers that their financial institutions are committed to them and want to help them make their dreams come true. Telling those stories is one of the most effective uses of video marketing.
Banks struggle with showing consumers they understand and value them as individuals. The answer is to utilize video marketing in effective ways. Begin by creating videos that are personalized, build trust, showcase your values, promote customer loyalty by saying thank you, and tell compelling stories. These are the most powerful types of videos, and they will help you engage with customers as never before.
NGDATA helps brands in data-driven industries, such as financial services, telecom, utilities and hospitality, to drive connected experiences. Our Next Generation Customer Data Platform, Lily™, puts people at the center of every business via Lily’s Customer DNA, which continuously learns from behavior to deliver compelling experiences for companies, such as Belfius Bank, Innogy and Telenet. NGDATA is headquartered in Gent, Belgium and has offices in the United States, Europe and Asia-Pacific.Learn More...