How Fintech Can Enhance CX With Personalized Video
From bitcoin to NFTs to robo-advisors, fintech is a hot topic.
Have you ever been asked to “venmo” or “zelle” someone? Fintech is responsible — 3 out of 4 consumers now use payment services like these. But fintech is quickly taking hold of any and all financial industries, including mortgages, insurance, investment and more.
Traditional banks are taking notice, too, increasingly adopting digital innovation to catch up. Add that to an already crowded market of fintech startups, and the need for something that sets your company apart from others is stronger than ever.
This is where Personalized Video comes into play. Already adopted by more innovative industries like gaming, data-driven video can take customer experience, the core of fintech, to the next level.
Sure, high-level technology and top-notch UX are impressive. But when we talk about what makes fintech so attractive, it’s their customized and personalized CX, so often lacking in traditional financial services.
And for those complex messages fintechs are still struggling to communicate? Personalized Video sweeps in to simplify the message, using a format everyone loves to watch.
Sitting at the crossroads of hyper-personalization and innovative technology, it’s a seamless fit. We’ll go more in-depth as to how to integrate Personalized Video with this new sector below.
Why Fintech Is Booming
To understand how Personalized Video fits into the fintech landscape, it’s important to understand why fintech is so popular.
Fintech combines financial services with new, advanced technology (think SaaS, IoT, APIs, and a dozen other acronyms) to provide a convenient, ultra-personalized digital experience customers can’t get enough of.
What’s more, they target typical pain points customers have dealt with in the past. Traditional banking and other financial services can be expensive, inconvenient and impersonal. The 2008 recession, which led to a boom in the distrust of legacy banks, certainly didn’t help either.
To alleviate frustration, fintech companies have come up with a number of solutions many traditional banks have struggled with. Here’s what they do better:
- Easier on your wallet
- Accessible to anyone
- Open 24/7
- Personalized across channels
And even though fintech is completely digital, their services are becoming increasingly human and personal. Fintech acknowledges the individual attention their customers deserve when it comes to something really personal: their money.
Successfully migrating to a fully digital platform, while focusing on the human connection, is what makes fintech so successful.
What Value Does Personalized Video Add to Fintech?
In an industry dominated by cutting-edge solutions, it makes sense to leverage innovation across the board, including the digital marketing space. One way to do so? With Personalized Video. Here’s how.
Messages Made Clear
Many consumers find financial services to be daunting and stressful. In fact, an FINRA study found that over 53% of adults feel anxious about their financial situation. Consumers come to fintech apps as a solution.
They often provide transparency and ease of use by using predictive analytics to anticipate what information the customer needs. This takes the guessing game, and stress, out of the equation. Take the app Acorns, for example.
Acorns is a banking and investment startup making stocks anyone’s game. The user-friendly platform uses advanced software, aka “robo-advisors,” to automate investments for its customers. Customers using this service expect clear-cut answers throughout their entire customer journey.
This is no secret for fintech companies — a whopping 90% of fintech firms claim agility and enhanced customer experience are critical to success.
So how can a Personalized Video help? For companies that have to communicate complex ideas, a personalized explainer video can make an otherwise confusing message easy to understand.
Personalized Video was especially put to the test last year. Remember when COVID-19 first turned everyone’s world upside down — the mortgage industry not exempt?
Well, we do. Borrowers panicked by the looming end dates in their forbearance period were comforted with timely, clear videos explaining next steps. They were shown repayment options specific to their situation. See an example below.
It’s not just forbearance that Personalized Videos help simplify, though. Some more common scenarios include:
- An upcoming policy change
- An explanation of the customer’s investments
- Recommendations to optimize their current portfolio
- An important deadline
- A visual run-down of the customer’s earnings
Personalized explainer videos like the one above had impressive results. A leading mortgage company saw a 73% drop in call center volume after implementing their own — taking the strain off of their customer service department.
Gamification To Boost Engagement
The days of physically handing someone a $10 bill are dwindling, with the transition to digital payment gaining traction. On Venmo, users send each other GIFs and emojis along with the money owed for an Uber. On OpenSea, NFTs range from cartoon monkeys to elaborate drawings. Customers want finance to be fun.
In other words, consumers need content that holds their attention, and financial services are no exception. And fintechs do just that, using gamification to make their services engaging.
The badge reward system is popular for gamers — and more recently, fintech customers. Monobank leveraged this feature commonly found in games by prompting customers to collect badges featuring a quirky cat mascot through different activities, like using their card in different cities, splitting payments and more.
Personalized Video can bring that dynamic energy to digital communications, too. You can gamify your video with digital Easter, quizzes, badges and more. The upshot? Customers are delighted and keep coming back for more.
Taking interactivity to the next level, users can even customize their video, inputting data themselves to generate a new video in real time.
Just take a look at this mortgage calculator.
Allowing the viewer to calculate their loan eligibility means the information they’re receiving is relevant to their needs right now. And putting it in a video makes it more accessible.
Viewers — now turned creators — feel empowered to get the answers they need on demand. In fact, self-directed services like these were ranked most important in the insurance industry, according to a PWC study.
This is a win-win situation for users and brands. While customers get the information they need, brands are able to collect valuable first-party data they can leverage in the future — especially essential for fintech companies that depend on customer data for creating an optimal customer experience.
Top-Notch Data Security
If financial services are going to embrace technology, it needs to be on lockdown. Cybersecurity is top priority for fintech companies who work with highly sensitive data.
Personalized Videos handle sensitive data, too, so they also require the same stringent security standards seen in fintech. With our video platform, your data is always anonymized, masked and protected.
We regularly work with industry leaders with the highest security standards, such as JP Morgan Chase, Quicken Loans, Lloyds Bank and USAA. We frequently launch personalized campaigns for Fortune 500 companies and leaders in finance and healthcare, all of whom handle confidential information.
Tip: When considering Personalized Video, look for vendors who have credentials, such as the ISO 27001 Information Management Security certification from the International Organization for Standardization.
Appeals to Gen Z
For a generation that has grown up practically online, it makes sense that their finances will be no different. A study conducted by Morgan Stanley found that 50%-80% of Gen Z uses mobile banking.
For one, the pandemic has forced many of them to begin their “adult” responsibilities online, including transitioning to the working world via Zoom. It’s only natural that, with their new spending power, they seek out digital solutions for their salaries, investments and other new financial responsibilities.
With the rise of Gen Z comes a new desired customer experience. Digital natives demand:
- Omnichannel communication
Fintech companies can use Personalized Video to cater to this. For one, video is the most popular form of content for this generation. Data-driven videos are quick and engaging, essential for a digital landscape where different content is competing for Gen Z’s attention.
Also key for younger consumers are anticipatory, personalized recommendations in digital banking. So much so, the trend has been nicknamed the “Netflix Effect” — and fintech delivers. Add those recommendations to video to make them even more compelling and actionable.
After users sign up, try sending a “welcome” video complete with not just the viewer’s first name, but with their personal plan and tips based on anticipatory data. In doing so, you’re sure to wow your customer.
Lightning Fast Turnaround on Campaigns
While legacy banks are bogged down by traditional business operations, fintech companies leverage their innovative technology to speed things up — one of the driving forces behind their success. Their communication with their customers needs to be just as timely.
With Personalized Videos, campaigns that would typically take months can be completed in a matter of days.
And with Living Video, videos can evolve to remain endlessly evergreen, meaning brands don’t have to spend extra time creating new videos. Connect your video to an external data source, from stock prices to the viewer’s location, and watch it auto-update in real time.
Leading With In-App Communication
Studies have found users spend over 4 hours per day using apps on their smartphones. For fintech companies, the heart of their communication strategy is meeting customers where they are — on their phones.
If you’re looking to enhance your in-app communications even further, try using videos. Rather than say, you can show. And it’s easy to add a dynamic video to an app or to send it via push notifications.
One of our clients saw the benefits of Personalized Videos in app firsthand. They even tested to see if video or text was more effective when it came to engaging their audience. The version with video came away as the clear winner with staggering results:
- An average CTR of 40%
- 25% higher engagement
- 72% video completion rate
- 68% increase in sales
It was obvious. An already successful means of communication, the in-app message was made even stronger with data-driven video. Customers proved the brand’s hypothesis: video is king when it comes to digital content.
Personalized Video Meets Fintech
For neobanks, fintech startups and the like to continue to innovate and excite their customers, Personalized Videos are a smart tool. They deliver on all the things fintech needs — speed, transparency, relevancy and an outstanding customer experience.
Want to learn how you can revolutionize your customer’s experience? Our fully open platform, offering robust APIs, real-time analytics and automation tools, has been proven to drive better business outcomes. If you want to start upgrading your digital marketing and communications efforts, now’s the time.
Get in touch with a video expert by requesting a demo to see how it all works.