Now that online banking is the norm, banks have significantly closed high-street and local branches. Almost 2,9000 outlets have slammed the shutters down across the UK in the last three years.
Subsequently, banks now face the challenge of connecting with customers via online platforms - a medium only High-Growth firms appear to be getting to grips with.
In order to stay relevant, banks must meet the demands of customers by providing a digital service that aligns with modern lifestyles.
Subsequently, nearly 60% of digital marketing budgets are allocated to video according to the latest insights from IAB. Their latest study on video ad spends reveals that advertising budgets for digital and mobile video are 53% higher than 2016.
So where are financial marketers investing their money?
Nailing Digital Content
A report compiled by Hinge Research Institute showed the digital market efforts of High-Growth firms have more impact on their audience than other financial brands. Furthermore, they are deemed to outperform rivals in six out of seven business development skill sets;
i) Writing technical articles
ii) Face-to-face networking
iii) Speaking on video
iv) Articles and blogs
v) Social media networking
vi) Presenting on webinars and podcasts
The only category High-Growth firms didn’t beat the competition was speaking in front of a live audience. But they have clearly nailed interaction on digital platforms.
Social media is a key driver for banks. Financial tips are a key pillar, and providing parents with advice about how to teach their children about financial planning is the new wave of social content.
But social media users are mostly invested in video content, and marketers need to find a way of producing watchable videos that are engaging, raise brand awareness, increase web traffic and educate people about products and services.
That’s no easy feat - but here’s some inspiration to help!
Video Marketing in the Finance Sector
Whilst financial planning and banking advice is useful, the number of shows you can perform with a one-trick pony are limited. If you’re repeatedly publishing the same kind of content, viewers will lose interest very quickly.
Marketers across multiple industries are realising that online users relate to videos they see themselves in. Not literally of course, although BNZ is tapping into modern trends by allowing customers to open accounts using a selfie.
The core of online video ads need to reflect the lives of your customers - like this raft of digital videos banks have launched ahead of the annual Diwali festival for example.
Note how each of these branded videos reflect the lives of customers rather than the interaction customers have with banks.
Fintech companies are also gravitating towards advanced technologies such as the video-making platform, Medici Studio. Due to its specialist features for making high-quality videos in the global Fintech ecosystem, Medici has already on-boarded over 250,000 content creators this year.
Machine learning is also high on the agenda of financial institutions in order to better understand the behaviour of their customers. Frost Bank have embraced digital technology to reach out the younger audiences in grass roots communities with their “Opt for Optimism” campaign.
The campaign video received 32.22% completed views - the average is 9.3% - and a 40.82% interaction rate.
Video provides many benefits for high-growing financial companies - but only if the audience relate to the story. How well do you know your audience?