News & Insights

Financial Services Wakes Up to the Power of Video

By David Weinstock and Armel Leslie

Man sipping coffee very focused on watching a video

Communications is undergoing a radical transformation driven by the power of video. This dynamic medium has proven to be a game-changer for many forward-looking sectors and financial services has finally jumped on board, enabling complex concepts to be explained in simple, easy-to-understand ways. The rise of video is not a new idea but a strategic imperative that is reshaping how financial services companies can attract new customers, expand offerings for existing clients, and make financial content more engaging and digestible. Video is a highly effect medium to present the more complex products and services that are being brought to market.

Navigating the intricacies of financial products, services, and platforms can be daunting. Here is where video shines, providing an accessible, “snackable,” way to introduce new concepts. Whether it’s a short explainer video on the basics of retirement savings or a deep dive into the nuances of electronic bond trading, video content can demystify financial jargon and present information in a visually appealing format.

The visual and auditory elements of video align to different learning styles, making it easier for viewers to grasp complex ideas. For instance, a well-produced video on the benefits of a Roth IRA versus a traditional IRA can quickly and effectively communicate and spotlight points that might otherwise be lost in a dense article. This not only helps in attracting potential customers but also in building trust. When financial institutions take the time to educate their audience through engaging content, with a tonality that connects with their audience, they position themselves as a knowledgeable and customer centric brand.

Beyond attracting new customers, video is a powerful tool to leverage for deepening relationships with existing clients by introducing new products, providing updates, and offering personalized advice. It can be the informational gateway to help clients relying on more traditional methods explore more efficient and data rich digital approaches.

Interactive video content can go even deeper and become a key tool in the selling strategies for firms with hard-to-understand products. These formats allow for real-time interaction and a more personalized experience. Additionally, video tutorials can empower customers to take full advantage of the services and products offered, increasing their satisfaction and retention.

The challenge of making financial content engaging is one that many institutions face. Traditional methods, such as lengthy articles or dense whitepapers, often fail to capture dwindling attention spans on their own, yet an integrated mix can ultimately be the most effective. It is important to identify the right method, in the right medium, for the right channel.

A critical attribute of video and animation is its ability to capture and hold the viewer’s attention more effectively than text. Video can transform dry, complex topics into compelling information rich content that can provide audiences with the fastest access to the information. According to research, viewers retain 95% of a message when they watch it in a video compared to just 10% when reading it in text. This high retention rate makes video an excellent tool for imparting and imprinting important financial knowledge.

Moreover, video content is highly shareable. In the age of social media, a well-crafted video can quickly reach a mass audience, spreading valuable information and enhancing brand visibility. When customers find a video informative and engaging, they are more likely to share it with their network, amplifying its reach and impact.

Creating clarity with complex subjects is critical for building trust, developing understanding, and driving adoption of financial and technology concepts. There is simply too much noise in all communications channels not to utilize video as a medium to differentiate your offering. Tell your story in the most compelling and entertaining way possible by simplifying complex concepts and presenting them in a visually appealing way.

Want to put these tips into action? Contact us to connect on how you can use video as part of an integrated strategy to break through to your target audience.

Sign-up for Our Newsletters

Sign up to receive The Deadline and Digital Dive weekly

You may opt out any time. View our Privacy Policy.
This field is for validation purposes and should be left unchanged.