‘2022 Transformation of Video in Financial Services’ report from Socialive reveals financial services organizations are overwhelmingly creating more video content — but the strain on internal video production teams isn’t sustainable
LOS ANGELES – July 19, 2022 – Socialive, the remote video production platform for the enterprise, today announced the results of its 2022 Report: The Transformation of Video in Financial Services. Accompanying the report is the ungated Wealth Manager’s Guide to Maximizing the Value of Video. The report surveyed more than 600 professionals who work at financial institutions across wealth management, marketing, human resources and creative services departments and found that video creation is up an average of 84% enterprise wide. A whopping 90% of financial services organizations surveyed are currently operating remotely or in a hybrid model. The majority of respondents (58%) said it’s been challenging to record, produce and distribute video content in these operating models.
Wealth advisors in particular are feeling the pressure. Eighty-three percent of wealth management respondents have noticed an increased demand or preference from clients/prospects to communicate via video (as opposed to in-person meetings) over the past 12 months. Given the nature of wealth management as a high-touch, deeply personalized advisory service, this department has had to pivot significantly.
“Wealth management is a relationship-driven business. Historically, wealth advisors have relied on in-person meetings to maintain these relationships. However, like most industries, the world of finance has changed dramatically in just a few years,” Socialive Founder & CEO David Moricca said in a recent Forbes Technology Council article.
Many wealth advisors have turned to video to maintain the human touch in a virtual world. The vast majority (93%) believe video is an effective way to engage their customers, prospects and partners. And many financial advisors (56%) are increasingly leveraging personalized asynchronous videos — which provide tailored insights that customers or prospects consume on their own time — to sustain relationships with their clients on an individual level.
“Today’s consumers expect frequent digital communication and content relevant to their needs. At the same time, they want to feel valued as individuals through authentic, personalized messaging. Advisors must, therefore, find engaging ways to stay connected and provide ongoing value to their clients,” Moricca continued.
But this increased video output isn’t sustainable for internal video production teams, especially considering every other department surveyed has also scaled its usage of video. Sixty-five percent of creative professionals at financial services organizations said they are over their work capacity for creating new video content, with 38% significantly over their work capacity.
To reduce the strain on production teams while meeting bolder video output goals, respondents identified the need for cloud-based platforms that enable them to remotely record, produce and distribute high-quality, on-brand video content — independently. Nearly all wealth management respondents (97%) said they’d create more video content if technology made it easier.
To learn more, view the ungated digital guide for wealth managers, or download the full financial services report.
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Socialive’s TV Studio in the Cloud powers remote recording, video production and live streaming, transforming enterprise-wide communications. It’s the fastest and most cost-effective way to deliver TV-style, broadcast-quality video at scale. Socialive’s all-in-one platform streamlines workflows, removing the need and complexity of using multiple systems and tools, and increases the capacity to produce more video featuring global, diverse talent. Reduced costs and time savings unlock company-wide use cases that drive increased business value through better, more frequent video communications.
Senior Content Marketing Manager, Socialive