Eighty-eight percent of U.S. consumers use financial technology for banking, payments, and investing — up from 58% in 2020. As a result of the rapid disruption driven by fintechs, customers now have higher expectations for seamless digital experiences across all the financial services they use.
To meet these expectations and adapt to an increasingly remote and mobile-first world, many traditional finserv organizations are progressively turning to video to provide a more modern yet personalized and engaging experience. For finservs, video will be critical in driving recruitment, streamlining and enhancing customer interactions, and increasing brand awareness to reach new audiences.
TL;DR — video marketing is critical for the finance industry.
Video transformation in the finance industry
We dove deeper into these trends in Episode 4 of our Creator Economy webinar series, The “Personalization Promise” in 2022: Video Tech strategies for Financial Services. The episode was be moderated by host Katie Martell. Guests included Winnie Sun, managing partner of Sun Group Wealth Partners, and Taylor Alston, vice president and head of social media at J.P. Morgan Wealth Management.
In this episode, guests heard from two very different perspectives in the finance industry. As an entrepreneur who runs her own firm, Sun must lead with a hyper-innovative approach and constantly adapt in real time. Alston, who works for a well-established, 222-year-old investment bank, on the other hand, must lead with a more strategic and planning-oriented mindset.
The opportunity for financial services innovation
In addition to higher consumer demand for more engaging digital experiences, finservs are also facing a talent shortage. Financial institutions are racing to attract younger talent due to wave of early retirements, as well as a widening digital skills gap — both exacerbated by the COVID-19 pandemic.
But amid the Great Resignation, attracting top talent has become daunting, especially for organizations that lack an ethos of innovation. Add the challenge of increasingly dispersed work environments to the mix, and you’re looking at a major turning point for the financial services industry. The good news is financial institutions now have an incredible opportunity to transform and grow.
Self-serve video tech has emerged as a key solution to meet these challenges.
Cloud-based video production technology allows finservs to meet customers where they are — online — and meet the demand for engaging digital experiences while building more authentic, transparent relationships. From a talent acquisition standpoint, video enables recruiters to cut through the noise and reach an infinite pool of candidates from anywhere, at any time.
The personalization promise
Finservs can solve two very different problems — demand for digital consumer experiences and talent acquisition — with a comprehensive video strategy. In the end, it all comes down to personalization. Customers want to feel valued and understood, and job candidates want to feel like more than just another cog in the machine.
Forward-thinking finservs are already turning to enterprise video solutions to:
- Provide a modern, personalized and engaging experience
- Engage prospects and customers across channels, including social media
- Create more touchpoints with customers
- Conduct roundtables, panels, and webinars
- Connect with customers virtually yet authentically
- Recruit top talent and keep current employees engaged
- Overcome consistency, compliance, and security challenges
The rise of the Creator Economy for the Enterprise
Want even more video insights? We’re exploring the rise of the Creator Economy for the Enterprise in our ongoing webinar series. Each installment features conversations with expert panelists. Episodes include: