The Value of Ultra-Personalization in Financial Services
Today’s consumer feels that generic advice and services provided by their financial institutions are not working. Instead, they expect to see tailored advice based on their life stage and personal financial goals.
Personalized video offers financial services the opportunity to zero in on the needs of their customers. Financial marketers have an opportunity to master personalization ahead of the competition and be the first to reach customers in a more meaningful way.
Consumers Love Video & Tailored Info
Consumers love video, with over 500 million hours of video watched on YouTube every day. Customers prefer a personalized experience as it makes them feel as though they have more control over the information provided while reducing information overload. The feeling of control adds to a customer’s happiness.
Personalized Video Sets You Apart
Not only do consumers want personalization, but there is also a unique opportunity to be one of the first to offer it. In 2016, 40% of financial institutions were not using personalization. So, this is a key area you could be dominating.
When you consider that 40% of consumers saying they would be loyal to a bank if it personalized their service and that two out of five millennials are not happy with banks not personalizing their information, custom video allows you to kill two birds with one stone. Video allows you to:
- Outsmart the competition
- Meet the needs of the customer
The Customer Lifecycle Journey
Companies can double their conversions and sign-ups when they map their video content based on the customer lifecycle.
Personalized video can be used at each stage of the lifecycle journey:
- Approach: Using dynamic video content allows you to target new arrivals to your website with video that demonstrates the value of your services.
- Acquisition: Once they enter the pipeline, the personalized video will show them the services specific to their needs and solve their issues.
- Development: You can focus on the services that will develop the relationship by becoming their go-to resource for their financial questions and concerns.
- Retention: As you gain more knowledge about the customer, you can share information that will lead them to new services based on the logical next steps in their financial growth.
- Loyalty: Personalization will nurture loyalty as they see how well you understand their needs.
The Future of Personalized Video
To understand the role of personalized video in your business’s future growth, it helps to listen to what younger customers are saying today. According to Salesforce, when it comes to millennials, 54% said they would provide more personal information in exchange for improved personalized guidance and services.
The younger the consumer, the more understanding they tend to be when it comes to personalization. Salesforce also found that for Gen Z, 63% understand that there is a need for personal data collection, and 75% see the value in allowing financial institutions to use it to better meet their needs.
Personalized videos for financial services offer an opportunity to get in on the ground floor of next-level marketing. Ninety-four percent of banking firms confessed they are unable to provide personalized financial guidance via apps or their websites. Therefore, now is the time to introduce personalized video to gain traction while the competition lags behind.
If your business needs help with your marketing strategy, Mediawide offers an end-to-end Creative Management Platform. We can unify your brand’s entire creative portfolio, including print, digital, and video.
Here are two examples to demonstrate the use cases of Personalized Videos in Banking and Insurance.
OpenText™ Exstream helps insurance carriers improve the customer experience and significantly reduce costs with a single software solution for policies, bills, quotes/proposals, and correspondence.
Exstream Bank and Exstream Insurance are fictitious brands created and owned by our partner OpenText Exstream purely for demonstration purposes.