It’s not uncommon for banks and financial institutions to neglect video marketing strategies. Most of the time, it’s because they believe video production is too expensive to create.
But, times are changing, and video marketing is the key to remaining competitive.
Digital banking trends are here to stay. 78% of Canadians use digital channels to conduct most of their banking transactions. Banks and financial institutions face a crossroads to either get on board with the digital transformation or fall behind. Part of this includes using video marketing strategies.
Today, video is more accessible than ever, and it doesn’t have to be expensive.
Why Do Banks Need Video?
Aside from creating an excellent customer experience in banking, banks need video to engage their customers.
Most banks have a reputation for being boring and old-fashioned. The finance industry is competitive, and it’s becoming harder to attract and retain new clients. Especially since marketing to Gen Z is challenging without staying current on digital banking trends.
Banks must recognize that video is no longer just a channel to entertain but to educate. According to a Wyzowl report, 85% of businesses use video as a marketing tool, and 86% of marketers say video helped them generate leads.
If you’re serious about capturing your audience’s attention and keeping them engaged, video marketing strategies are your key to success.
7 Video Marketing Strategies banks Can Use That Actually Work:
1. Create Promo Videos
The goal is to get people interested in your bank. So what better way to do that than introduce who you are?
Promo videos are a snapshot of what your bank offers. They’re successful because they make an impression on viewers. Promo videos can also increase brand awareness for prospective customers at the top of the sales funnel. Not to mention, be shared on social media for increased exposure and buzz.
2. Record Demo Videos
Demo videos are an excellent way to demonstrate product features and services. They’re an opportunity to showcase your value to customers engagingly.
You don’t want to overwhelm customers with information. Instead, you want to show a high-level view of what you can do for them.
Demo videos are highly effective. 88% of people have been convinced to buy a product or service after watching a brand’s video. They don’t need to be complicated. Keep your demos simple and light.
3. Ask for Customer Testimonials
Nothing is more influential than social proof. If you want new people to trust your bank, show them the customers that already do. Ask your customers to record Video Reviews to get authentic customer testimonials. These types of videos are like a seal of approval that prospective customers appreciate. 66.1% of consumers are very to extremely likely to purchase something based on a customer review.
Ask your current customers to record videos about their real experiences with your bank. Whether they speak about your services or how your financial advice impacted their life, real customer stories will influence the decisions of future clients.
4. Create How-To Videos
Create videos catering to your customers’ needs. For example, videos touching on personal interests will intrigue people and make them more likely to engage with your brand.
An example of a video is ‘how to make a mobile deposit.’ Instead of overloading customers with written content on your website, engage them with short how-to videos.
5. Educate Customers About Finance
Financial literacy is so important. Consider using video to educate customers, especially young people, on their finances. Some educational content may overlap with how-to-videos like ‘how to set up online banking,’ but others can be more education based. For example, ‘Investing 101’ or explaining different mortgage types. Essentially, you can turn any financial resource on your website into short educational videos.
6. Answer Customer Questions
Self-service content is key to building a superior digital customer experience. Use video to create self-service content that answers common questions your customers are searching for.
Whether it’s how to e-transfer or how to reset a password, Video Answers make for a pleasant customer experience. In fact, 79.1% of consumers are likely to look online at a self-service FAQ page when they have questions about a product or service.
Ask your employees to collect the common questions from your support centers and turn the answers into videos on your website. This way, customers can easily find the answers they need.
7. Feature Your Bank and Staff
Typically, videos that feature real people generate higher engagement. Customers like to see the real people behind the brand. Use this to your advantage by having your employees take part in videos. You can post content from corporate events and conferences or even highlight employees who are experts in their field. This is a fantastic opportunity to showcase your people and engage your customers simultaneously.
You could even use videos featuring your employees as recruitment videos for open positions. Then, post the videos on your careers page to showcase what it’s like to work at your bank.
Create Video At Scale with StoryTap
Banks and financial institutions need video to attract new customers and retain them. There are plenty of ways banks can leverage video to engage their customers and harness the interest of new ones.
Many banks see video as too challenging to create or too expensive. But, it doesn’t have to be. StoryTap’s video technology platform empowers brands to capture and share authentic videos from their customers at scale.
If you’re a bank or financial institution ready to take part in the digital transformation, connect with us at StoryTap. We can help you grow your digital brand with data-driven video. Connect with us to learn more!
Interested in learning more about how banks can use video? Download our Video in Finance report.