18 Oct Finance Companies: Is It Time To Embrace Video?
As a millennial, it’s scary to read news articles suggesting that we will be the first generation poorer than our parents since World War Two. It’s no surprise; you only have to glance at the media headlines to see the United Kingdom in a finance and political frenzy.
It’s fair to say that important ‘adult’ decisions and issues are avoided by many who are too daunted to try and make sense of an overtly complicated industry. This is a common trend I’ve noticed among many people I speak to in their twenties and the truth is that finance companies are talking to us in completely the wrong way.
We’re living in a world where technology, internet and social media are becoming larger parts of our everyday lives and information is accessible at the touch of a button.
But finance isn’t fun.
Following the financial crash in 2008, we saw the negative impact this had on our families and the stores on our high street. As adults facing important decisions, we are looking for companies to show us that we can trust them, prove their integrity, but somehow this is getting lost in communication.
Let’s face it, finance is dull; no one wakes up on a Saturday morning and is looking for a finance white paper report to read. It’s certainly not made easy to understand, and in some cases, it’s made much more complicated than it needs to be.
The High Street is already embracing technology; anyone can buy their groceries in the supermarket and if they’re lucky they won’t need to speak to a single person. That’s perfectly acceptable for a weekly food shop; you don’t need help choosing the ‘best vegetables for your circumstances’ or to be advised in ensuring ‘your toiletries are saving you money’.
However, banks are closing at the blink of an eyelid; Lloyds Bank alone closed 200 branches between 2014 and 2017 and on entering the branch of any High Street bank, we are persuaded into using self-service machines. The option of speaking to a Personal Banker is fading fast.
At the face of it, using technology is no bad thing, it’s embracing the future, but the frontline staff provided us a relationship built on trust, and without them, the companies need to ensure they continue to provide that, whilst retaining brand image.
So, how can finance companies communicate in a way that will build trust, integrity and retain interest in their products?
Making information available to read online isn’t enough anymore. An image goes a long way, but video trumps it every time. 2018 has been dubbed by marketers as ‘The Year of Video’, and it’s evident as to why.
You don’t have to search too hard to find some pretty staggering statistics on Google; viewers retain 95% of a message when they watch it in video compared to 10% by text, video on a landing page can increase conversion rates by 80%, and perhaps the fact that 87% of online marketers use video speaks for itself. The list goes on.
By 2019, internet video traffic will account for 80% of all consumer internet traffic. And some finance companies are already embracing it. Look at emerging digital banks like Atom, Starling, Monzo; their websites are symbolic, their brand image resonates throughout and their YouTube channels are full of engaging, information rich content with personality and tone.
Video is the perfect tool for businesses to communicate their messages effectively, whilst showcasing their brand identity to stand out from the crowd. For banks, which often have important information easily perceived as dull, jargon and fact filled, video is the optimal way to distil this into an engaging format which speaks directly to the viewer.
Furthermore, with 90-120 seconds being the optimal length of video to keep viewers engaged, animated video is the jewel in the crown for many businesses who already know it’s worth.
Animation is like no other video format, complex concepts can be easily simplified to ensure that they are delivered in a way which is easily understood; facts, figures and technical language become user-friendly and company branding is embraced to become a compelling, dynamic and visually attractive feature.
With video fast becoming the go-to marketing tool, it’s time for finance companies to embrace this forward-thinking trend to match the growing expectations of consumers