Explainer Videos for the Financial Industry
What exactly is the financial industry?
Financial services encompass a variety of more particular operations such as banking, investment, and insurance. Financial services are confined to the operation of financial services companies and their experts, while financial merchandise are the existing commodities or services, accounts, or investment opportunities that these institutions provide.
How do videos relate to the financial industry?
With more opportunity for representation, sharing of content, and quite often better marketing via social media, videos are the ideal medium for dissemination of information ranging from how-to videos to outright advertising, allowing banks and financial institutions to interact with customers, enlighten, engage, and delight their audiences.
Furthermore, explainer videos, in particular, are excellent tools that enable professionals in the financial industry to develop more transparent interactions with their prospects and clients, as well as to explain complicated financial products or services in a simple and efficient way.
As a result, developing an animated explainer video for your project will help you meet and even surpass your targets’ expectations more quickly.
As per several studies conducted over the years, promotional or assistance services that leverage video content are more likely to succeed than those that do not, because of people’s shifting preferences toward videos over text and their dwindling attention span that video content is perfect for.
Developing a video-centered marketing campaign
When developing a financial video marketing plan, you must consider your target audience’s demographics, habits, and preferences, as well as your video production’s capacity, i.e. budget and intended message to be delivered.
You’ll also need to develop a campaign around a specific objective, be innovative with perceptual storytelling, and deliver a message that resonates with your targets, which would help you attract, engage, close, and delight your audience.
Video-centered marketing is useful for many reasons, including:
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Empowered by great storytelling
People must pause what they are doing, occasionally watch the video, and listen attentively. If they don’t enjoy what they are seeing, they will scroll past your video and not give it a second thought.
This implies that each and every video you produce, whether on your own or with a video production company, must showcase a strong narrative. It must be engaging, permit emotional responses with the audience, and employ evocative imagery to highlight something intriguing and appealing about your brand.
Coming up with an attention-grabbing storyline can be challenging, which is why companies, regardless of their size, often opt for collaborating with a video production company, much like us, Verve Videos.
Beneficial to your marketing strategies
Financial video marketing is similar to any other marketing effort in that it requires a strategy, ensures that each produced video has a goal, and ideally fit into your other marketing strategies. This means you’ll need a robust video plan that outlines not only what you’re going to record or produce, but also how it will bring value to your brand and your audience.
Depending on the “why and where” of your video, your video marketing plan should also outline particular goals, how much attention should be paid to each goal, and how many videos you would like to create in each series.
How to use explainer videos
Do you want to post your video on social media platforms?
Social media videos are an excellent approach for your company to engage with its target audience. They enable you to develop your brand, drive sales, and improve your SEO ranking.
There are several types of social media videos that you can add to your social media marketing strategy, such as live-action financial videos, infographic financial videos, customer service financial videos, and many other styles. This is the beauty of explainer videos; they are extremely versatile and can fit into whatever plan or strategy you have in mind.
Is your goal to train certain people on a procedure or give them a tutorial on how to accomplish a certain process?
Training financial videos
In an increasingly remote work environment, employing training videos is a valuable asset that will help you develop your business. Learning is essential for healthy development in general, and training is an essential component of workplace education.
The most difficult problem that learning professionals confront in the workplace is developing training programs that capture the audience and compel people to sit up, take attention, and begin learning. The effective use of video can be a very strong tool for improving the entire training experience.
Tutorial financial videos
The process of connecting with your consumers will eventually entail information sharing. Tutorial videos are among the most effective ways to ensure that transfer.
Tutorial videos have the potential to use a variety of educational strategies. First and foremost, there is explicit instruction, which is primarily the transmission of a certain material via a lecture or a presentation, for which there is also follow-along assistance. Last but not least, as an interactive aspect, training videos might include quizzes and polls.
Are you looking to promote your brand to increase people’s awareness of it through a demo or sales video?
Demo financial videos
Financial demo videos that show your service or product in action are conclusive proof that they will function. Presenting demo financial videos to your consumers will help them understand how your product or service performs.
Demo videos, in essence, are an excellent way to demonstrate how your products and/or services truly operate. They are one of the most effective marketing tools at your disposal.
They begin by addressing prospects’ particular pain points, follow with presenting your solutions, eradicating any preconceived conceptions or misinformation based on market gossip, and promote your brand by explaining concepts about who you are.
Financial sales videos
Sales can be a fiercely competitive discipline, and meeting particular sales and profit margin objectives is a tough endeavor. Consumers have grown more intelligent than ever thanks to the digital era, as they rely on the internet to research the products and services which might sufficiently meet their demands.
Through powerful narrative, sales explainer videos aid in marketing initiatives. Whatever your company offers, you can make a sales animation that shows potential clients why they should engage with you. Because sales explainer videos are designed to close deals, they are frequently complemented by other sales content, a sales landing page, or other comparable sales tools.
In this regard, creating sales and marketing videos could immediately increase sales and profit. 85% of people are more inclined to purchase a product after seeing it in a video! You should educate your prospects and leads on how acquiring your product or service will meet a specific need of theirs.
How do banks benefit from explainer videos?
Banks, among other financial institutions, play a critical role in all economies.
They are in charge of financial inclusion, are the principal source of credit for large segments of the economy, and (usually) serve as a safe haven for depositors’ funds. The banking industry also aids in the movement of resources from those with excess (depositors) to those with a deficit (debtors).
Check out the case study for CWB Maxium Financial that we created for the series of videos we worked on for them!
The following are some of the key issues that professionals in the banking sector or financial institutions face, but they are not limited to:
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Competing against other banks or financial institutions
Retaining customers
Obtaining new leads
Monitoring and catering for customer requirements
Dealing with lack of trust in banks and financial institutions
It is no longer a secret that animated explainer videos are the pearly gates that guard a plethora of conveniences for those brave enough to access those gates.
The financial sector is a fiercely competitive one, necessitating a strong online marketing strategy. An animated explainer video would be a terrific addition to help you promote and sell your financial services in a more innovative way.
Without further ado, here are some of the advantages of explainer videos in the banking and finance industries:
Assist customers in understanding the financial institution's services
On a bigger scale, reach out to new clients and encourage existing ones to renew their deals with the finantial institution.
Make your bank or financial institution stand out from the crowd.
How do banks benefit from explainer videos?
Since explainer videos are extremely versatile, attention-grabbing, and concise but informative enough, they can be used in many, many ways and on various means of displaying said videos.
For example:
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On a loop on the institution’s TVs
On social media platforms
On the institution’s website
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On an institution’s FAQ page as customer service videos
On different TV channels
Pretty much anywhere that videos can be displayed
Conclusion
Who wants to wade through a mountain of plain language? Alternatively, financial organizations can employ video content to assist customers in understanding the terms and conditions, perks, and entitlements of an institution’s products and/or services.
When it pertains to their financial services, today’s consumers want a far more personalized experience. Most customers like to be treated as a valued client rather than a number. Leveraging videos in financial services will assist in delivering more engaging and customized solutions to prospects’ pain points.
This adds a personalized dimension to the buyer’s journey and contributes to the creation of the authentic experiences that consumers are looking for.
In the financial services industry, personalization is the strategic point of differentiation. Customers want their bank or other financial institutions to not only recognize their demands, but also to provide a tailored solution to them.
This said, if you’re a business owner wishing to create a video for your firm or a representative of the financial sector, feel free to contact us for a discussion of your project and a free quotation!
