A version of this article appeared on Global Fintech Series. You can read it here.
If you keep up with the world of digital video, there’s one term you’ve been hearing a lot recently: interactive video. It represents some of the newest tech in video, including not only the ability to click to convert but also allowing users to change the flow of the narrative, customise elements in the video and more. And financial services companies are early adopters of the new capabilities.
Top financial institutions, such as Voya Financial, U.S. Bank, Mr. Cooper and American Express, have embraced interactive video as part of their digital communication strategy. Already, they’re seeing amazing results, including lower call centre volume and higher CTR.
Interactive Video on the Rise
Across industries, using interactive video for brand communications is growing. Last year, 35% of all of our video campaigns used interactivity. Most commonly, we see interactivity combined with personalisation for an immersive, human customer experience.
But even without personalisation, interactive videos offer a highly individualised, tailored experience. Users can navigate through the video and engage with it in a number of ways, whether it’s UGC customisation or a self-serve FAQ. This advanced video interactivity is possible at scale — for millions of customers — with Idomoo’s Next Generation Video Platform.
Results across industries show the effectiveness of video interactivity:
- 4x higher click-through rate on the CTA (drives conversions)
- 43% higher video completion rate (keeps viewers engaged)
- 60% decrease in complaint calls (offloads support calls)
Interactive Video for Financial Services
But financial brands are far and away the leaders for incorporating this new technology into their digital strategy. Out of all of our interactive video projects last year, 83% were for financial services companies.
From customer service to marketing, these videos fill a crucial role for these institutions. Industries where we’ve seen the fastest adoption of interactive video include insurance, banking, retirement and mortgages.
These are industries with complicated products, regulatory pressures and details that can be difficult for consumers to understand. It’s no surprise financial companies rely on video to simplify information and improve transparency. Adding interactivity makes video an even more effective communication tool.
Take a look at some of the successes we’ve seen so far with financial brands using this technology:
- 73% higher call deflection
- 11x more credit card applications
- 126% CTR uplift compared to generic video
New Tech in Action
We already know Personalised Video helps explain complex products and services, sharing only relevant info and using visuals and audio to guide the viewer. Interactivity takes it to the next level. Now, users can take action straight from the video.
In one customer service example from the mortgage industry, loan servicers were struggling to explain forbearance options to customers. They were calling en masse, and it was nearly impossible to keep call centres staffed. Hold times were rising.
With interactive video, mortgage companies were able to deploy a fast and efficient solution, engaging customers in a two-way conversation while letting them self-serve — all inside the video. These forbearance videos improved call deflection as much as 73% and were in market within days. As an added bonus, they helped companies learn more about what their customers needed.
Interactivity can do a lot more, though. It all depends on what you need — that’s why we call it advanced interactivity. Customers can even input their own data into the player, generating a brand new video in real time. This enriches your first-party data, especially important given the increasingly limited access to third-party data, and makes the voice of the customer (VoC) actionable in real time.
Try it out for yourself with the video below. This interactive video calculator can instantly generate a personalised car payment estimate based on information you provide. (These “UGC videos” can be a lot more than calculators. Another use case we love for financial firms? A personalised year in review recapping what your customer loves most.)
“A seamless CX is especially important in financial services where the landscape is almost entirely digital, but consumers still want that personal touch,” said Yaron Dishon, Idomoo CRO. “Brands are quickly finding that interactive Personalised Video bridges the gap, creating a memorable digital experience that supports their bottom line and helps customers understand how to save, spend and invest their money.”
Looking to the Future
Financial brands may be among the first adopters of this tech, but others aren’t far behind. We’re excited to see how brands innovate to give customers the best experience possible while supporting a healthy bottom line.
Adding interactivity to any video is easy with our fully open, enterprise-grade platform. Launch campaigns in days, not months, and track results in real time in our analytics dashboard.
Read more about Living Video and advanced interactivity or get in touch to see how we can revolutionise your digital CX.