Personalized Video for Banking
Despite the rise of mobile banking, research shows that engagement — a key driver of loyalty for banks — is flagging. So how do you promote engagement and transparency in the digital world? Make it personal and relevant with Personalized Video.
Understanding new financial products and services can be challenging, but Personalized Video makes the onboarding process simple and pleasant — especially critical early in the banking customer journey, when churn rates exceed 20%.
Personalization shows you care about your customers as individuals. And video (which consumers overwhelmingly prefer for explaining complex info) is ideal for products like mortgages and escrow. Together, they set the right tone for a strong relationship.
Leverage what you know about your customers to deliver offers customized for them.
From credit cards to loans, Personalized Video makes new products attractive, relevant and easy to understand.
Thanks to cutting-edge Living Video capabilities, you don’t even need customer data. Viewers can input their own requirements, generating a new offer in real time. These on-demand videos drive conversions because the offer is perfectly tailored to the individual — at that exact moment.
For something extra special at the end of the year, send customers a personalized recap of their activities or benefits. Compare their numbers to previous periods or customer averages to make things more interesting.
A personalized highlights reel is a great way to grow loyalty and get people excited about the next year as your customer — and it’s been shown to increase social share rates 5x.
Interactive Personalized Videos are like a face-to-face session with every customer, only scalable. Answer common questions you know similar customers will encounter. As they share new info or interact with their video, it updates in real time.
Customers get answers fast and you offload unnecessary calls. Everybody wins.
Client Results in Banking
The world’s top banks use Idomoo Personalized Video to streamline complex info and delight their customers. Take a look at some of our results.
conversion
in enrollment
online banking
Client Campaigns
Related Articles
How Personalization Builds Consumer Trust Across Industries
Building trust with your customers is one of the most effective ways to retain customers long-term and benefit from their word-of-mouth referrals. Every business wants to score customers for life — and trust is key to locking in those relationships. When a consumer trusts a brand, they’re more likely to: Purchase: 63% of consumers say they would buy a trusted brand’s new products and even buy from the brand when it’s more expensive than competitors. Stay loyal: 55% say they wouldn’t shop around for other brands, even if the brand makes a mistake or is accused of wrongdoing. Advocate: 53% would recommend the fully trusted brand to other people. Building this trust has become even more crucial recently. According to Edelman, 71% of consumers say it’s more important to trust the brand they buy or use today than in the past. This trend is especially pronounced among Gen Z, with
Hyper-Personalization in Banking: How To Elevate Your CX
It’s no secret that today’s customers are driven by experience. A strong customer experience that removes friction before the purchase experience is a significant factor influencing people to make purchasing decisions or pay extra for increased convenience. For example, 51% consumers opt in to subscription services for convenience. The part you might not know? When it comes to the financial industry, J.D. Power’s recent report discovered that most banks are missing the mark with these targets, leaving 13% of customers likely to switch their bank in the next 12 months. That’s where hyper-personalization comes in — yeah, not just personalization, but hyper-personalization. If the phrase makes you think of personalization on steroids, you’re not wrong. Essentially, hyper-personalization provides a richer customer experience by leveraging customer data to produce content and tailor communications for each client. Often, though not always, it leverages artificial intelligence in the process. And this kind of
Predicting Churn in Financial Services: How To Keep Customers Longer
Picture this: A customer who has been with your company for years suddenly decides to leave. Ouch. That’s what we call churn, my friends, and it can hit a company where it hurts the most — right in the bottom line.
Clear Communication in Financial Services: The New Mandate
The FCA is raising the bar for customer care in the financial services landscape. Firms must now adhere to the Consumer Duty: a package of measures that aims to improve customer outcomes with better communication. This new Consumer Duty, recently issued by the U.K.’s Financial Conduct Authority (FCA), mandates that information must be easy for customers to see, rather than buried in paragraphs of text. Jargon must be swapped for easy-to-follow language. With clear, transparent communication, customers will be able to make more informed choices and see improved outcomes, especially critical during a time of financial uncertainty for many. It’s a big deal — a “paradigm shift” regulators are calling it. How these rules are put into practice is up to every firm. But one thing is certain: communication must be digital. Today’s customers are always online, and better communication starts with reaching customers where they are: on their phones,
Why Banking Loyalty Is More Important Than Ever
The value of brand loyalty cannot be overstated — especially in the banking sector. Loyal customers recommend their bank up to 6x more, spend 25% more (on average) on their credit cards and are less likely to switch to a competitor, according to a study by Bain & Company. It’s obvious loyalty is critical for banks, but it’s getting hard to come by.
Credit Unions Gone Digital: How Video Adds a Personal Touch
For decades, credit unions have offered incredible rates, low fees and face-to-face interactions — an exceptional CX many traditional, major banks are unable to offer. And it’s obvious this customer-first approach works. An impressive 90% of surveyed members believe credit unions are a great place to find both financial advice and guidance.
How Fintech Can Enhance CX With Personalized Video
From bitcoin to NFTs to robo-advisors, fintech is a hot topic. Have you ever been asked to “venmo” or “zelle” someone? Fintech is responsible — 3 out of 4 consumers now use payment services like these. But fintech is quickly taking hold of any and all financial industries, including mortgages, insurance, investment and more.
