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How Personalized Video Overcomes Low Digital Engagement In Financial Services
Personalized Video is a More Effective Way of Presenting Financial Information and Offers
As financial interactions continue to move online, Financial Institutions (FIs) are investing both money and time in their digital properties, like websites and apps. FIs know they need to enhance these online properties to keep up with consumer experience expectations set by other industries, and to deepen engagement and therefore share of wallet. But many of them may be going about it in the wrong way, basing their engagement strategies on dated approaches to drive customer interaction.
Consider the following revealing statistics about how customers actually interact with financial services web content today:
- Nearly half (47%) of visitors to financial service websites leave after seeing only one page of content. For mobile users, that stat increases to 51%.
- (39%) of customer-facing content goes unseen.
Given this dismal rate of engagement, is pouring more time and money into text-based web page content really the best way to reach customers? Perhaps it’s time to explore alternative, and more effective, ways of presenting financial information and offers.
Customers Prefer Video Content
If customers aren’t reading pages of content, how exactly are they getting information? For many, the answer is through viewing it. In fact, a remarkable 96%
And customers don’t just engage with video content, they are also twice as likely to share it with their friends than any other type of content, including social media posts, blog articles and product pages. That’s a substantial difference in engagement levels across content types.
Video content is clearly a step in the right direction for FIs seeking deeper digital engagement. But video alone may still not be enough to move the needle on customer engagement, in these increasingly distracted and busy times. However, by combining video with another essential part of the marketer’s toolkit, namely personalization, FIs can create the sort of content that customers can’t look away from.
Getting personal drives results
Personalization isn’t just a buzzword. It has the potential to build stronger customer relationships across every communication and interaction, throughout the customer lifecycle. Recent research by Keypoint Intelligence confirms how strongly customers recognize and respond to personalization:
- About 45% of consumers spent much more time reviewing digital marketing communications that were personalized and relevant to them, compared to generic communications.
- As cited by 43% of consumers, personalization was the top factor that made consumers more likely to read or review a digital marketing communication.
- Only about 37% of consumers were frequently or very frequently receiving highly personalized marketing communications, so there is certainly room for improvement.
Personalization Drives Better Engagement & Revenue
71% of consumers say a personalized experience influences their decision to engage.
– Dynamic Yield
202% of companies see an increase in conversions when calls-to-action are personalized.
28% of consumers have increased brand loyalty when communications they receive are personalized.
95% of companies that saw 3x ROI from their personalization efforts.
Personalization + video = a winning combination
By adding personalized elements to your video content, you can create highly targeted offers tailored to the viewer’s specific needs and choices and deploy those offers throughout the customer lifecycle to boost retention, improve customer experience, and increase share of wallet.
Videos are personalized in the same way an email or document is personalized. The individual’s data is inserted into a predefined workflow or template. This way, the video can address the recipient by name, provide information that is only relevant to that person, and take them on a customized journey.
Interactive capabilities let the viewer make selections to shape the flow of engagement-responding to questions, providing information (they can click a button or input data), and approving outcomes.
Interactive video content can be deployed throughout the customer lifecycle, to great effect. Consider the following use cases, which are discussed in detail in a recent Doxim white paper on interactive personalized video:
- Enhance your FIs website and encourage product uptake with a fresh approach to your resource pages. Instead of expecting customers to sift through your resource pages to try and find the right product, present them with a personalized video that probes their needs, presents questions and options, and based on their choices, can highlight relevant products or services.
- Encourage new product use and reduce call center inquiries with personalized explainer videos. Such videos display complex information in a way that’s simple for your customers to absorb, and allow customers to indicate if their question was answered, or if they need additional assistance.
- Help customers understand their financial data with monthly personalized, video-based financial statements which enable a step-by-step explanation of a customer’s financial state, highlight salient information, and even give customers the ability to perform calculations on demand.
How Doxim can help engage the customers your website doesn’t reach
Doxim CCM Interactive Video leverages our client’s existing data to provide a customer experience that is both interactive and personalized.
Seamlessly integrated into the broader Doxim CCM platform, Doxim CCM Interactive Video will enable personalized digital experiences, such as interactive statements, policies, or product explainer video that offer visual engagement and real-time interactivity.
As it becomes more and more difficult to grab customers’ attention through communication, personalized, interactive video is a must-have for any organization wanting to improve customer engagement.
The visual engagement and real-time interactivity made possible through video, provides the personal touch that drives increased customer satisfaction, better engagement, and high conversion rates.
Josh is a solutions consultant by nature, focused on identifying customer communication solutions for financial institutions.
In his position as Vice President of Sales (USA), Josh leverages his experience to understand the needs, and propose solutions, for customer communications management in credit unions and community banks.
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