Interactive, Personalized Videos Drive Better Customer Engagement

by | Aug 19, 2021

Leverage the power of interactive, personalized video

Today’s consumers are always on the go, with little time to sit down and check their inbox or read personal transactional documents. Traditional messaging tactics such as emails, static brochures and online documents are unlikely to catch someone’s eye when consumers receive so many of these communications in a day.

Organizations must follow broader consumer market communication and engagement trends. What channels are gaining tractions? What communication formats are attracting attention and result in higher response and engagement rates? Transactional documents might contain important information but following the evolving consumer preferences will mean your organization’s documents will not only get opened, but read, understood, and acted on if they contain a call to action. Today, video is one of the most powerful ways to deliver information that resonates with the customer. Research shows that 72% of consumers prefer to watch a video  to learn about a product or service rather than read about it.

Converting bills, statements, documents, reports into interactive, personalized videos is proven to increase open rates, improve engagement and motivate a higher response rate. As much as 90% of customers who receive personalized video report greater satisfaction with, and a better understanding of, that company’s products and services.

How interactive, personalized videos are created

Video personalization happens in the same way an email or document is personalized. The individual’s data is inserted into a predefined template.  This way, the video can address the recipient by name, provide information that is only relevant to that person, and even take the viewer on a customized journey to find additional information or contact a customer service representative.

For example, presenting a financial statement in a video format, allows for a step-by-step explanation thereof, along with the ability to highlight the salient information, and even perform calculations on demand.

Personalized videos can also be interactive, enabling the viewer to drive their own experience by making selections that shape the flow of engagement. This is the digital, on-demand experience that consumers desire – they can make product or budget decisions without having to speak to a customer service representative.

Personalized videos benefit both consumers and service providers

Organizations that use interactive, personalized videos to enhance their customer experience can count on the following benefits:

  1. Get a measurable, improved return on investment (ROI) based on increased customer engagement, conversion, purchase, enrollment, etc.
  2. Augment sales and service teams to reduce cost-per-sale/service, while still providing a great CX
  3. Guide the customer on how to use other digital services, or connect with the appropriate customer service rep to resolve an issue before it escalates
  4. Gather in-depth information on how customers engage with the information in the video and use this information to refine future communications.

Doxim CCM Platform clients can leverage interactive personalized video technology to deliver the most engaging statements and other documents

Doxim Interactive Video leverages our client’s existing data to provide a customer experience is that is both interactive and personalized. Video is a great medium to present interactive statements or policy documents, promote renewals, or cross/up-sell to existing customers.

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.

3. Expansion of digital products

As banking customer behavior shifts, banks must move with the times, or risk getting left behind. Many banks today are exploring the power and potential of open banking, which can allow them to offer more innovative products and services to their customers, as well as to better compete with fintech companies and other non-traditional financial service providers.

As you shift your banking business model to reach new segments or provide an enhanced array of services, communication becomes even more pivotal to your success. After all, if your customers don’t know which new services they qualify for, or how those services will help them meet their goals, then they are unlikely to explore them further. CCM technology can be leveraged here to provide personalized on-statement messaging that directs customers to the right products and services, as well as 1:1 personalized “explainer” videos to help them get started.

Adjusting your bank’s priorities to thrive in 2023

In an era of constant change, the key to successfully transforming your bank’s business model will be to stay attuned to the changing needs and preferences of customers, and to be open to exploring new opportunities and technologies that can help your FI stay competitive and relevant. But these new opportunities are doomed to fail if you do not clearly communicate their benefits and make it simple for customers to access them.

That is why transforming your customer communication strategy is the best first step to broader digital transformation. By updating your approach to communications to meet omnichannel customer needs, you also position your bank to communicate the benefits of changes in your broader organization, like new or enhanced products and services. The pace of change in banking has never been brisker – but with the right strategic approach to these changes, the future is bright.

Investing in a modern customer communication management and engagement platform is an essential part modernizing your banking strategy, as it can provide the personalized digital experiences that will keep your bank or credit union ahead of the competition. It helps provide a great customer experience, and builds rich relationships, which in turn results in customers for life and a competitive advantage in the rapidly evolving financial marketplace.

How Doxim can address the banking customer communications trends identified and help future-proof your digital banking strategy

banking customer communications trends

Doxim’s experienced consultants and omnichannel platform can help transform your customer experience in many ways, including:

  • Gathering and utilizing customer data to continually improve the personalization of communications.
  • Building trust with customers via communication (via print, PDF, HTML, email, text, and online interactive experiences).
  • Leveraging interactive video to drive personalized digital customer experiences, such as interactive statements, bills, or reports, that offer visual engagement and real-time interactivity
  • Putting customer data, including customer statements, at the fingertips of your service representatives for immediate and personal service.
  • Making a meaningful connection with value-added content, like information about philanthropic activities, on customer statements.

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