The Arguments for Using Video in Financial Services

Though traditionally viewed as a conservative field, the years following the recession of 2008 have seen the financial sector undergo radical changes that few other industries have. Customers now have a host of digital applications available at their fingertips; Many of which offer financial services like digital bookkeeping, online banking, and wealth management.
Meanwhile, financial institutions are adapting their business models to align with continuously-released regulatory frameworks, including the Basel Accord and the General Data Protection Regulation (GDPR), to name but a few. At the same time, prominent trends such as FinTech, Blockchain, AI, and cybersecurity are becoming the new economy standard. Add to the mix the alarming employee turnover rate of almost 20% in the Banking industry[1] and you get a need for transformation.
As a result, many institutions are shifting their communication model to a more proactive, people-centered, and transparent one. This new model taps into video technology to foster innovation and keep up with the competition.

Harnessing Video Technology in the Financial Sector

With adaptability and resilience playing such a vital role in today’s economic ecosystem, video has become an effective business enabler: It acts as a versatile and cross-vertical solution by delivering content that is approachable and digestible. In the following blog post, we will break down a few of the financial sector’s top video use cases: video management & sharing, corporate learning, social intranet, PR/branding, customer support & maintenance, and town hall meetings. Read it and learn how using video in financial services helps financial institutions speed-up the implementation of new regulations, bolster bottom-up communication, bring numerical data to life, and diminish operational costs, all while maintaining top data-protection standards.

Video Management & Sharing

The saying “The market never sleeps” has never seemed truer: Today’s international markets are interconnected, and trading continues 24/7. Consequently, employees are required to respond to customer queries, direct investment activities, develop strategies, and produce detailed reports around the clock. In such a demanding business environment, internal cooperation and knowledge sharing are crucial to meeting company goals.

A video platform is actually a video Content Management System (video CMS) that provides employees with a consolidated and secure video knowledge center, allowing them to access and manage their video media, share video inputs or feedback with one another, and watch on-demand corporate clips produced by subject-matter experts.

A reliable video CMS needs to provide users with various capabilities like video capture, transcoding, adaptive bitrate streaming, and security. Click here to learn how to choose a reliable video platform for your business.

Corporate Learning 

The finance sector is laden with expert-knowledge that is difficult to grasp, let alone memorize. Employees need to understand and often explain an increasing number of broad and complex topics such as investments, market forces, and competitive issues. Corporate learning via video can preserve institutional expertise and transfer employees’ knowledge to others in a memorable, engaging way. This transfer is particularly important in the financial industry due to its unusually high employee turnover rate. According to studies, 69% of employees are more likely to stay with their places of employment for at least three years after a great onboarding experience[2]. Not to mention, since video is fun and engaging, it’s almost ten times more memorable than text[3] !

Social Intranet

In a world where workforces are distributed globally and working hours are flexible, social intranet is an integral part of improving internal communication, particularly in industries with high employee turnover rate, such as the financial sector. Video social intranet combines the best features of social media platforms, internal team sites, and company video portals to form an employee-curated, collaborative portal with interactive features such as like/share/comment. This grants employees quick access to people in different departments and creates freedom of communication. The result is virtual communities across the organization that are more engaged, communicate better, and contribute to the company’s morale which, in turn, translates into a decrease in employee turnover. Tangibly, video social intranet can save $4M in organizations with more than 10,000 employees[4].

PR & Branding

Public relations (PR) is a must-have for modern financial institutions. A study published by GT Bank Kaduna Branch reports that a whopping 97% deem it essential in the banking industry[5]. There are two main reasons for that need: The first is that banks, like most other businesses, need a strong virtual presence to align with the accelerating digitalization process. The second is that banks are subject to scrutiny considering safety, longevity, and reputation. Consequently, their primary goal is to build trust and communicate their strengths. Today’s PR makes use of video content to grow brand visibility and resonate easily with various demographics. Short clips can accompany written content, invigorate it, and showcase commercial success in an emotional manner.

Customer Support & Maintenance

The financial services industry is filled with documentation that most people—whether company employees or customers—deem as daunting; not to mention almost impossible to skim through. Here, too, video offers a two-in-one solution: it can serve both customers and staff. A series of bite-size, explainer videos & recorded responses to FAQs can address customer claims and alleviate the pressure on customer support departments. Meanwhile, the staff can use video-training clips to expedite ticket handling or even use video to illuminate and accommodate existing support tickets. Video can, therefore, enhance both customer retention and referral rates while, at the same time, alleviate the pressure on customer support departments.

Town Hall Meetings

The environment in which financial institutions operate has changed: regulation and technology have seen to that. To address this new world, banks and financial institutions are required to provide both their employees and stakeholders with an up-to-date review of business activities and value. Today, many companies choose to live stream town hall meetings in order to demonstrate transparency and accountability. Live streaming also happens to increase attendance rates and reduce or even eliminate travel costs. Such an event is usually followed by a virtual Q&A session in which participants pose questions to the speaker, share their impressions, and receive feedback. Using video tools such as movingimage Webcast, companies can stream meetings to any number of concurrent viewers, be it dozens or tens of thousands while at the same time capturing the session as an on-demand recording to be viewed by employees or external stakeholders at a later time.

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