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 feedbacks 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.
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. Not to mention, since video is fun and engaging, it’s almost ten times more memorable than text !
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.
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. 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.
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.
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 a video platform, 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.