By Poorna Nayak | Feb 15, 2021
Interactive videos are a great way for banks and WM firms to get their clients to talk to them. While personalized videos make clients feel special, adding in-video interactivity gives the opportunity to actively engage with them. Personalization combined with interactivity is a powerful tool as it is the personalization that drives action. The same cannot be achieved with generic videos having Call To Action (CTA) buttons.
Try sending any promotional content like a fund manager commentary or a financial product video to your banking clients. Compare this with sending personalized video statements that have a commentary or product upsell video clip included at the end of these videos. Add CTA buttons at the end of both types of videos. You will see the vast difference in results with at least 2x conversions for personalized, interactive videos as compared with generic promotional videos.
Interactivity can be in the form of buttons, questions, hotspots, etc. Let's take a look at the top 6 ways in which videos can be made interactive.
Let's be honest, no one wakes up thinking "oh I need to invest more" or "I need to rebalance my portfolio". Investing is a hard and boring job, the benefits of which are not immediately apparent. Adding call back options at the end of personalized video statements nudges clients to take action. CTA buttons at the end of personalized videos are the most effective. These buttons can be intelligently shown based on the client's device. A client watching from mobile is shown WhatsApp and SMS buttons while a client watching from a desktop is shown an email button.
How are most banks collecting feedback on client interest in new product launches? It is either surveys or contact center calls. No one really is enthusiastic about filling up forms or answer questionnaires! Calls seldom get answered if it's from a contact center.
The other way is to get the bank's team of RMs or financial advisors to call all clients. It's most likely that they will reach out to their top 10-20% of clients, the ones they are actively in touch with. And if one still believes that they will reach out to all clients, it takes way too long to get feedback from the entire client base.
Feedback forms in personalized videos are way more effective than sending surveys. The likelihood of clients watching product videos relevant to them based on age, current net worth, etc. is far higher. Engaged clients give feedback. Then again, make it easy to give feedback. For example, having "multiple-choice options" to select from instead of expecting clients to enter in a lot of details will give better results.
NPS measurement is not a one-time activity but an ongoing process. The cost of one wealthy client leaving and moving assets elsewhere can be in millions. A report by E&Y states that "the most profitable and highest potential clients are the least loyal and most likely to switch."
The below example shows the typical way of measuring NPS on a scale of 1 to 10. The NPS question when included with a monthly portfolio video statement helps do regular client pulse checks.
A smarter way of measuring NPS in a video is to ask if clients are willing to refer their friends or relatives to the bank/ WM firm. The nature of wealth management requires a constant personal touch, and it is highly unlikely that someone will just give a referral with the person's name and contact details over a message or email. However, it captures the intent - "is my client happy?" gets answered and RM's can do the follow-up call later on.
Hotspots can turn any part of the video into an interactive element. With video hotspots, one can call attention to a chart in the video or make an area clickable to drive action. Take the example of a portfolio video statement. It's ok to be detailed in a PDF report, however, videos are best suited for summarized information. By having a "more info" or "additional details" button where relevant, we can provide extra information about the portfolio. While a majority of clients are happy with the portfolio summary, it gives choice and control to those who would like to view the details. Another example of a video hotspot is including a call button to the RM throughout the video.
Leverage what you know about your clients to deliver customized offers of relevant financial products in an engaging personalized and interactive video format. For example, an interactive video can guide your clients through an insurance renewal and prompt clients to actually renew their insurance at the end of the video. Interactive buttons can also lead your clients to your website or help launch the client app as well.
Download and upload buttons can be useful in personalized videos. For example, in a video statement, a button to download the detailed PDF report can be provided, or at the end of a new product video, the client can be prompted to download product purchase forms.
Personalized videos for onboarding, KYC, etc. may have requirements where the client needs to upload relevant documents. Over here the upload buttons interwoven into a video are very effective.
The real power of any personalized, interactive platform comes in the detailed insights it can offer. Only if you can track and measure can you improve - be it your client communication or new product offering. EnrichVideo gives detailed reports every time a video is watched. Banks can know which of their clients have watched the videos, what actions were taken, what feedback was given so that they can upsell to happy clients and take corrective action with the unhappy clients.
These are just some ways in which videos can be made interactive. To understand how EnrichVideo can work for your bank or wealth management firm do get in touch with us.