By Poorna Nayak | Feb 09, 2021
The financial services space is highly competitive. With advances in technology and a variety of options available, banks have to try harder to stay relevant. Personalized customer experience is proving to be a differentiator in creating and maintaining value. As per BCG, personalization at scale can provide a direct route to lower rates of customer churn and higher sales.
When it comes to personalization, there's nothing better than personalized videos. Videos are highly engaging especially when clients get their video and not just any generic video. Let's take a look at the top 6 ways in which videos are personalized using EnrichVideo.
Personalization starts with the client's name. Nothing like seeing your name appear in a video. It brings in the wow factor and makes each and every banking client feel valued. Take the example of video statements where the client's name is shown at the beginning of the video. Another example could be birthday greetings or new year's wishes.
Displaying text with client data is the easiest form of personalization. Text personalization includes client data like numbers and dates. Examples include portfolio report date, portfolio value, insurance renewal dates, insurance premium amount, etc.
Data can tell a story. Data that is shown in tabular format or in the form of static charts need attention and focus to be understood. Portfolio video statements are an example of how portfolio details can be made intuitively understood by presenting them as animating charts and graphs. As it is in video format, key numbers can be highlighted to make it engaging. Each chart or graph is tailored to the data of an individual client.
“Personalization” means talking to an audience of one. Personalization has the power to transform client experience, but only when done right. A common mistake done by a lot of personalized video platforms is to show a templatized video. However, this defeats the purpose of creating a truly personal experience.
With EnrichVideo, intelligence is built into the platform where different people see different versions of the video based on their data and context. Each client sees what is relevant to them and nothing else.
Some of the ways in which videos are dynamically created are:
As the name suggests, the audio within a video can be personalized to each individual client. Important information within the video like numbers and messages is recorded in the audio to create personalized experiences. For example, by reading out the portfolio value in a video statement, we can get the attention of the client to the most important number in the video. Even the accent can be personalized. For clients in the UK, the audio can be British English whereas the audio for US clients can be recorded in American English.
Personalized Voiceover can be achieved in 2 ways - using a smart Text-To-Speech (TTS) service or getting an actual human to pre-record the sentences. Numbers and text messages are TTS friendly and the audio quality is very good. However, for personalizing names it has to be human recorded.
Apart from the voiceover, even the background music can be personalized based on demography, age group, etc. Different categories of people have different music tastes and personalized videos can cater to this as well to make the overall video experience engaging.
Images within a video can also be data-driven. For example, you can include your client's image in a birthday or new year's greeting video. Or the visuals within a video can be based on the client's location. In this case, a client in Singapore will get a video with Singapore visuals whereas a client in London will get a video with London visuals. Our videos are created dynamically, where relevant images get added to the videos.
You can also add personalized video footage within another video. For example, a fund manager commentary can be inserted within a video statement. This fund manager video itself can be personalized based on the client segment. All the fund manager has to do is record 3-4 varieties of videos that get dynamically added to the portfolio video statement based on the client segment. Another example of video within a video is adding footage of a relevant financial product based on client data.
These are just some ways in which videos can be personalized. To understand how EnrichVideo can work for your bank or wealth management firm do get in touch with us.