Over the last few decades, financial institutions have faced a new reality. Traditional economics are being challenged and new disruptive services – commonly known as FinTech – are a threat to the “old” banking industry. These financial institutions need to modernize, embracing new types of communication and looking for opportunities that will leverage data and digital technology to improve results at every stage of the customer lifecycle. This will require seeking out new ways to engage with customers, who are being encouraged to use online and mobile tools as opposed to visiting branches.
Setting aside the benefits of going digital, an obvious drawback is the lack of personal communication that this change brings. Many physical branches are closing, and the banking sector is increasingly becoming more distant in the eyes of the customer.
In a report from 2012 Forrester Research concluded that the concept of personalized videos is an important emerging technology that can combine big data and digital video content for higher customer engagement, especially in the financial sector.
Personalized videos can provide a relevant communication option that can improve engagement, increase sales and build customer loyalty. By combining real-time data with highly customized content, financial institutions can turn their data into highly relevant individual and personalized videos, making a much greater impact in customer touchpoints – a number of which we have outlined below.