How Banks Can Leverage a Video Platform for Greater Efficiency

by Nohad Ahsan on Jan 13, 2025 8:31:09 AM

A banker using a laptop

Boost Banking Efficiency and Engagement with a Video Platform
10:20

Imagine you’re a banking executive tasked with improving customer engagement, but every method you've tried feels like pouring water into a sieve—nothing sticks, and customers are slipping away. This frustrating reality is common in financial institutions, where traditional communication methods fail to resonate with tech-savvy customers.

Research suggests that 64% of the banks are struggling to adopt newer technology and, hence, losing customers. The pain is palpable: as customer expectations rise and competition intensifies, banks that cling to outdated strategies risk losing their edge. How can a video platform for banks transform this narrative?

Let’s explore the intricate relationship between financial institutions and video technology, exploring how banks can harness this powerful tool to address their most pressing challenges. 

Why Video Platforms Are Critical for Modern Banks

Banks today face significant challenges in:

  • Engaging customers effectively
  • Ensuring compliance with regulations
  • Providing efficient customer support

Traditional methods often fail to address these issues, leading to frustration and missed opportunities.

Lack of Customer Engagement

In an age where customers demand personalized and engaging experiences, many banks still rely on static communications—brochures, emails, and text-based notifications. This approach leads to disengagement, as customers struggle to find value in uninspired content. 

Picture this: your bank releases a quarterly report via email, expecting customers to read through pages of dense information. The result? A dismal open rate and even fewer clicks. Customers are left feeling uninformed and disconnected, pushing them to seek financial services elsewhere.  

The frustration builds: “Why can’t we communicate in a way that resonates with our audience?” 

Compliance Challenges

Financial institutions face a labyrinth of regulatory requirements, making compliance training and documentation a critical focus. Yet, conventional training methods often lack engagement, leading to insufficient retention of crucial information. Just the banking sector in the US was fined $10 billion for non-compliance. If not all, some of these financial penalties can be attributed to poor transfer of knowledge within these financial institutions.  

Consider the countless hours spent in dull, presentation-driven training sessions. Employees zone out, and important compliance protocols get lost in translation. Regarding regulatory audits, you risk penalties for non-compliance due to poor training. This isn't just a minor inconvenience; it’s a potential crisis.

Inefficient Customer Support

As customer inquiries become more complex, support teams struggle to provide effective solutions quickly. Static FAQs and text-based instructions often fail to address the nuances of customer issues.

Think about a frustrated customer who spends hours navigating a convoluted website, searching for answers to basic questions. When they finally reach out for help, the support representative can’t effectively convey complex solutions. This cycle leads to dissatisfaction, complaints, and, ultimately, customer churn.

How Video Training Enhances Compliance in Banking

Video platforms are becoming essential tools for enhancing communication and streamlining operations in the banking industry. Video content offers innovative solutions to common challenges, from engaging customers to improving employee training.

Enhancing Customer Engagement

Video platforms can transform customer communications by offering dynamic, engaging content. Instead of lengthy emails, banks can create short, informative videos that summarize key points and present information visually. 

Imagine a video explaining new banking features, personalized for different customer segments. By embedding this video in emails or social media, banks can increase engagement and retention rates. Customers are more likely to interact with video content than static text, leading to improved understanding and satisfaction. 

By showcasing customer testimonials and product demonstrations through video marketing strategy banks can turn potential clients into loyal customers.

Streamlining Compliance Training

Video can revolutionize compliance training by making it interactive and engaging. Instead of dry lectures, banks can create visually rich content that illustrates compliance scenarios and protocols. 

Training sessions can include quizzes, interactive scenarios, and visual aids that enhance understanding. A compliance officer can easily track progress and retention through analytics provided by the video platform, ensuring employees are well-prepared for audits. 

Leveraging video content for employee training can significantly reduce training time and increase retention rates. Research shows that viewers retain 95% of a message when watching it on video, compared to just 10% when reading it in text. This improved retention and confidence can positively impact banking operations.

Improving Customer Support

Video platforms can be powerful tools for customer support, providing clear, visual instructions for common inquiries. Video tutorials, walkthroughs, and live chat options can help bridge the gap between customers and support teams. 

A bank can create a library of video tutorials addressing frequently asked questions, allowing customers to find solutions quickly. Live video support can further enhance the customer experience by providing real-time assistance. 

Incorporating video support features will result in lower support tickets for banks. Customers will also report a more satisfying experience, feeling empowered to resolve issues on their own.

Choosing the Right Video Platform for Banks

As you explore the potential of video platforms, you may wonder which solution best fits your financial institution's needs. Before moving forward with the selection, some essential features must be considered. Let us discuss some critical features that can help Banks improve their efficiency. 

  • Scalability: Video hosting platform should offer a scalable solution that grows with your institution, accommodating increasing content demands without sacrificing quality or performance. 
  • Security: In the finance sector, security is paramount. A video hosting platform must offer robust security features to protect your content while meeting compliance standards without compromising accessibility. These security measures should include encryption for banking videos, role-based access control to manage who can access specific content, password protection, restricted sharing, and upload limitations to prevent customers from uploading unauthorized media. 
  • Analytics: With advanced analytics tools, you can empower your team to measure engagement, track viewer behavior, and refine strategies based on data-driven insights. User-level analytics allow you to see how each individual interacted with your media, while audience analytics providing insights into top locations, devices, and browsers used by your viewers, helping you optimize your content for better results. 
  • Integration: The platform should seamlessly integrate with existing systems, allowing your institution to leverage video without the need to overhaul current workflows. 

Implementing a Scalable Video Strategy for Banks

Implementing a video-first strategy requires careful planning and execution. Here’s how to get started: 

  1. Identify Objectives: Before diving in, determine your goal with video content. Is it enhanced customer engagement, better compliance training, or improved support? Setting clear goals will guide your strategy. 
  2. Develop a Content Strategy: Plan your content based on your audience's needs. Create a mix of informational, educational, and promotional videos that resonate with your customers.
  3. Invest in Quality Production: High-quality video production is crucial. Invest in the right tools and resources to ensure your content looks professional and polished.
  4. Promote Your Videos: Share your videos across multiple channels—email, social media, and your website. Encourage engagement by incorporating calls to action that prompt viewers to interact with your content.
  5. Measure and Adapt: Use analytics to assess the performance of your videos. Adjust your strategy based on viewer feedback and engagement metrics to continuously improve your content.

Final Thoughts

In the fast-evolving landscape of financial services, banks and financial institutions cannot afford to overlook the potential of video platforms. By addressing pain points in customer engagement, compliance, and support, a strategic video-first approach can yield significant benefits. With video hosting platforms, financial institutions are equipped to thrive in a digital-first world, fostering deeper connections with their customers and ensuring compliance in an engaging manner.

People Also Ask

How do video platforms enhance banking operations?

Video platforms streamline communication, improve training retention, and enhance customer support, leading to more efficient and engaging operations.

What is the best video strategy for banks?

A mix of personalized customer videos, interactive compliance training, and on-demand support tutorials tailored to specific needs ensures maximum impact.

How can video improve compliance training in banks?

Video makes compliance training interactive and engaging, increasing retention and reducing errors, while analytics ensure tracking and effectiveness.

Why use video for customer engagement in banking?

Video captures attention with dynamic content, simplifies complex information, and personalizes communication to build stronger customer connections.

Benefits of video tutorials in financial services.

Video tutorials offer clear, visual guidance, reduce support requests, and empower customers to resolve issues quickly, improving satisfaction.

How can banks use video to improve customer retention?

Banks can use personalized, engaging videos to explain services, provide tailored advice, and foster stronger relationships, improving customer satisfaction and loyalty.

What are the security features needed for video platforms in banking?

Essential security features include encryption, role-based access control, password protection, restricted sharing, and compliance with regulatory standards like GDPR.

What role do video tutorials play in reducing customer support queries?

Video tutorials provide clear, step-by-step guidance, enabling customers to resolve common issues independently, which reduces the volume of support tickets.

What is the ROI of using video platforms in the banking sector?

Video platforms improve engagement, enhance training efficiency, and reduce support costs, leading to higher customer satisfaction and significant long-term cost savings.

What are the best practices for creating video content for banks?

Focus on clarity and brevity, use professional visuals, personalize content for target audiences, ensure compliance with regulations, and include clear calls-to-action for engagement.

Jump to

    No Comments Yet

    Let us know what you think

    back to top