Dynamic communication is a key driver in improving financial inclusion. That’s why we’ve integrated with Idomoo’s Next Generation Video Platform - to bring consumers’ financial data to life and create dynamic, engaging journeys you can deploy as part of our white-label platform or easy-to-implement widgets.
Why video?
In the rapidly evolving landscape of financial services, finding innovative ways to engage customers is crucial. Unlike traditional print or text-based methods, personalised videos use customer data to deliver tailored content that resonates on an individual level. And, video content is in demand from consumers.
93% of companies using personalised video content experience an increase in conversion rates. (EConsultancy)
72% of customers rate personalisation as “highly important” for financial services (Capco)
43% of consumers want to see more video and are more likely to pay closer attention to videos than other types of content. (Hubspot)
Videos are inherently more engaging than static content. They combine visual and auditory elements to capture attention and make complex information more digestible. Personalised videos take this a step further by delivering content that is directly relevant to the viewer.
For example, a pension statement delivered via video can break down intricate details into simple, comprehensible segments supported by graphs and animations. Much more engaging than a stack of paperwork delivered annually through the post - customers are more likely to engage with and retain information from a video tailored specifically to their circumstances.
Improved understanding and retention
Financial services often involve complex products and legal jargon that can be daunting for customers. Personalised video content can simplify this complexity. By using clear language, visual aids, and customised examples, videos can demystify terms and conditions or explain investment options in an easily understandable way. According to studies, people retain information at a higher rate when it is presented via video compared to text alone. This improved understanding can lead to better decision-making by customers.
Personalised onboarding
One of the critical touchpoints in the customer journey is the onboarding process. A smooth onboarding experience can set the tone for a successful customer relationship. Personalised videos can make product onboarding a much more interactive experience. By guiding new customers through the features and benefits of their financial products in a personalised manner, firms can ensure that customers are more comfortable and knowledgeable from the outset. This reduces the likelihood of churn and increases customer satisfaction.
Consistent and scalable communication
Personalised videos offer a scalable way to maintain consistent communication with customers. As customer bases grow, it can become challenging for financial institutions to maintain a personalised touch. By automating the creation and delivery of personalised videos, firms can consistently provide tailored content without incurring significant additional costs. This scalability is particularly beneficial for sending recurring communications such as monthly investment statements or annual pension updates.
Foster trust and transparency
Transparency is a cornerstone of building trust in financial services. Personalised videos can enhance transparency by providing clear, concise, and directly relevant information to customers. When customers see that their financial institution is making an effort to communicate complex information clearly and is willing to personalise content to meet their needs, it builds trust and strengthens the relationship.
Communicating via personalised videos can also aid in meeting Consumer Duty requirements, as it offers a measurable way to ensure customers understand the products and services on offer.
Use case: Mercer Money
We partnered with Idomoo’s Next Generation Video Platform to roll out personalised pension statement videos on Mercer Money.
The new integration sends users dynamic, personalised videos that explain their personal pension statements in an easily digestible manner. These videos highlight key information, such as current pension balance, projected retirement income, and recent contributions.
“The quality of the development and product we get from Moneyhub has been, and continues to be, extremely high. Our mission is to enhance our Mercer Master Trust clients’ financial wellness programs, particularly in engaging employees with their entire financial world, including pensions. Moneyhub’s exceptional service, Open Finance technology and truly collaborative approach consistently ensure our product is the best in market.
As we continue our journey to equip Mercer Master Trust members to achieve the best possible pension savings outcomes, Moneyhub's commitment and cutting-edge solutions remain integral to our success" - Tim Adams, Head of Digital, Mercer