You might be surprised that 68% of customers would rather watch a brief video to understand a financial product than read a long article or email. This statistic highlights a very important change in how people consume content, particularly in the complex world of finance.
For financial firms, the challenges are plenty during effective communication: complex products, regulatory jargon, and competition for trust most certainly add to the already blown sky-high difficulties. However, video technology has emerged as a game changer for marketers as they cut through all these problems and offer a solution that helps educate, engage, and inspire confidence quicker in the digital world with the help of financial services video production firms.
Communication Gap in Finance
The financial world is supposed to be complex. Trying to explain how blockchain works with asset tokenization or preparing a guide for retirement planning strategies are just two examples of institutions struggling to simplify the complicated subject matter. To make matters worse, there was a loss of faith after around 2008, so this problem is further compounded; around 42% of consumers claim that they do not fully grasp the fee systems that their bank implements, but over 67% doubt whether financial advisors truly care about their clients.
Old approaches, descriptive reports, traditional infographics, or buzzword-filled seminars often complicate the issues further. These methods need a lot of attention, time, and background information while not providing any real-world information that would be helpful to customers quickly.
This is increasingly dangerous because they dehumanize brands, as 76% of consumers want to purchase items from brands that offer a sense of authenticity. This is where video steps in, transforming opacity into opportunity. As video is used to assist painful finance techniques, it is essential to understand how it can diminish the stressors regarding financial problems.
Simplify Difficulty Through Visual Storytelling
A video can explain complex information in a digestible format; within 90 seconds, an explanation could be understood rather than taking hours. To comprehend ESG investing, videos could portray dynamic visualizations alongside data charts one might engage with, while a voice-over replaces jargon such as carbon footprint weighting with basic terminology. Goldman Sachs uses this concept in their Explainers series, resulting in motion graphics that unpack market trends, leading to a 40% increase in content shares among clients.
The strongest characteristic of video is its use of multiple engagement means, making it easier for people to memorize messages. Unlike reading, which only gives a 10% retention rate, viewing a video increases retention rates to 95%. Retaining information is the key for products such as algorithmic trading platforms or insurance policies.
Building Trust with Human Connection
Financial trust combined with human connection fosters empathy. Video marketing Chase’s “Business Stories” campaign helped foster this trust. The campaign featured entrepreneurs explaining how loans helped them grow businesses. These human-face aid testimonials increase products’ emotional realization.
Services have been made easier for the public to understand by blending behind-the-scenes content with the advisor’s day. The financial world can be made easy to understand. Morgan Stanley’s animated compliance training reduced employee policy violations from traditional training methods by engaging them with humor.
Driving Engagement in a Distracted World
Modern societies lack attention spans, making engaging videos a marketing tool that outshines the rest. Adding elements such as shoppable videos can show investment scenarios and turn lazy viewers into ones ready to interact.
Social media has made it easy to market products. Videos posted on LinkedIn received over 5x the engagement. Comparable tips exhibited with anime-style videos help capture younger investors’ attention through Instagram reels. BlackRock reported a 200% increase with videos targeted at Gen Z, which explained index funds.
Real-World Success Stories
- PayPal explainer videos on ‘How Crypto Works’ made sense to everyday people, causing a crazy 50% surge in crypto wallet signups.
- Vanguard had their client’s coverage increase by 70% thanks to their monthly whiteboard economic trend analysis. This ultimately reduced inbound queries by 30%.
- Even a simple customer journey testimonial video made the fintech start-up conversion rate by 22% in 3 months.
These instances are great evidence that video is not a marketing luxury but a necessity; it is a revenue engine.
The NYC Advantage: Why Location Matters in Production
There is value in quality. One bad light interview or muffled audio can damage your credibility, eliminating room for error. A professional video production company in NYC can only provide these advantages because one has access to backdrops from famous financial districts, the ability to work with crews that understand the fast pace of the corporate world, and a deeper understanding of global trends. NYC video production companies have mastered the mix between sophistication and accessibility, making selling to high-end and everyday investors easier.
Adopt Video or Continue to Fall Behind
The financial industry is progressing. Younger audiences who have their foot in the digital door expect the content to be fast, visual, and mobile-friendly. On the other hand, competitors using video are already profiting off it: 81% of marketers from the financial sphere reported that video increased the time spent on their websites. In comparison, 74% credited it with improved lead quality.
Conclusion
Missed opportunities are not the only risk for institutions hesitant to adopt the changes; they also include becoming irrelevant. Focus on the basics first: transform blog posts into 60-second animated summaries, film clients’ success stories, and host live Q&As on market volatility. Then, collaborate with a financial video production services company to scale further.
