6 Ways Financial Institutions Boost Engagement with Data Driven Video

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In today's digital age, financial institutions are constantly seeking innovative ways to leverage data to enhance their operations and customer experiences. One emerging trend is the use of data-driven video, which combines the power of data analytics with the engaging and dynamic nature of video content. By harnessing the insights derived from vast amounts of data, financial institutions can create personalized and targeted videos to better understand and engage with their customers, improve financial literacy, streamline processes, and enhance decision-making. In this article, we will explore the various ways in which financial institutions can utilize data-driven video to unlock new opportunities and drive positive outcomes in today's competitive financial landscape.

1. Hyper Targeting
   Financial institutions can analyze customer data to segment each customer base based on various criteria such as age, income, spending patterns, and financial goals. Using this approach, personalized videos can be created to target specific customers with relevant special offers and promotions. For example, a video can be created to offer a special promotion on a credit card with travel rewards for customers who frequently travel, have excellent credit and qualify for specific spending limits.  Data on those elements can be injected into each video so messaging is unique to each recipient.   This targeted approach increases the relevance of the offer and boosts conversion rates by making it more likely to capture the attention and interest of customers.

2. Personalized Messaging
   Personalized videos can be customized with the customer's name, account details, and other relevant information to create a sense of personalization. This personal touch can make the offer or promotion feel more exclusive and tailored to the individual customer, increasing their engagement with the content. For example, a video can start with a personalized greeting like "Hi, [customer's name], we have a special offer just for you!" This personalization can help capture the customer's attention and create a sense of urgency to take action.

3. Relevant Content
   Using customer data, financial institutions can create personalized videos that offer special promotions and discounts on products or services that are relevant to the customer's financial needs, goals, or preferences. For example, a video can offer a promotion on a retirement savings account for customers who have shown an interest in retirement planning based on their online behavior or previous interactions with the institution. This relevance increases the likelihood of customers engaging with the offer and taking action.

4. Call-to-Action
   Personalized videos can include clear and compelling call-to-action (CTA) messages that prompt customers to take specific actions, such as applying for a product, signing up for a service, or contacting the institution for more information. The CTAs can be personalized based on the customer's information, such as "{{First_name}}, Click here for your exclusive offer," or "Call now to learn more,{{First_name}}." Including a strong and personalized CTA can drive engagement and encourage customers to take the desired action.

5. Multi-Channel Distribution
   Financial institutions can distribute personalized videos across multiple channels, such as email, SMS, and on a website behind a login, to increase their reach and engagement. For example, a personalized video can be sent via email to customers who have opted in to receive promotional communications, shared via SMS or embedded on a website where customers interact with the institution's content. By using multiple channels, financial institutions can reach customers in different touchpoints of their customer journey, increasing the chances of engagement with the special offers and promotions.

6. Tracking and Analysis
   Data-driven analytics in the realm of video content can provide invaluable insights to financial institutions. Metrics such as the number of views, percentage of video watched, retention, and conversion rates, both in aggregate and on a recipient basis, offer critical information on the effectiveness and impact of video campaigns. These analytics can help financial institutions assess the engagement level of their videos, measure the success of their messaging, and identify areas for improvement. By analyzing data on viewer behavior, financial institutions can optimize their video content, tailor it to individual recipients, and refine their strategies to achieve higher retention rates, improved conversion rates, and ultimately drive better outcomes in their marketing and communication efforts.

In summary, financial institutions can use data-driven, personalized videos to increase engagement for special offers and promotions by leveraging segmented targeting, personalized messaging, relevant content, strong CTAs, multi-channel distribution, and tracking and analysis. By creating relevant, personalized, and compelling video content, financial institutions can capture the attention and interest of their customers, leading to increased engagement and conversion rates for their special offers and promotions.