JPMorgan Chase, one of the world's leading investment banks and financial services providers, posted this YouTube video some time back:
The company isn’t the only one that’s leveraging animation in its MarComm strategy.
There are many other big names in the financial sector who are now relying extensively on financial services videos to connect with their audience, convey a message, and eventually drive monetary returns.
Take another example of Bank of America and its ‘Savings Tips for Building an Emergency Savings Fund’ video:
If you’re in the finance sector as well, follow suit.
Integrate animated fintech videos into your marketing strategy to drive better results.
See the best financial services marketing video examples here!
There are plenty of reasons why startups and leading brands in the finance space are rallying behind animation.
And there are plenty of reasons why you should too.
Here are five reasons why financial services videos do so well for businesses in this industry:
Financial concepts aren’t particularly easy to understand.
For instance, did you know only one-third of adults globally understand basic financial concepts? Even in the case of millennials who are expected to be more financially aware, only 24 percent of them understand basic financial topics. (Source)
In fact, 4 out of 7 Americans lack financial literacy. And due to this, the average amount of money an American lost in 2020 was $1,634. (Source)
So, a lot of financial concepts and your products could be complex to understand. Animated financial services videos in your marketing can simplify them through interactive and easy-to-understand visuals.
When countless entertainment-based shows and videos are being produced, few people can spare their attention on fintech explainer videos.
Besides, our attention span is much less now.
So, you want to produce content that almost immediately hooks attention and stands out on social media feeds. This is what financial services videos do.
Finance animation, visually striking right from the first second, can grab the audience’s attention and get them interested in your message. In the crowd of so many entertainment-based videos, these can truly stand out.
This is highly effective if you’re targeting younger segments or are using distribution platforms like Instagram and Twitter. On these platforms, people scroll through to the next piece of content in micro-seconds and they are always looking for "something better" and "something more". So, unless they see something visually interesting and relevant, they will likely continue scrolling.
Understanding, for example, what commercial general liability insurance is can be quite boring, especially for passive content consumers.
Animated financial videos can address this well:
This stands true with any financial concepts and products.
Like a digital payment add-on, otherwise a boring and technical subject, can be made interesting with finance animated videos the way SAP Technology did here:
So, grabbing attention isn’t the sole objective. Subsequently, you also want to hold people’s attention till the last second. Animation can do that as well by transforming relatively dull topics into interesting visuals with engaging storytelling.
Your brand is the biggest asset your business growth and sustainability depend on. Today, it’s essential to build a strong brand presence that people recognize, trust and recommend.
Now, building a strong brand can be a challenge with too many elements to it. However, animation videos in your financial services marketing can help address this challenge to an extent, and many financial institutions are already leveraging it for their brand-building efforts.
With animation, you can create a distinct visual identity for your brand. These finance animated videos help separate you from competitors.
Furthermore, animation can help you tell better brand stories more effectively, leaving a lasting impression among the viewers.
So, if brand-building is your priority at this time, which it should be, animated fintech explainer videos can bring you plenty of opportunities.
If done right, animation can be more effective in driving conversion as compared to other forms or types of videos.
Animated product explainer videos, in specific, are highly rewarding on sales pages. Many big financial brands already employ this technique to boost their sales.
You can use animation to explain your products or services; you can use it to tell the features and benefits of your value proposition.
Financial services videos can weave an engaging story around pain points and then endorse your offerings as an ultimate solution.
There are several other direct and indirect, short and long-term benefits of using animated fintech videos in your marketing strategy. They are the reason why so many top financial institutions and startups in the finance sector are now using animation to achieve better marketing ROI and business scalability.
See the 5 best-animated fintech videos to watch and learn from!
Now, just because there are plenty of benefits doesn’t mean you’re going to get the same outcome.
To make the most of financial services animated videos and achieve optimum rewards, you need to get a number of things correctly.
Here are eight tips for financial institutions to use animation for higher growth:
This is the most fundamental part of the process. If you don’t know who you’re targeting, your efforts will be rendered ineffective no matter what.
So, the first step is to outline your buyer personas that clearly explain your target audience, with multiple data points on demographics and psychographics.
Who are you targeting? What’s their income level? What’s their education level? Where do they live? What’s their interest? Which influencers do they follow? What are their pain points?
Answer all such questions and, thereon, create an effective video marketing strategy accordingly.
Ensure your finance animated videos are produced per the distinct needs and nuances of your buyer personas.
Every fintech video you produce should have a defined purpose or objective. What exactly do you want to achieve from the next animated financial services video? What’s the goal? How do you want the viewers to respond, or what action do you want them to take? Answer such questions.
Defining the objective of the videos will help you measure the results.
Similarly, you need to have a clear financial services marketing strategy that addresses questions like what kind of animation you should focus more on, what distribution channels should be relied upon more, what should be the messaging of each video, and more.
So, the financial services videos, with a defined purpose, should be holistically integrated into a bigger strategy that’s created to ensure optimal returns.
Competitors are more helpful than you may realize. They could be the biggest source of learning for you.
A finance startup can look at the established financial institutions, learn from them, and amplify their growth.
So, identify the top and most successful competitors in your niche if you don’t already know them. Find out what kind of financial services videos they are producing in their marketing strategy, what audience segment are they targeting, which platforms are they focusing more on, and what kind of content has brought them the best results.
Do a thorough competitive analysis to learn about your competitors’ strategies. And then use that information to produce the right kind of animation financial services videos that will work better.
Remember, what took your top competitors several errors and trials to do can only take you a few attempts because you have the opportunity to learn from their mistakes.
Testing and experimenting are essential to improve the existing results; they are essential to achieve growth.
So, don’t settle for whatever you’re doing at present, especially in the competitive sector such as financial services marketing. Instead, be open to doing more experiments with the type of animated videos you publish, the storyline of the videos, their length, their background music or voiceover, platforms they are distributed on, and other aspects.
Conduct more A/B tests to discover better opportunities.
Always make attempts to improve your animated financial services videos, their effectiveness, and overall strategy. After all, if you want better results, sticking to the existing practices won’t help.
There has to be consistency in your finance animated videos in terms of what kind of brand identity you want to build.
From the color and animation type to the topic, audio, and more, ensure every aspect of your animated fintech explainer videos is consistent and closely tied to your brand’s identity and value.
Higher consistency will make your fintech videos and brand name more identifiable. It will also help you stand out from the crowd of competitors.
That said, however, it’s worth noting that it may take some time to figure out what works best for you and what doesn’t. So, instead of aiming for consistency from the go, have a long-term view in mind wherein you have identified what's working optimally for you and you stick to it for the majority of the part.
When publishing animated social media videos on social platforms, in particular, you will receive many comments or quotes. Go through those comments and take note of any positive feedback you get.
People didn’t like a particular animation type? Try a different type the next time.
They found the video length to be too long? Make a shorter video the next time.
They thought the background music was too loud? Try playing with the audio levels, or use a different BG score, in the next video.
Direct feedback from the target audience can be a pandora of actionable insights. Use these insights to improve your finance animated videos to make them more effective.
At a time when data is everything, you cannot overlook the critical importance of analytics.
You must spend a sufficient amount of time with analytics to look at different numbers and understand the effectiveness of your campaigns.
After all, if you do not measure the results, you will never know if your hard work is yielding good rewards or not. You will also not know how to improve your existing strategy.
So, look at all the relevant metrics.
Are people leaving mid-way when watching the video? Are short-form videos getting more views and shares? Are people acting on your CTA prompt?
Answers to such questions will help you identify the ideal financial services animation videos that are working the best for you. Based on this insight, you can improve your strategy and unlock greater ROI with future campaigns.
If you have an internal team of animation makers, great!
If not, consider hiring experts. Make sure you team up with a good financial services video production that’s reputed and has enough experience of working with financial institutions.
Talk to them; see the kind of team they have and the ideas they bring to the table. Ensure they care about the quality just as much as you do.
Also check out: Challenges in marketing financial services (and how to solve them)
Animated videos promise limitless potential and opportunities for financial institutions.
If integrated well into your financial services marketing strategy, finance animated videos can unlock great returns in the short and long run, inevitably boosting your business growth and sustainability.
So, get back to the boardroom with your marketing team and devise a marketing strategy for using finance animation videos for your product or brand.
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