Our musings on making video personal
According to Forrester, 2015 is a year of innovation for digital banking. This push to innovate is partly driven by digital disrupters in the space that are gaining market share, and partly by the growing number of customers who rely on mobile devices to interact with their banks. Forrester predicts twice as many customers will research financial products on their smartphones and tablets in 2015 compared to 2014.
Demand for mobile bill payments is growing too: Fiserv reports that 40 percent of smartphone owners pay bills from their phone. Eric Leiserson, senior research analyst at Fiserv says, “Credit unions are all about providing an amazing member experience. If you don’t have a compelling mobile strategy or user experience, you risk lower member engagement for all types of activities. Ultimately, you become less relevant because the consumer will find other ways to make their mobile payments.”
Consumers have many financial service providers from which to choose, so providers that don’t find compelling ways to engage with customers through their preferred channels will lose business. As retailers have shifted to engagement strategies that deliver personalized, digital-based experiences, consumers have come to expect the same interactions from banks and credit unions. Gone are the days of solely focusing on transactional relationships. Providers need to invest in technology that helps them innovate in order to keep up with changing consumer patterns and build ongoing relationships with consumers.
One organization making strides here is Allied Solutions, whose credit union clients are using SmartVideo to onboard new members and engage customers in a unique and impactful way. Peter Hilger, president of Allied Solutions, spoke with Loyalty360 and said, “We wanted to take a risk management product of ours, collateral protection insurance (CPI), that has historically been viewed more as a necessary evil and transform the communication experience – making it more engaging and attractive to the end customer. Today, this is how consumers do business and that personalized approach is how you make and retain relationships with them.”
PenFed recently rolled out its SmartVideo for onboarding members program to positive response:
“Greeting each member by name and walking them through the details of a new automobile loan, including the monthly payment and due date, is another way we can show our members how much we value their business,” said Shashi Vohra, executive vice president and president affiliate businesses at PenFed. “Rather than solely focusing marketing dollars on mail, email and outbound calling, we are using more efficient and scalable technology to reach our members in an engaging and unique way.”
Improving member loyalty and satisfaction are two of the biggest objectives for banks and credit unions. SmartVideo allows banks to create data-driven, one-to-one personalized videos and deliver them in real time to engage members while educating them about their account information and changes.