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Retail Banking Services’ Paradigm Shift: Leveraging Video To Drive Customer Engagement

Embracing digital tools has been an arduous task for a significant share of banking customers despite the benefits that they unlock: more than half find it difficult to locate relevant information on their banks’ websites.

1 in 3 consumers are interested in video content as a way to learn about financial products

Pandemic-induced restrictions on in-branch interactions have now prompted consumers to turn to their next-best alternatives, including mobile apps, online chat, and rich media content such as video.

PYMNTS.com, in collaboration with SundaySky, recently surveyed a census-balanced panel of 2,209 consumers to map the shift in how consumers are engaging with their financial institutions (FIs) when it comes to accessing information about various products and services. We learned that FIs offering innovative options such as interactive and contextually relevant video content stand to improve engagement and customer experience, especially among younger generations like bridge millennials and millennials. 

Our research shows that:

  • 55% of consumers find information on FIs’ websites to be irrelevant to their needs
  • 1 in 3 respondents are interested in video content as a way to learn about financial products
  • 72% of consumers would be very likely to switch to FIs that provide video content

FIs must take note as consumers’ current perceptions about these engagement experiences will influence FI brands’ resilience, even in a post-pandemic environment. 

Download the report to learn more: