Banks that leverage customer data for more personalized experiences are making significant changes in how customers experience banking. Through personalized content you step into a world where your bank knows you like a trusted ally, effortlessly anticipating your needs and getting you on your financial journey.

A world where your bank truly understands and values you as a customer. This isn't the future; it's the present. In addition to providing good service, banks are now focusing on creating a personalized experience tailored to each customer's preferences and needs. And at the forefront of this effort is the power of personalized video.

Thanks to customer data and personalized video, banks can now provide tailor-made, engaging video experiences that leave a lasting impression.

This article explores the key aspects of personalized video in banking and shares ways you can incorporate personalized video into your bank's marketing strategy. We’ll also explore the advantages of personalized video in banking, how to use them, and how to overcome challenges such as scalability.

Let's see how banks are leveraging customer data to redefine the way customers experience banking.

What is personalized video?

Put yourself in the shoes of the customer. With personalized videos, banks are speaking your language, addressing you by name, and making every message feel like it was crafted just for you. The result? You're not just listening; you're engaged.

Personalization involves tailoring video content based on specific data points from the audience, such as their name, account details, or financial preferences, making the content more relevant and engaging. Personalized videos can be created at scale. With a dynamic content type, they can incorporate numerous data points to ensure relevance and engagement, and you can feed them with data automatically from your CRM. For an in-depth explanation of what personalized video is, explore our article "What is personalized video?".

Customer demand for personalized experiences is on the rise. According to Adobe, 67% of consumers want personalized offers, and 72% are more likely to purchase more goods when they receive personalization. Banks like DNB and Sparebank 1 Kreditt have already experienced the personalized video effect, by sending thousands of personalized videos at scale to their clients.

Personalized video makes every interaction feel like a one-on-one conversation. This is something that generic videos and marketing tactics often fall short of.

Independent A/B testing shows that these personalized and data-driven videos significantly outperformed generic videos by a considerable margin, showing 3x higher conversions, a 5x increase in time spent with the brand, and a 7x increase in engagement. These numbers underline a universal truth: personalization works across channels, fostering stronger connections and driving meaningful outcomes.

Advantages of using personalized video in banking

With the rise of online banking, banks have access to a wealth of customer data, including demographics, social status, life events, and purchase habits, collected at every step of the customer's journey. This data can be used to personalize interactions based on individual needs and preferences, delivering highly targeted video messages that have a high potential for conversion.

The combination of personalization and data-driven insights can help banks create more effective marketing strategies and achieve better campaign results. Here's how personalized video helps:

It enhances customer engagement

More than 30% of consumers are drawn to personalized, on-demand video content to access relevant information about new financial products and services, especially when the information is complex. In return, personalized videos make interactions more meaningful and information more digestible, helping educate clients to make informed decisions about their finances. This increases engagement rates and encourages customers to take desired actions.

It helps reach non-traditional media consumers

Traditional media platforms may not reach younger audiences who rely more on digital channels for information. According to Deloitte, younger generations, such as millennials and Gen Z, are more likely to engage with digital content. Personalized videos can be easily shared on social media platforms, allowing banks to reach and connect with these digital-native consumers.

It improves customer experience

Personalized videos allow banks to deliver a more tailored and interactive experience to customers. By addressing their specific needs, preferences, and questions, personalized videos create a sense of value and enhance the overall customer experience. This can lead to improved customer satisfaction and loyalty.

It enhances social media content

Personalized videos provide tailor-made content that is highly shareable on social media, increasing its reach and viral potential impact.

It improves communication

Personalized videos provide an effective medium for banks to communicate important information, such as account updates, product recommendations, and educational content. The visual and personalized nature of videos can make complex information more accessible and understandable for customers. This leads to better communication and helps banks effectively convey their messages.

It piques the customer's interest

Tailored videos can be used to introduce personalized financial offerings in a way that's more likely to be picked up by the audience, increasing the likelihood of customer interest. Personalized video enables banks to proactively enhance customer interactions by tailoring them based on individual relevance, needs, and life situations. This piques interest while adding value to the bank-customer interaction.

It battles churn and drives conversions

Personalized videos have been shown to improve conversion rates and drive more desired actions, such as signing up for a new product or service, opening an account, or applying for a loan. When customers feel a personal connection with a bank, they are more likely to consider and accept offers. Customers who receive customized videos that address their specific needs are also less likely to switch to other banks or financial institutions.

It provides a competitive advantage

By utilizing personalized videos, banks can stand out from their competitors and differentiate themselves in the market. The personalized and engaging nature of these videos can have a positive impact on the bottom line of banks. They can result in increased customer acquisition, cross-selling, and upselling opportunities. In addition, banks that offer personalized video experiences can position themselves as innovative and differentiate themselves from competitors.

It builds connection and loyalty

Personalized video makes customers feel like the content is specifically designed for them, fostering a sense of connection and relevance. When customers see their bank addressing their concerns through personalized videos, it not only enhances the service experience but also strengthens their loyalty to the institution. 

By delivering relevant and personalized content, banks can demonstrate their understanding of customers' individual needs and build stronger connections with them. This, in turn, can foster trust and loyalty towards the bank. Personalized video can help create more than just customers; it can build long-term relationships and brand advocates.

How to use personalized video in banking

Let's explore a few examples of how banks can effectively utilize personalized video to engage customers, promote products, and enhance their overall banking experience. Here are a few video personalization ideas to get you started:

Onboarding

Welcome new customers and guide them through the onboarding process. These videos can provide a personalized introduction to the bank's services, features, and benefits, making the new customers feel valued and informed. One example is the case of SpareBank 1 Kreditt, who used personalized video to onboard new MasterCard users.

Personalized account statements

Banks can enhance customer experience by sending personalized video account statements. Display clients' account details in a visually engaging way, making it easier for them to understand and manage their finances. Personalized videos in banking can be used in various scenarios to enhance customer engagement and improve the overall banking experience.

Account updates and notifications

Send personalized videos to customers to communicate important updates and notifications about their accounts. Whether it's a change in terms and conditions, a new service offering, or a security alert, personalized videos can effectively convey the information while creating an engaging and memorable experience for the customers.

Financial education

Personalized videos can be a powerful tool for delivering financial education to customers. Banks can create videos that explain complex financial concepts or provide guidance on budgeting, investing, or debt management. These videos can be tailored to the specific needs and goals of each individual customer, increasing their understanding and confidence in managing their finances.

Product and service recommendations

Banks can utilize personalized videos to recommend specific products and services based on the customer's financial behavior and preferences. These videos can highlight the features and benefits of the recommended offerings, addressing the customer's unique needs and fostering a sense of personalization and relevance.

Customer support and issue resolution

Personalized videos can be an effective way to provide customer support and resolve issues. Banks can send personalized videos to address customer inquiries, walk them through troubleshooting steps, or explain complex processes. The visual and personalized nature of the videos can enhance the customer support experience, leading to faster resolutions and higher customer satisfaction. This means less service time spent at the customer center. The customers can quickly understand and resolve issues on their own terms, without the need for lengthy phone calls or in-person visits.

Cross-selling and upselling

Promoting additional financial products is a fundamental aspect of banking. Personalized videos can effectively introduce these offerings to customers who have already established relationships with the bank. Tailored videos increase the chances of customers showing interest in these products.

Reactivating inactive customers

Inactive customers can be re-engaged with personalized videos. Banks can create video content that addresses the specific needs and concerns of these clients, encouraging them to reactivate their accounts and utilize banking services.

Promoting bank rates

Fluctuating interest rates are of great interest to customers. Personalized video is an ideal medium for sharing timely and relevant information about these rates. Clients who receive personalized updates are more likely to be informed and engaged.

Internal employee communication

Personalized video isn't limited to external customer interactions. Banks can also utilize this potent tool for internal employee communication.

Whether you want to celebrate milestones, conduct personalized internal surveys, mark birthdays, communicate crucial news, or foster open and transparent communication within your organization, personalized video is a versatile solution that can enhance the employee experience and engagement. It's an effective way to keep your staff informed, motivated, and closely connected, ultimately strengthening your team's unity and productivity.

By leveraging personalized videos in these scenarios, banks can craft a more engaging, informative, and personalized banking experience for their customers while simultaneously nurturing relationships with their employees.

Personalization at scale

While implementing personalized videos at scale remains a challenge for many banks, SEEN has successfully overcome this obstacle. At SEEN, we have proven that personalization of a large number of videos is indeed a reality. In a single campaign, we achieved the remarkable feat of personalizing up to 17 data points, resulting in the creation of 2+ million unique videos.

With SEEN, there are no limits to the level of personalization you can achieve. Say goodbye to sluggish video production processes because we have significantly scaled personalized video rendering by 89 times. Today, we can effortlessly generate 9000 personalized videos in just one minute, all in real time. With our robust capabilities, banks can confidently personalize videos with as many data points as necessary, ensuring the delivery of highly targeted and engaging content to their customers.

The future of personalized video in banking

The future of personalized video in banking is promising. As banks continue to explore this innovative technology, more opportunities for customization will emerge. These may include creating videos for mobile banking apps, expanding services to meet evolving customer demands and utilizing real-time data for dynamic video content.

The benefits go beyond engagement rates and reach. Personalized video also collects valuable data and marketing consent that can be leveraged for future campaigns. With measurable results, superior engagement rates, and increased conversions, personalized video delivers on its promise to be a powerful tool in your campaign arsenal.

Although personalized video is not a magic wand or the cure-all pill, it addresses the challenges campaigns currently face in the media landscape. It offers the opportunity to connect deeply with the audience, overcome content overload, and engage with the ever-growing demand for personalized experiences in banking.

Key takeaways

The adoption of personalized video in banking offers an exciting prospect for the industry's future. By using personalized video to improve customer engagement, enhance onboarding processes, and facilitate more personalized communication, banks can fortify their bonds with customers, ultimately leading to increased sales and reduced churn.

🎯 Personalized video involves tailoring content based on specific data points from the audience, making messages more relevant and engaging.

📈 A growing number of consumers are seeking personalized experiences, and banks are leveraging this trend with the help of personalized video content.

🚀 Personalized video can significantly enhance the banking experience by improving customer engagement, reaching digital-native consumers, enhancing customer satisfaction, and increasing the effectiveness of communication.

🤝 Personalized videos create a sense of value and enhance the overall customer experience, leading to improved customer satisfaction and loyalty.

💡 While implementing personalized videos at scale can be challenging, advanced platforms like SEEN have shown that it's possible, enabling banks to provide highly targeted and engaging content to a large customer base.

As the technology advances, personalized video is ushering in a new era of extraordinary customer experiences.