The financial services industry is changing rapidly, with automated platforms leading the so-called ‘fintech’ revolution. In order to keep pace in this new era, financial services companies need fresh marketing strategies that can appeal to an ever-widening audience – including the largest demographic of all: millennials.

Enter video marketing.

It took a while, but financial services companies are finally diving into the video marketing pool – with gusto. In 2016, the US financial industry spent $8.37 billion on digital advertising – a 14.5% increase over 2015. And in 2017, those numbers look to go even higher.

But beyond “keeping pace”, how can financial services companies really benefit from a video marketing campaign? Let’s look at some of the ways:

  1.       Convey your true value proposition. Traditional advertising has never been a perfect fit for financial firms. The products and services that make one company unique may be too complex to explain in a short TV spot or banner ad. But with video marketing, you have the freedom to drill down on those differences in an engaging, cost-effective way.
  1.       Build trust. People don’t give their money to companies they don’t trust. With video marketing, you can connect with customers in a more personal way than you ever have before. That’s because video marketing is about more than just selling. It’s about having an ongoing conversation with your customers, delivered through the medium they are most comfortable with – video. Which leads us to our next point.
  1.       Reach people where they are. According to a recent study by Cisco, by 2020, a staggering 75% of mobile traffic will be video. That’s why video marketing can no longer be a fun add-on to your marketing toolbox; it needs to play a central role in your overall marketing strategy.
  1.    Educate your customers. Many financial concepts are socomplex, they sail right over the heads of the people who could benefit the most from them. That’s a problem – especially because people don’t often drop money on things they don’t understand. But with an engaging video education series – aimed at a wide audience – you can fertilize the market and cultivate new customers that you wouldn’t have reached otherwise.
  1.    Breathe new life into boring topics. Let’s be honest - asset allocation and retirement preparedness aren’t the most exciting topics. And small-type white papers and flow charts aren’t exactly helping, either. With video, you can break down complex topics into digestible pieces that people can actually understand – and will actually want to watch.
  1.    Modernize your brand. As fintech startups gained traction, the industry titans responded by creating apps and automated platforms of their own. Using video is the marketing equivalent of that move. Your customers are getting younger and more tech savvy, and video is the way they stay connected with brands.
And in the end, it really comes down to that.