Why video is an especially potent tactic for bank marketers

Video content consistently has higher engagement rates than still images.

By Brenna Donahue

Looking to boost your bank’s online presence in an engaging, personalized and profitable way? Video marketing is the solution. A vehicle that has proven itself a versatile tool to attract potential customers in an easy-to-follow format, video will help differentiate your institution’s digital marketing.

Video has taken over consumer marketing from large screens to small ones, and on every size in between. With mobile applications dominating the social media space, more banks have taken to these platforms to advertise their products and services. Video content consistently has higher engagement rates than images alone, not to mention that businesses are more likely to generate leads employing video, as the shorter, visual format makes information more digestible rather than having customers read through text.

Video is also a great way to emphasize your brand voice as you can use a spokesperson (think: Flo from Progressive) or animation (the Geico gecko) to create a distinct feel for your bank.

When considering the use of video for your own brand, a good start is to determine the message to communicate to viewers. Consider the following approaches:

1. Product/service demos: Create “how-to” videos to show your customers ways to utilize your services, such as mobile banking features or setting up a new card.

2. Financial education: About a third of Gen Z looks to social media video for financial education. Use graphics or a spokesperson to explain topics such as applying for student loans or planning for retirement.

3. Testimonials: Personal storytelling videos get the most views out of any category as customers value the emotional appeal and a sense of meaningful connection. Consider showcasing lifetime customers speaking on your institution’s services. Or go behind the scenes and meet the team through employee spotlights.

4. Advertisements: Short video advertisements can show up “in feed” on various social platforms as consumers scroll through. This is a great way to highlight promotions or provide an extra boost to your campaign.

There are many tools out there to compose video content. While some viewing platforms offer in-app recording and editing features, to create a professional look consider a more advanced application. Adobe Premiere Pro, Canva, Promo Video Maker, Vimeo Video Maker, iMovie and Vegas Creative Software are all strong options. Another option is working with a professional service. Here are some tips and tricks on creating high-yield content:

Video length: The consumer attention span favors short-form video. This will create higher engagement and click-rate turnover. Short-form videos can be posted on TikTok and Instagram Reels, while longer-form video is typically shared on YouTube, Facebook and LinkedIn.

Format: Produce your video in multiple formats so that it can be posted across multiple outlets as mentioned above. You can also deploy video via emails or as part of an existing marketing campaign. Finally, be sure to include the videos on your website, as high-quality original video can make a positive impact on search engine visibility.

Target market: If you’re looking to appeal to a specific market, consider including elements designed to resonate with that audience. This could mean featuring actors of the target age group or calibrating the tone of the video to appeal with the target market. (Think: a humorous punchline or a specific voiceover dialect).

Video has become invaluable in executing messages and generating ROI. It is the most efficient and consumer-friendly way to build brand value and image, to position products and services and to create a sense of personal connection.

Brenna Donahue is on the video team at MKP communications inc., a New York-based financial services marketing agency.