How Explainer Videos for FinTech Can Help to Improve User Acquisition

Komal Chaturvedi
Komal Chaturvedi

Co-Founder & CEO, MotionGility

Explainer Videos For FinTech
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    The pursuit of growing exponentially is something humans have tried to achieve for ages. We grew from the age of darkness to an era of being a community available on the palm.


    The growth of eCommerce is a great example of the internet being a community as techies, distributors, and logistics all come together as one to make our lives easier as we can now shop from anywhere in the world.


    This brought us the need to have a payment system that allows users to pay from anywhere in the world. 

     

    And as the saying goes, ‘Necessity is the mother of all inventions’ – We came up with the concept of Decentralized-Finance. But trusting a secure yet public server for digital finances is something people still struggle with.


    To tackle such issues, fintech marketers are now using explainer videos to ensure they achieve their marketing goals with ease.

     

    With animated videos, brands no longer need to shoot arrows in the dark and worry about unsatisfactory marketing results.

     

    So, how do you go about ensuring that your fintech app captures the attention of your target audience?

    Acquiring Active & Long-Term Users: Through Explainer Videos

    Before we dive deep into how explainer videos can help you with attaining relevant and target users, here’s a quick question:

     

    Which digital banking or online transaction app do you use regularly? And why?

     

    Well, there could be several reasons such as:

     

    • The key features of the app were communicated brilliantly and they hit your pain points.
    • Awareness around the app was done strongly ensuring it effectively reaches the target audience.
    • The app’s UI improved your user experience and was equally demonstrated via commercials or digital demonstrations.

    Here’s a difference: This is about your experience with different payment platforms.

     

    But now that you have your fintech app ready to hit the market, there are high chances the factors/reasons mentioned above are completely opposite to what your target user is experiencing today. 

     

    By using financial explainer videos, fintech marketers have achieved their target goals with greater efficiency compared to traditional marketing tools such as PPTs, lengthy user manuals, and lifeless graphics.

     

    To help you understand quicker, here’s a step-by-step breakdown of each segment regarding how you can attract more users and increase signups with an explainer video:

    1. By increasing brand awareness

    One of the key problems with new-age startups is the level at which they are competing today with large banking institutions in terms of acquiring users.

     

    While these guys have millions to spend on researching effective content formats and spreading the word about their brand, new entrants have less time as well as resources.

     

    However, with explainer video marketing, financial startups have an effective opportunity to position themselves as a strong member of the market.

     

    With the help of videos, brands can establish and strengthen their identity in the market thus leading to a successful product launch whenever the time arises.

     

    On top of that, videos can also assist fintech marketers in creating a layer of trust and brand image around their product to establish top-of-the-mind awareness.

     

    For your better understanding, here’s a quick brand awareness financial video example:

    HDFC Life - Animated Brand Awareness Explainer

    Target Audience: HDFC & RBL workforce

    Video Type: Animated Brand Awareness Explainer Video

    Industry: Insurance/Finance

    The use of animated videos is not limited to explaining complex products or launching new products.

     

    HDFC Life approached us with a requirement for an explainer video that helps them showcase the achievements of their partnership with the RBL Bank.

     

    Here’s how we helped them portray their long-standing journey:

     

    • To illustrate their journey from Day 1 till today, we made use of animated characters that helped their customers visualize their progress.
    • Through realistic backgrounds and rich visuals, they were able to grab the attention of visitors and increase brand recall.
    • The presence of an energetic background voiceover helped their viewers walk their journey keeping them hooked till the end of the video.

    Want to explore more examples of brand awareness videos?

    Check out : Brand Video Examples

    2. By boosting marketing efforts

    For 72% of B2B marketers worldwide, explainer videos have become the go-to choice for promoting and marketing their products. 

     

    By integrating videos into marketing campaigns, brands can establish and then solidify their relationships with target users and persuade them to download their apps. 

     

    Marketing technical products can indeed be tough when the end users are not fully aware of your product’s key features.

     

    In such scenarios, using catchy and colorful infographics can effectively help companies cut through the fluff and smartly demonstrate their product’s key features within 90 seconds.

     

    Another benefit of using videos can be realized by using motion graphics for demonstrating the overly complicated financial process – eKYC.

     

    Moreover, by using animation videos, 88% of marketers have generated a considerable amount of ROI in their marketing & branding activities.

     

    Here’s a financial marketing campaign explainer video that we created for Skrill:

    Skrill - Animated Financial Service Video

    Target Audience: General Audience

    Video Type: Animated FinTech Commercial Service Video

    Industry: Forex

    The video begins with the core idea of ​​Skrill’s money transfer feature and a fascinating hook that leads to its unique selling point. It focuses on a big problem that many people face which is a hassle-free way to send money from the US to India.

     

    By incorporating a cricket theme and using cool infographics, the video excellently communicates its USP within mere 30 seconds.

    3. By generating leads via commercials

    commercial ad videos

    Commercials are the heart of the video marketing industry. 

     

    And it’s not surprising that the US financial services digital advertising spend amounted to 27.63 billion dollars in 2022.

     

    There might have been cases where even after burning a million dollars, brands failed to generate even 50% of the investment made.

     

    However, explainer videos are a cost-effective way to generate leads at almost 1/3rd of the cost spent.

     

    Videos are armed with catchy visuals and a concise call-to-action thus convincing your viewers to download the app or visit your website.

     

    With commercials videos, brands only have 4 to 8 seconds to capture the attention of their target audience. 

     

    The commercial attached below is an excellent example of how brands can hook the attention of viewers and enhance user acquisition performance with animated videos:

    CRED - Animated Commercial Video

    Target Audience: Credit Card Holders

    Video Type: Animated FinTech Commercial Video

    Industry: Banking/FinTech

    This is CRED’s animated commercial video that showcases the beautiful use of kinetic typography animation style.

     

    By using bright colors, sleek icons, and cool screen transitions,  the video crisply explains the benefits users would receive if they paid their credit card bills or expenses through CRED.

     

    There are numerous other benefits of using video explainers for your business. 

     

    With the rise in FinTech companies globally, it becomes necessary to take a quick look at a few statistics that promise an exciting future ahead for the banking industry.

    Latest Fintech Industry Statistics for 2023

    • Globally, 7.1% of all startups operate in the Fintech industry. 
    • The market valuation is projected to touch $174 billion in 2023. [Deloitte]
    • While talking about visiting bank branches, 58% of users said that with the presence of banking apps, their visits have decreased.
    • In the second quarter of 2022, 24% of Fintech funding deals belonged to Asia alone. [CB Insights]
    • In 2022, nearly 65% of the entire US population accessed digital banking.
    • 97% of global millennials said they used mobile banking regularly in 2022. [Inside Intelligence]

    The importance of Videos in marketing campaigns for FinTech Startups

    animated marketing videos for business

    Without a doubt, videos have become the dominant media format across the internet, thanks to its deep integration into omnichannel marketing campaigns.

     

    Here when we talk about fintech startups and the whole financial services industry in general, there’s a lot that videos have in store.

     

    Understanding banking-related concepts can be quite intimidating for the target audience. In such cases, videos can prove instrumental in helping out brands by strengthening their marketing efforts.

     

    To provide you with a much crisp and better understanding, here are 3 pointers that will lay stress the importance of videos for fintech marketers:

    1. Helps build a wall of trust & credibility

    With the emergence of newer technologies, there has also been a rise in risks in terms of data privacy and digital transactions.

     

    To tackle such scenarios and establish trust in the minds of the target audience, brands can use videos to educate customers about the technologies they are using to build a secure transaction environment.

     

    For almost every fintech startup, trust is the backbone on which their entire product & marketing efforts depend.

     

    However, with explainer videos, brands can successfully build their identity in the market by setting up a good rapport with their customers

    2. Solidifies the customer support experience

    As mentioned above, there are a lot of risks involved while using online apps for monetary purposes. 

     

    Usually, almost every company prefers to set up a customer support department dedicatedly focused on addressing customer grievances and providing actionable solutions.

     

    Sadly, 7 out of 10 times, the support system is too lazy and inefficient to quickly extend a solution. As per statistics, 69% of customers have refrained from using a brand’s service due to poor customer service experience.

     

    Here, the importance of videos again comes to light with an option for brands to create animated tutorial videos and FAQs-based video content to address customer issues upfront.

     

    What’s the benefit? Well, this will exponentially increase the level of brand loyalty and trust in the minds of the users and enhance their support experience.

    3. Necessary for brand positioning

    There has been an overwhelming rise in the number of financial startups entering the market with new & innovative products.

     

    This has led to an increase in the competition amongst existing and new entrants in terms of brand positioning in the minds of final users.

     

    Animation video explainers come up with a powerful weapon known as Storytelling. This weapon allows brands to not only convey their story and value proposition to customers within 90 seconds. 

     

    Through catchy visuals and impactful backgrounds, brands can communicate their personality and reach a broader set of audience with ease leading to entering the consumer psyche and capturing a place in their minds.

    Conclusion

    As far as the financial services industry is concerned, there are a ton of things from the marketing standpoint to be covered.

     

    The growing corporate finance environment is bound to enhance the experience of users while also bringing too many sets of complexities.

     

    By integrating animated explainer videos into their marketing strategies, brands can ensure they stay ahead of their competition in acquiring target users by reaching out to them effectively.

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