"FinTech Marketing Using Videos" - The FinTech Survey Report 2023
To understand what’s the sentiment about marketing FinTech products in today’s cut-throat competition, we surveyed over 120+ folks [mainly marketers, growth strategists, product managers] associated with the FinTech industry.
Here’s what the FinTech Video Marketing Survey says…
Currently, the FinTech industry is making headlines globally given the rise in the number of FinTech startups and the extraordinary services being offered by them.
As of today, 64% of adults are using at least one FinTech app daily. This translates to how rapidly the adoption of Financial Technologies has gained momentum with availability of fast internet and smartphones even in the farthest corners of the world.
From transferring money to a family member to paying bills online within seconds, the number of transactions taking place per day is rising massively.
However still, FinTech marketers seem to struggle with acquiring customers, selecting the best marketing tool, solving customer experience challenges, retaining users, etc.
The results of the survey shared below will help you understand more on the marketing preferences of FinTech marketers.
55% of FinTech Companies prefer Social Media Ads & Billboards for Customer Outreach
Well this might sound a bit surprising to you but, local advertising is still being preferred by marketers in the era of digital commercials.
Although, considering the ongoing scenario where over 98% of marketers are already integrating videos in their marketing strategies, social media videos seem to possess an edge over billboards.
And why not? Given the heavy consumption of video-based content on social media platforms, their usage only seems to rise in the days to come.
Quite recently, many leading FinTech companies such as CRED, Coinbase, etc., have been seen leveraging the power of animated videos to promote their products, new features, and offers.
Detailed Video Walkthroughs & Animated Educational Videos are the top choice users prefer while accessing FinTech Products
Walkthrough videos have been proving super helpful for marketers in the FinTech industry.
And this is what the respondents had to say about them alongside preferring educational videos in helping users comprehend their product quicker.
FinTech products are naturally complex in nature and it might become difficult for brands to explain them with text-based documents or poor and stationary graphics.
Almost 45% said they have heard about Explainer Videos before
Compared to 45% of respondents who knew about explainer videos, there are still 55% of them who were unaware of this effective marketing tool leveraged by brands.
So for the 55% of them, this is an excellent opportunity for discovering and realizing how powerful financial explainer videos can be for FinTech startups and enterprises.
Considering the usage of animated videos in multiple use-cases such as new product launches, corporate agendas, webinars, investment pitches, etc., their usage only seems to grow in the days to come.
Around $3000 is the optimum amount a FinTech Product Owner invests in Marketing monthly
Ever since the rise of videos as an effective tool in the marketing space, FinTech startup owners have been seen investing heavily in their marketing campaigns.
And quite similarly, our respondents validated this claim with most of them claiming the average spend to be around $3k and upwards.
From the investment perspective, many FinTech owners are considering the path of choosing animated videos for accelerating their marketing efforts.
Upon exploring the best of financial explainer videos available on the internet, you would be treated with appealing graphics, a compelling plot, and an actionable CTA that are helping brands drive traffic to their websites and landing pages.
Around 60% of respondents said they would want to discover more about the platform shown in the video
To measure the impact an animated explainer video can have on viewers, we asked voters to watch the below video and then share their opinion on the same.
Video Name: Portfolio+ | Animated FinTech Explainer Video
Animation Style: 2D MotionGraphics
If you look at the results, you would find that a majority of respondents have showed interest in checking out the platform.
On top of that, 40% of them showed confidence in hosting their financial platform on Portfolio+.
As a takeaway, FinTech brands can realize how animated videos can leave a lasting impression on their target audience and drive them to their website or landing page.
87% of respondents said they would like to invest in an Animated Video if they get an opportunity to work as a FinTech Marketer
How impactful animated videos can be for the Fintech industry is quite visibile in our FinTech Video marketing Survey.
So now if you consider them from the benefits-driven perspective, they can be an excellent asset in any FinTech brand’s toolkit.
Accordingly, they can help brands avoid losing customers to competitors by providing them exceptional product demonstration and establishing long-term relationships with the target audience.
Almost 66% of voters feel FinTech/Financial Services videos can be the next big thing in Marketing
Despite the decreasing human attention span already being a matter of concern for Fintech marketers, over 66% of them are hopeful that financial services videos will help them market their products effectively in the days to come.
With the integration of rich illustrations, explainer characters, and exciting motion graphics, such videos have become one of the topmost choices for marketers worldwide.
Undoubtedly, FinTech has been at the forefront in becoming core to consumers’ financial needs and providing them with better services.
The changing landscape of FinTech validates the fact that the financial sector is about to witness more technological advancements in terms of customer experience, and the way brands go about marketing their products.
And with animated videos by their side, marketers are extremely sure about their future marketing strategies in terms of results to be achieved.