In light of the digitization happening now in the FinTech industry, it’s evident to say that startups operating in this space are trying their best to keep up with the pace.
Compared to a few years ago, banks & fintech startups today are leveraging technology to improve how financial services are delivered.
However, fintech marketers are finding it a bit complex to get rid of customer experience challenges and poor onboarding scenes.
As a result, such shortcomings are costing them money in the form of users ditching their services and switching to competitors.
To avoid such thousands of switches and help companies enhance their customer experience, animated FinTech videos are helping brands in achieving their goals.
But to give you a deeper perspective, here’s how videos are helping them solve their user experience and onboarding problems:
Enhancing User Experience for better Customer Loyalty
The digital transformation wave has to an extent, raised the expectation levels customers have from their favorite payments applications.
It’s not at all surprising given the flexibility with which fintech companies are infusing creativity in creating a smooth navigational environment for their users.
Here, when we talk about the role videos play in helping brands enhance the user experience, the mention of financial explainer videos is a must.
The reason is – Such videos can help you extend a positive user experience thus generating you repeat business and solidifying customer loyalty.
Moreover, a better customer experience will build user advocacy which will automatically make you stand out from your competitors in terms of customer service.
Easing Customer Onboarding Journey for better Product Comprehension
One of the biggest challenges fintech marketers and growth strategists face is providing their users a hassle-free onboarding journey.
The customer onboarding journey contains the successful implementation of various steps that lead to welcoming and activating new users, thus ensuring a transitional scene from a first time user to a daily active user.
To onboard customers smoothly in this highly competitive industry, brands need to identify all the customer experience parameters in advance.
After identification, fintech videos can work as a one-stop solution to provide a crisp & guided explanation to users who have just signed up.
Here’s an example video for better comprehension:
In this tutorial video by PayPal, the digital payments giant walks its users as to how they can setup their account, adding card details, and begin shopping on millions of websites with secure & quick checkouts.
By using quick representations of icons and illustrations, it crisply explains users how they can seamlessy utilize the services of Paypal via any devices.
Target Audience: Shoppers, Professionals & Audience in general
Video Type: Animated FinTech Tutorial Video
Industry: Digital Payments
Since you already know, leading financial service platforms offer an array of services from digital banking & payments to investment and lending solutions.
Now each service may come with a unique layer of user onboarding process which may make the process more complex to comprehend for the users.
Exactly here is when, website/app/portal walkthroughs come to the rescue of fintech marketers.
To help you understand the significance and how walkthrough videos can help brands, check out the video example below:
Walkthrough videos are generally longer in nature, given the vast scope of activities they cover in a single shot.
As a result, the video proves out to be an excellent medium for ICICI to communicate their brand asset and raise awareness regarding services they offer.
Target Audience: ICICI Bank Customers
Video Type: Product Walkthrough Video
Now that you know animated videos can help you with solving the 2 core challenges, you must read the additional benefits that videos bring to your marketing efforts:
4 Ways in which FinTech startups can benefit from using Animated Videos for User Onboarding
Considering the competitive fintech landscape of today, the importance of providing a smooth onboarding experience cannot be overstated.
Since users have tons of options at their disposal, it’s important to provide them quick access to all the features and benefits for a frictionless onboarding.
Here are the 5 benefits you must check out:
1. Simplifying Complex Concepts
For obvious reasons, FinTech services often involve complicated concepts that may sound unfamiliar or confusing to users.
However with fintech videos, brands can break down these complexities into easy digestible chunks through the use of explainer characters and visual illustrations.
Also by leveraging the art of brand storytelling, marketers can ensure the attention of viewers till the end of the video thus boosting the session duration on their platforms.
2. Building Trust and Transparency
Everything aside, trust is the most important factor in the Fintech industry.
Since brands deal with sensitive financial information day in and day out, explainer videos can play a vital role in building trust and credibility in the minds of users.
By explaning security measures, data protection protocols, and regulatory compliances with the help of exciting visuals, such videos can strengthen a brand’s marketing efforts.
3. Enhancing Engagement & Retention
Animated videos are engaging and visually appealing, thus making it easy for brands to capture users’ attention and keep them actively involved throughout the onboarding process.
What makes this possible is the use of a compelling video script and rich infographics that easily produce engagement and help retain users on the application or platform.
On top of that, when concepts are explained visually, the chances that users would remember and retain the information presented to them automatically increase, hence leading to higher conversion rates.
4. Accessibility and Convenience
One of the biggest benefits of video explainers is their ability that lies in how easily they can be repurposed for distribution on various platforms.
As a result, fintech startups can advertise their walkthrough and explainer videos on multiple channels where users can check out the videos as per their convenience.
Additionally, videos can be replayed and shared, allowing users to revisit important information whenever they require.
To say the least, if you wish to foster loyalty and better relationships, it’s necessary to provide industry-best service to avoid customer experience challenges.
By ensuring your customers go through a hassle-free and quick onboarding, you can generate insane brand awareness and recognition from them.