As banking consumers ramp up their use of digital channels, there is enormous potential to gain valuable customer intelligence insights through video analytics.
Particularly in the last one year, digital banking usage has skyrocketed. 54% of consumers in a JP Morgan survey said that they increased digital activities due to the pandemic. In India, two-thirds of customers are willing to switch to digital-only banks with no physical branch. Meanwhile, video continues to be the single most dominant channel for content consumption across consumer segments, particularly Gen Z. In 2020, 96% of consumers increased their online video consumption and 9 in 10 consumers would like to watch more videos from their favorite brands and service providers.
What this means is that videos are a great way for banks to engage with their growing, digital-first customer base, and the analytics from video consumption are a hive of insights.
Why Do Banks Need Video BI?
Video business intelligence or video BI is defined as a technology capability that reveals precise and quantifiable metrics on audience behavior as they engage with video content.
Using video BI, you can pinpoint viewer location, align viewership with website traffic, identify points of engagement and abandonment, and several other key statistics. Video BI is a powerful tool in a sales and marketing toolkit as it reveals key aspects of audience sentiment. Sales and marketing professionals can use this information to finetune their video targeting strategy. For instance, if viewers from a specific region tend to abandon videos after an average timespan, marketers can create videos accordingly (complete with transcriptions in the regional language) so that the targeted audience can be engaged.
This capability is extremely useful for banks because:
- Banks and other financial service providers tend to serve a national or global customer base. Customers from various regions and linguistic backgrounds will engage with a bank’s video, and it is vital to understand precise engagement patterns through cohort analysis.
- A typical customer journey for banks can stretch across several weeks, months, or even years. Video helps to engage with customers from top-of-the-funnel marketing to new account creation, product upselling, and referrals. Analytics from videos can help you optimize value generation at every step and increase the customer lifetime value (CLV) from relationships that may actually last a lifetime.
- Digital banking is an incredible opportunity for banks, and there is stiff competition from “neo banks” as well. This new category of banking providers are digital natives and rely on website optimization, marketing automation, and data-driven customer acquisition tactics from the very beginning. Financial service providers need video analytics to keep up.
- Analytics insights from videos can help drive personalization, which is “highly important” to 72% of digital banking customers today. And, they are willing to pay more for personalized products, offers, and services, which means there is a very real profit opportunity.
In other words, as banks and other financial service providers lean on video as an essential cog in their customer engagement strategy, BI and analytics play an instrumental role.
Getting Started with Video-Based Customer Intelligence: The Top 3 Features You Need
The first step to derive insights from videos is to set up a sophisticated and well-integrated video management platform for your bank or financial services organization. This will equip you with the following customer intelligence features:
- Backend integration with CRM and MAP for targeted communication
Customer relationship management (CRM) systems and marketing automation platforms (MAP) are two of the key tools in your customer engagement stack. Connect your video presence with CRM and MAP at the backend to cross-link analytics insights with customer profiles, sentiment, and marketing actions. This will allow you to understand exactly which type of account holders are watching your videos, their preferences, and therefore how to target them better. The kPoint video management platform, for instance, has pre-built integration with CRM, websites, and communications systems, along with flexible APIs so you can derive customer insights from a wealth of composite sources.
- Dynamically updated dashboards for near-real-time customer information
Video consumption dashboards will provide business users at a BFSI organization with an easy-to-understand view of customer intelligence data. This means that even users without data science knowledge can unlock customer insights quickly, gaining from near-real data time to power timely decisions. Instead of complex numbers or clunky spreadsheets, you can gain from rich data visualizations that are ready to slice and dice for further analysis. For instance, the kPoint video management platform lets you drill down to view granular customer intelligence insights such as streaming hours by day or by month measured down to the very last second and engagement metrics like video rewatch numbers.
- Collaborative video workspaces to act on customer intelligence
Collaboration is the key to unlocking the full potential of your customer intelligence insights and drive meaningful marketing action. For instance, the sales team may use video analytics to figure out the exact point when an existing account holder is ready for upselling/cross-selling. By collaborating with a marketing manager, they can come up with new videos that reinforce the relationship and increase sales. A collaborative workspace, like the one provided by kPoint, will allow BFSI teams to quickly create videos that take advantage of recent customer intelligence trends. Everyone can share their inputs, upload videos from mobile devices, and make edits from a centralized portal to upload videos when they are most relevant for the customer.
How kPoint Can Help
kPoint has worked with leading financial service providers, taxation advisory firms, and insurance companies to streamline video management.
Our advanced analytics capabilities and flexible integrations with both homegrown and third-party platforms make it ideal for BFSI organizations that need a connected customer intelligence landscape. Further, through deep search, live streaming, video workspaces, multilingual transcriptions, and in-video polls, we help firms act on the insights they have gleaned. As digital banking becomes the norm rather than the exception, video has enormous potential to engage, inform, and learn about your customers. BI and analytics are central to unlocking maximum ROI for banks’ investment in customer-facing videos – contact us to discover new opportunities in this area.