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Interactive Video:
Application in Finance & Insurance Industries

Video is one of the most popular ways people pass the time – astonishingly, a third of all online activity is watching video.
That figure is set to grow with new entrants in the video entertainment arena such as TikTok and Quibi, both of whom concentrate on delivering bite-sized chunk of video to the audience. Video can also be transformative in improving the understanding of a product or service. But interactive video offers another level of engagement.

Interactive video delivers personalised content to the customer. Not only that, the customer is given the opportunity to respond to the video is prescribed ways to enrich the communicate between organisation and customer. Content delivered in this way addresses the particular concerns of the customer, so the customer is more invested in the content and, therefore, it is more likely to stimulate a response.
The statistics on personalisation, video and interactive video are impressive:

  • Personalised online content resulted in an average uplift in sales of 19%
  • Conversions are increased by up to 80% by using video on a landing page.
  • Customers are 64-84% more likely to buy after watching a video.
  • According to HapYak, the click through rate for interactive video was 10x that of a YouTube video ad (based on 13.35 million interactive video views).

Interactive Video Capabilities:

  • Customers are able to input data to tailor the information that is displayed or communicated.
  • Layering of content can be designed so the videos shown depending on what options the customer chooses at set points.
  • The customer can be presented with questionnaires in order to achieve a personalised solution at the end of the video.
  • Customers can also submit questions, or leave comments for the customer service agents to respond to.
  • Customers can submit video themselves in the form of testimonials, adding authenticity to reviews and emphasising the relationship focus of the organisation.
Data

Of course, the power of interactive video is in the targeted use of high-quality data. Having the interactive video embedded in an email, for instance, generates data not just on viewing but engagement. As the customer interacts with the video, multiple data points are created for application to, for example, product upselling or cross-selling. The success of the content itself can also be easily measured and tweaked quickly to maximise conversion rates.

The data also feeds into the customer service function, enabling richer understanding of the array of queries and allowing for intelligent deployment of resources to more carefully meet a customer's needs.

Benefits

  • Improved customer conversion rates
  • Improved customer satisfaction
  • Improved customer retention and loyalty
  • Improved customer profitability

Insurance

Insurance products are complex so interactive video is the perfect medium to help a prospective customer get to grips with their policies, the range of cover and any add-ons.

While insurance products can be explained in general terms with video, it remains a broadcast rather than a communications medium. Interactive video personalises the communication between insurance company and customer. Information can be tailored to their particular situation and their particular policy, facilitating the customer's understanding, answering their queries and responding to their concerns.

Interactive video can reduce the numbers of customers calling in to customer services by tackling any queries before they become problems, thereby increasing overall satisfaction and brand loyalty.

Personal Finance

Another way interactive video can optimise digital experience is in the customer journey buying financial products, a mortgage for example.

When the customer first encounters the video, they will be prompted to answer questions about their age, living arrangements and wish list. The data gathered will then individualise the messaging.

As the customer watches videos about a mortgage product, engagement can be substantially increased. Questions embedded in the content of the video prompt the customer to respond, encouraging dialogue and engagement at regular intervals. Information tailored to the customer's requirements is displayed, with terms and interest rates simply communicated.

The interactive videos draw the customer through the mortgage payment and affordability calculator, providing multiple opportunities to ask for information, up to and including when the customer is ready to complete the online application.

The use of interactive video continues after the completion of the mortgage, with a personalised message in the onboarding communication along with the facility to raise queries or ask questions. Any statements issued will also be personalised and engaging, along with offers of information about other products that are tailored to the customer's particular requirements.

We at Bridge Learning Tech believe that this technology can be transformative in customer recruitment and retention. The embedding of interactive video into standard communications are not only impactful but provide multiple opportunities to engage more memorably and effectively with customers, improving response, conversion and lifetime loyalty rates.
02.04.2020

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