Cisco projects that by 2020, 82% of Internet content will be video based. Video is an engaging medium that has the ability to capture imagery, text, and sound in order to share your message to a specific audience whom you hope to attract. In this case, your competitor isn’t a big bank; your competition is whatever video tutorial, advertisement or promotion is grabbing for your member’s attention. Videos tell a memorable story which is helpful for both information retention and brand awareness. For credit unions, the use of video offers multiple benefits, including the opportunity to effectively communicate what members can expect from the service and give them a chance to respond to the information.
Effective Communication with Video
Onboarding new members and insurance verification are two challenges facing credit unions as they navigate how to best communicate what they need from their members, how to handle information requests, and how to actually get the information they need from their members. Having a digital strategy to clearly and effectively communicate these asks and needs could go a long way in building up your relationship with your members.
When it comes to insurance tracking, outbound calls and direct mail remain necessary tools for requesting proof of insurance on new loans. However, these tactics take time, resources and can lead to inaccurate information. For onboarding new members, there is a lot of information to communicate, compliance regulations to consider and paperwork to fill out. In both cases, video can offer a happy middle ground that offers a digital and relevant way to communicate with your members and share helpful resources in a convenient format.
Personal Communication with Video
Video notifications offer a powerfully effective solution for encouraging responses from members. These personalized messages are the perfect complement to paper notices and phone calls by offering communications that meet members on their device of choice.
The more personalized and tailored you can make a message, the more impactful and engaging your communications will be. The level of response Allied has seen from our accounts utilizing this type of technology has been a testament to this fact. Our SmartVideo messages can be personalized to include the member’s first name, type of service (such as loan amount), and upcoming payment due dates. By speaking directly to the member, videos have proven to be successful in holding the recipient’s attention to the end of the video. In fact, accompanying reports show measurable results that recipients often open and view the video several times, as well as have higher click rates.
Utilizing captivating, digital messaging also encourages your members to engage with your credit union in other ways, such as asking them to visit your website, sign up for automatic loan payments, or purchase another related product. It’s an opportunity to open a new channel of communication by informing them of other services available that they may not know about.
Ready to Try Video Communication?
Targeted, personalized video messaging is a great way to engage with your members, especially as more and more of the population leans on mobile and digital means of communication.
Remember, personalized video offers the following benefits:
- Ease and speed of implementation
- High level of member interaction and engagement
- Advanced tracking and reporting so you can better understand your borrowers’ needs and behaviors
Sending out personalized video messages alongside the more traditional methods of communication offers a great opportunity to introduce new members to your credit union and the solutions you offer, while building trust in your brand, opening up new revenue channels and mitigating financial losses resulting from loan defaults.
Contact Allied Solutions if you’d like to learn how SmartVideo uniquely complements our solution suite of services to create one of the industry’s most efficient and effective member communication tools.