Banks create playlists such as “Financial Education”, “Better money habits” and “How-to videos” not only to educate their existing and potential customers about money and services but also to establish a closer relationship, to show that banks care.
Bank of America, for example, partnered with Khan Academy to produce high quality educational videos with some of them reaching over 600k views. Impressive, isn’t it, but could they capitalize on such reach even more? Undoubtedly yes.
Educational videos can be sent out according to the person’s age, income, what product they downloaded, signed up for or shown interest in.
Let’s take an app download as an example. As soon as the customer has entered his or her details the bank knows their age, spending habits and much much more. Capitalizing on this extensive data the bank can then schedule a series of educational videos that will help the user take full advantage of the app. Receiving a text message with a highly targeted video will make mobile services much more accessible.
But what’s even more important is the analytics behind such technology. By receiving very granular data on the user behaviour, banks can improve their targeting by age, gender, spending habits, time of day- virtually anything marketers can extract from the provided pool of information. While older users might react better to how to videos, younger users might be eager to learn about things like how inflation works or how to calculate loan repayments.
Often people watch educational videos with a particular goal in mind for example, if they are considering taking out a car loan or a mortgage. If the viewer has a question, it’s often lost on the publisher either because comments are disabled or because the viewer doesn’t feel comfortable asking questions in public. With playlists embedded in banks’ own websites and distributed via text messaging, those questions will not only be addressed by the right specialists but will also remain hidden from the public eye.
“People.. were poor not because they were stupid or lazy. They worked all day long, doing complex physical tasks. They were poor because the financial institution in the country did not help them widen their economic base.”- Dr. Muhammad Yunus, a famous banker and economist. Now banks are creating great content to educate and empower, but that only brings them half way. With the right distribution channels, analytics and targeting, banks will start to see benefits from having a more knowledgeable, confident and trusting user base.
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