Using Video to Explain Financial Concepts

There are few topics that matter more to people than their finances, and it’s no mystery why.  Yet despite the importance of financial security, many of us struggle to understand the intricacies of our finances, and as CNBC reported in 2018, avoid the topic with surprising regularity.

As a financial organization, you need to break through this barrier of anxiety to ensure that your consumers know and choose your offerings.  And there’s no better way to reach modern consumers than with well-made video.  So what kind of video will best explain your financial concepts to your audience?

Whiteboard: Humanizing The Numbers

Explainer videos are the answer (which may be unsurprising, given the question).  An explainer video is usually animated, fairly short, and helps to put an upbeat look and sound to ideas that might otherwise seem dry, complex, or intimidating.

There are dozens of different types of explainer video, but the neuroscientific and psychological research that goes into TruScribe’s whiteboard video services make it the clear choice.  Sure, we’re a little biased, but let’s look at some of the reasons why this is true.

A great place to start is the human hand in whiteboard video.  It serves several purposes: it provides motion, which engages the brain on an unconscious, evolutionary level, and does so consistently; it’s part of the human form, which our minds are also inherently drawn to; and it’s a focal point, making each image relevant at the right time to synchronize with your voiced script.

How does this relate to finance?  In short, it humanizes financial concepts.  When many of us think of finance, we see nothing but numbers, data, graphs, and charts.  Whiteboard explainer videos’ use of the human hand tells the viewer that a person just like them is an integral part of these ideas. 

Creating Trust with Human Connection

Even if the artist is drawing numbers or images that convey complicated notions, the viewer’s mind can now associate those abstract, potentially intimidating figures with another person who understands them. They can think, “This person clearly has no trouble communicating these ideas—and as I learn more, I’ll be able to think of these concepts just as easily.”  From there, it’s a short mental journey to “You know, I think I can get control of my finances—and this service will really help me do that.”

Hand-drawn videos are also shorten the mental journey to customer trust.  As Lilach Bullock writes, “Promoting your financial services firm via video is a great idea, but given the nature of the business, one of the key things to get across is that you are both competent and trustworthy.”

People trust each other far more quickly than a slogan on a billboard or a banner ad on a website that simply proclaims its services to be the best.  Whiteboard’s synchronization of voice and hand-drawn visuals hit the brain in a far more personal manner than either of these examples of other media.  This is fantastic, but another question remains: what should you write, draw, and talk about to create trust?

Case Studies, Personalization, and User-Generated Video

Bullock argues that “case studies are a wonderful place to start,” as they “showcase authenticity and help to bolster you reputation.”  This is great advice, since each case study is, by definition, a story, and story is our human coding language.  Given a character and their journey through financial frustration to resolution, audiences will more quickly engage with your message and will have a much easier time retaining and acting on it.

There’s more to financial explainers than case studies. Optimize your message with a personalized whiteboard video.  Targeting your video’s script towards your audience’s tastes is a great idea, and including a personal address is even better. 

Again, the scary part of finances tends to be the feeling that it is ‘too big’, or the anxiety that money is an impersonal force that controls us.  Remove this misconception by ensuring your audience feels as much personality as possible in your messaging.  Whiteboard’s simple, fun characters can be a great way to showcase your organization’s personality.

There’s more to financial explainer whiteboard than the big, high-level concepts, as well.  Think about using video in explaining normal billing, and other day-to-day elements of your business. Whiteboard is a great way to articulate any financial concept.

And don’t forget about user-generated content.  Engage your customers directly, and use testimonials and more to inform your whiteboard script.  It’s a great way to affordably and honestly show that your services matter to your customers.

Explainer videos, particularly whiteboard explainer videos, are a fantastic way to address a topic that matters greatly to almost everyone, but often provokes anxiety and avoidance.  With personal, relatable elements like the human hand and identifiable stories, you’ll have your vital messaging in front of consumers, and overcoming any barriers to retention with ease.