With a year that seemed to last an eternity, it’s no surprise that all eyes are on the future. All industries are looking for a way to not just bounce back, but bounce forward in 2021. And this includes the financial services industry and fintech sector. Let’s take a look at some of the most significant financial services video trends in 2021. And see how financial services companies can best position themselves to thrive in the next normal.
FinTech is Technology Trends in the Financial Sector
Anuj Patel succinctly and usefully articulates a vital fact about FinTech: it is “…neither a brand nor a piece of software. Rather, it’s a collective term for tech trends in the financial sector”. This means that discussing trends in FinTech is basically a discussion of trends in trends, making it a bit different than analyzing trends in other industries.
Perhaps the best way to think of Patel’s assessment is to think more simply. FinTech trends frequently overlap, intersect, and complement each other. While some might be on their way out and others on the rise, there are through-lines and collective purposes that unify FinTech trends.
What are these unifying factors in FinTech trends?
“Whether implemented in combination or individually, they can make a business more effective and help interact with employees, clients, or suppliers more easily.”
Michael Reddy offers some great specificity on the trends that will grow through 2021.
Let’s focus on two trends, and examine how remote interaction and the power of video make them truly significant.
Trend: Mobile First
First, Reddy urges FinTech organizations to “Go Mobile with Your FinTech Marketing Intiatives”. He quotes a few statistics to underscore the ubiquity of mobile device use. U.S. consumers now spend 5 hours a day on mobile devices. Two billion people use FinTech apps. And 31% of U.S. banking customers had used at least one FinTech app.
So make sure your website is mobile-responsive.
How can you do that? One sure way is with video.
Video makes up an astonishing amount of web traffic. And people watch a multitude of video on their mobile apps every day—from before work, to the commute, and more.
Make mobile-friendly videos that show your organization’s strengths in an engaging, retainable way. And take advantage of the ongoing trend of mobile interest. Whiteboard video is particularly well-suited to mobile. The simple, easily understood drawings, a high degree of motion, and the attention-demanding human hand drawing the art in real time is highly engaging.
Trend: Great Content Matters
This dovetails with another trend Reddy argues will continue to pay off: “Create Valuable Content”.
What is ‘valuable’ content?
It’s content that’s relevant to your customers, acknowledges their interests and needs, and foregrounds this value over direct promotion. This approach is known as content marketing. Reddy offers a listicle or how-to guide as examples of value, which may well work—but why not address this trend and the mobile trend simultaneously?
A mobile-friendly video filled with valuable content is a powerful thing. And ideas for that content can come from more sources than you might imagine. Reddy points out that 53% of gamers are between the ages of 18-49. What about a video like “YourCommunityBank’s Ten Games Worth Playing in 2021 (and Three That Aren’t),” that helps gamers see what they’d get for their money?
This is just one of the many ways you can leverage content marketing and valuable content trends even as you take advantage of people’s inclination towards their mobile devices. Options here abound, so think creatively with your video content so that their mobile experience of your brand is truly valuable and enjoyable—and deepens their engagement with your FinTech solutions.
Trend: Pandemic Proofing
FinTech Futures’ “Fintech Projections for 2021” include a trend that’s highly relevant, to consumers and FinTech organizations alike: Pandemic proofing. “Just as retailers and manufacturers are rethinking their supply chain infrastructure, financial services companies must reassess their FinTech applications in light of recent challenges.”
This involves various remote and social distancing-friendly approaches like “paperless processes and electronic data capture options,” in an effort to “eliminate the need for face to face meetings.” These are certainly the right approach to the situation, but remote work (and purchasing) can benefit from video just as much as software and interfacing solutions.
With well-made explainer videos, tutorials, and marketing videos, you won’t need to wait for customers to approach your storefront—a good thing, since doing so brings risk. Instead, engage your clients and your prospective customers with videos they can watch from the safety of their homes.
Greet prospective customers with a personalized video. Use a short, retainable whiteboard video to streamline their understanding of the tools and solutions available to them. And remember the value of a personalized, sincere thank-you video. In times of remote interaction and work, these kinds of videos can maintain the human, intimate element that might otherwise fall by the wayside.
FinTech, a world that operates largely in financial sector trends, is seeing those trends change as the world changes with it. Those trends are increasingly mobile and remote, and content marketing has never been more relevant.
Financial services trends like high-quality, mobile-friendly and personable video material will matter more and more as 2021 gets underway. FinTech might not be in a place to conduct meetings face to face, but the personal connection made possible by video will maintain engagement with your brand and retain your clients.