April 26, 2023
Video Content for Your Credit Union: Why You Should Invest in It
In 2023 (and most likely beyond), video content is going to reign supreme for businesses. There are already over 244M digital video viewers in the U.S., exceeding YoY growth predictions. Plus, over 91% of consumers demand more video content from brands, including credit unions.
Maybe videography wasn’t on your radar when setting your 2023 objectives and strategies, but it’s only April, so you may want to pencil it in for the remainder of the year. While there are so many unique reasons why your credit union should invest in video this year, here are some of our top reasons why it is time:
1. Improve Financial Education
Even though many financial institutions are already providing their customers with ways to monitor their financial well-being, consumers are speaking out and saying that it isn’t enough. Almost 60% of consumers are asking their FIs “…to proactively help them in their financial lives…” and FIs “…that do that can expect more loyal and engaged customers,” states The Financial Brand.
Over the past few years, times have been tough, with recession fears looming, a shaky economy, and all of the rockiness from COVID-19. So, consumers, particularly Gen Z, are looking to credit unions to help alleviate some of their financial pressures. Video content can assist with this since it’s a format that is easily digestible, engaging, and universally appealing to all generations.
Still trying to decide what topic to start with? You can begin with a team reflection, talking to your staff about what personal finance questions they receive from members daily. You can also take a page from some of Tiktok’s top financial influencers. A few of their highest-ranking video content sheds light on the following:
- Creating a quick (and better) budget
- What you “need” to buy a house – from a down payment to your credit score
- How to build equity for your family
- How to choose the best auto loan for your financial situation
- What to do when going for a mortgage pre-approval
- How to tackle your monthly school loan payment
2. Improve New Member Onboarding
When new members join your credit union, you want to ensure their onboarding experience is simple and flawless. This will help build trust and credibility while converting them into life-long members.
New members may need clarification on some of your primary processes, such as registering their account online or installing your credit union app on their mobile devices so that they can manage their finances on the go. It may also be beneficial to provide them with other “how to” videos, such as filling out a current member loan application on your website if they need a home or auto loan in the future.
Are you introducing new products, such as a credit scoring feature on your mobile app or text notification platform that will alert members when bills are due? Video is an excellent platform for updating your members. Create a 30 to 45-second video that quickly walks them through the product.
3. Provide Support When Your Team is Unavailable
71% of modern customers expect a company to engage with them in real-time, but unfortunately, a credit union may not have live agents available for 24/7 support. Suppose your credit union doesn’t have the support bandwidth or does not leverage a third-party support service, like Omnicommander’s ChatCommander™. In that case, you can provide members with short, generic videos addressing common concerns and questions.
Users can retain information by 200-600% when a combination of oral and visual communication is utilized. So, break down complex support questions into a one-minute video of one of your actual team members answering a problem – with quick text layovers for key callouts. Consumers thrive from personalized face-to-face support; however, since these videos are on-demand and pre-recorded, having your staff present in each video is the best way to overcome that.
4. Convert with Testimonial Videos
Even if your member count is off the charts, you won’t want to turn away a potential lead that lands on your website. Testimonial videos can help push this lead further down the sales funnel toward conversion.
Since “what is the difference between a credit union and a bank?” is a hot search engine topic, you can address this in your testimonial videos. Your members are your biggest advocates and referral sources, so asking them explain why they chose a credit union versus a bank can help persuade those on the fence. Plus, the personal touch of adding testimonials will help your credit union’s brand stand out from other financial institutions that may feel a little cold and corporate.
5. Boost Your Lead Generation
If you aren’t seeing an influx in new member applications and can’t achieve conversion goals like in recommendation #4, you can use video to generate leads. Your product explainer videos and testimonials can be added to your social media pages, as well as for paid video advertising, and can help bring in interested prospects. And even though you could take our word for how powerful video is when generating leads, here are some compelling stats:
- Video marketers are typically receiving 66% more qualified leads per year
- Businesses that leverage video are increasing their brand awareness by 54%
- 93% of businesses have brought in a new customer just from videos posted on social media
6. Increase View Time on Your Website
Did you know that website users typically spend 88% more time on sites that have video? If your credit union Marketing Team notices that users are bouncing off or exiting your website quickly, video content may help them stay a while. When ranking sites for the Search Engine Result Page (SERP), Google will look for websites with higher “dwell time” (how long a user spends on a page before going back to the SERP) and websites with video content. So, you’ll be improving your page rank at the same time.
If you’re trying to crunch the numbers in your head to see if video production can fit into your budget, don’t worry. While hiring a professional videographer can help to ensure high production quality, you may be able to use an affordable DSLR or iPhone. There is also an array of affordable (and even free) video-editing software that can take an average video clip and transform it into the extraordinary. If you and your team are on the prowl for more marketing tips or quick video editing advice, contact the Sharetec marketing team at simplicity@sharetec.com, and we can assist you in leveling up your video content.