In light of the digitization happening now in the FinTech industry, it’s evident that operating in this space are trying their best to keep up with the pace. startups Compared to a few years ago, banks & fintech startups today are leveraging technology to improve how financial services are delivered. However, fintech marketers are finding it a bit complex to get rid of customer experience challenges and poor onboarding scenes. As a result, such shortcomings are costing them money in the form of users ditching their services and switching to competitors. To avoid such thousands of switches and help companies enhance their customer experience, animated FinTech videos are helping brands achieve their goals. But to give you a deeper perspective, here’s how videos are helping them solve their user experience and onboarding problems: Need help understanding how FinTech videos can help you strengthen your customer experience efforts? Enhancing User Experience for Better Customer Loyalty The digital transformation wave has to an extent, raised the expectation levels customers have from their favorite payment applications. It’s not at all surprising given the flexibility with which fintech companies are infusing creativity in creating a smooth navigational environment for their users. Here, when we talk about the role videos play in helping brands enhance the user experience, the mention of financial explainer videos is a must. The reason is that such videos can help you extend a positive user experience thus generating repeat business and solidifying customer loyalty. Moreover, a better customer experience will build user advocacy which will automatically make you stand out from your competitors in terms of customer service. Easing Customer Onboarding Journey for better Product Comprehension One of the biggest challenges fintech marketers and growth strategists face is providing their users with a hassle-free onboarding journey. The customer onboarding journey contains the successful implementation of various steps that lead to welcoming and activating new users, thus ensuring a transitional scene from a first-time user to a daily active user. To onboard customers smoothly in this highly competitive industry, brands need to identify all the customer experience parameters in advance. After identification, fintech videos can work as a one-stop solution to provide a crisp & guided explanation to users who have just signed up. Here’s an example video for better comprehension: How does PayPal work? In this tutorial video by , the digital payments giant walks its users through how they can set up their accounts, add card details, and begin shopping on millions of websites with secure & quick checkouts. PayPal By using quick representations of icons and illustrations, it crisply explains to users how they can seamlessly utilize the services of Paypal via any device. https://www.youtube.com/watch?v=WB370ewOklw&embedable=true As you already know, leading financial service platforms offer an array of services from digital banking & payments to investment and lending solutions. Now each service may come with a unique layer of user onboarding process which may make the process more complex to comprehend for the users. Exactly here is when website/app/portal walkthroughs come to the rescue of fintech marketers. To help you understand the significance and how walkthrough videos can help brands, check out the video example below: ICICI Bank - Animated Website Walkthrough Video Walkthrough videos are generally longer in nature, given the vast scope of activities they cover in a single shot. Similarly, with this video, introduces its customers to a completely fresh and revamped website using screen transitions and kinetic typography . ICICI animation style As a result, the video proves to be an excellent medium for ICICI to communicate its brand assets and raise awareness regarding the services it offers. https://youtu.be/OiwjhGVjPXg?embedable=true Now that you know animated videos can help you with solving the 2 core challenges, you must read the additional benefits that videos bring to your marketing efforts: 4 Ways in which FinTech startups can benefit from using Animated Videos for User Onboarding Considering the competitive fintech landscape of today, the importance of providing a smooth onboarding experience cannot be overstated. Since users have tons of options at their disposal, it’s important to provide them with quick access to all the features and benefits for frictionless onboarding. Here are the 5 benefits you must check out: 1. Simplifying Complex Concepts For obvious reasons, FinTech services often involve complicated concepts that may sound unfamiliar or confusing to users. However, with fintech videos, brands can break down these complexities into easily digestible chunks through the use of explainer characters and visual illustrations. Also by leveraging the art of , marketers can ensure the attention of viewers till the end of the video thus boosting the session duration on their platforms. brand storytelling 2. Building Trust and Transparency Everything aside, trust is the most important factor in the Fintech industry. Since brands deal with sensitive financial information day in and day out, explainer videos can play a vital role in building trust and credibility in the minds of users. By explaining security measures, data protection protocols, and regulatory compliance with the help of exciting visuals, such videos can strengthen a brand’s marketing efforts. 3. Enhancing Engagement & Retention Animated videos are engaging and visually appealing, thus making it easy for brands to capture users’ attention and keep them actively involved throughout the onboarding process. What makes this possible is the use of a compelling and rich infographics that easily produce engagement and help retain users on the application or platform. video script On top of that, when concepts are explained visually, the chances that users would remember and retain the information presented to them automatically increase, hence leading to higher conversion rates. 4. Accessibility and Convenience One of the biggest benefits of video explainers is their ability which lies in how easily they can be repurposed for distribution on various platforms. As a result, fintech startups can advertise their walkthrough and explainer videos on multiple channels where users can check out the videos at their convenience. Additionally, videos can be replayed and shared, allowing users to revisit important information whenever they require. Want to improve your Customers' Onboarding journey and increase the Retention Rate on your FinTech app/platform? Conclusion To say the least, if you wish to foster loyalty and better relationships, it’s necessary to provide industry-best service to avoid customer experience challenges. By ensuring your customers go through a hassle-free and quick onboarding, you can generate insane brand awareness and recognition from them. Also published here.

The is an opinion piece based on the author’s POV and does not necessarily reflect the views of HackerNoon.

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