What Is a Product Video in Finance and Fintech?
The spheres of finance and fintech are often times complex, and product explainer videos stand as an effective solution to tackle this challenge.
To craft these videos, one must have a deep understanding of the target audience and their existing knowledge base. This understanding becomes the foundation for an engaging and professional video that briefly conveys your offerings.
This guide is your tool for navigating the elements of creating effective product videos. We’ll look at what a product video is and its purpose, why you should be using them, what makes a good one, the optimal video length, and glean lessons from some examples in the finance and fintech space.
Embark on this exploration of product explainer videos with us, and let’s transform the way your potential customers connect with your offerings.
What is the Purpose of a Product Video?
A product video is a strategic tool constructed to engage potential customers in a transformative journey. It sparks recognition of a need, introduces your solution, highlights its value, and creates a compelling urge to adopt or learn more about it.
Product Videos in Finance and Fintech
Specifically, in the finance and fintech sectors, product videos don a broader hat. They act as a decoder, making complicated offerings understandable, desirable, and actionable.
In the world of finance, trust holds high significance because, at the end of the day, it involves handling people’s hard-earned money.
Product explainer videos can help cultivate trust by showcasing your expertise and demonstrating, with transparency, how your offerings work.
Creating a Strong First Impression Digitally
Beyond their educational purpose, product videos are the digital equivalent of a strong first impression. They can echo a firm handshake, a friendly smile, or a persuasive pitch, often forming the first and most influential interaction potential customers have with your brand.
Importantly, product videos cater to the questions of your customers. They answer the key concern: “How will this improve my life?”
Why Use Product Videos?
So, why use product videos? The simple answer is that product videos allow businesses to engage with customers on a different level, a level that text or static images simply can’t reach.
For companies in the financial services and fintech space, the benefits of using product videos are not just numerous, but they are also uniquely suited to overcome industry-specific challenges. Here’s how product videos can be advantageous:
Transforming Complexity into Simplicity
The financial and fintech sector is notorious for its complex concepts and intricate terminologies. Product videos excel at breaking down these complex ideas into manageable, easily digestible pieces.
By using visual aids, demonstrations, and simple language, product videos can explain unique financial products or services, making them more accessible and understandable to the average person.
Building Trust through Transparency
Trust is not a luxury in the financial services and fintech industry – it’s a necessity. People need to trust the institutions that handle their money, and transparency is a key factor in building that trust.
Product videos provide an opportunity for businesses to be transparent about their offerings. They allow companies to explain how their products work, address common questions, and show that they understand and can solve their customers’ problems, thereby enhancing the trust factor.
Enhancing SEO Performance
Product videos can significantly improve your website’s SEO ranking. Search engines prioritize content that engages users, and videos are a proven way to increase engagement.
They keep visitors on your site longer, increase click-through rates, and can be shared across various platforms, leading to increased visibility and traffic. In essence, product videos are an effective tool in your SEO arsenal.
Driving Conversion Rates
Research consistently shows that product videos can boost conversion rates. By providing comprehensive information about a product in an engaging and understandable format, product videos help consumers feel more confident about their purchase decision.
They answer questions, dispel doubts, and guide people towards making a purchase, thereby significantly increasing the chances of conversion.
What Makes a Good Product Video?
Crafting a compelling product video is akin to assembling a puzzle; it involves uniting various components to form a coherent whole.
This unity is particularly important for the complex world of financial services and fintech companies, where the information is intricate. So, what elements work in harmony to create an effective product video? Let’s explore:
Product Videos Need Good Scripts
A compelling product video, be it for finance or fintech businesses, anchors itself in a well-crafted script. This articulate roadmap navigates the direction of your video.
The script should methodically lay out the financial challenges or technical complexities that the product addresses, introduce the distinctive solution, and emphasize its uniqueness in the bustling marketplace.
Kickstarting an engaging product video involves spotlighting the specific financial or tech issues your potential customers grapple with. This empathetic approach creates an affinity with your viewers, setting the stage for the solution you’re about to unveil.
Following the clear articulation of the problem, the curtains are raised for your unique solution. This stage is more than a mere product showcase; it’s your golden opportunity to connect with your audience, demonstrating how your offering can alleviate their specific pain points.
Once the groundwork is laid and the solution showcased, it’s time to underscore your product’s unique selling proposition. How does your solution set itself apart in the finance or fintech landscape? Could it be a breakthrough feature, superior predictive analytics, or a novel approach to transactional security?
To cap it off, an effective product video culminates with a resounding call to action, urging viewers to engage further. Whether it’s an invitation to sign up for a free trial, schedule a consultation, or explore more financial products or tech services on your website, a strong CTA fosters meaningful customer interaction and paves the way for conversion.
Product Videos Need Clear and Professional Voiceovers
The creation of a compelling product video necessitates a symphony of various elements. Among these, a clear and professional voiceover holds a significant position.
This vocal representation, much more than a mere background noise, serves as the communicative link between your brand and its audience. It gives life to your script, carries your core messages, and fosters a memorable auditory experience that complements your striking visuals.
The role of a voiceover in your product video is multifaceted. It’s the narrator guiding your audience through the story of your product, setting the pace, tone, and emotion of your narrative.
A well-executed voiceover provides a valuable layer of depth to your video content. It carries the power to evoke feelings, underline important points, and help the viewer visualize the benefits of your financial product or fintech solution.
The voiceover must maintain a professional, clear, and audible quality. The words should be well-articulated, resonating with precision and without distortion.
Any form of audio interference or irregular volume fluctuations can be a detraction, creating distractions or hindering the viewer’s understanding of your product’s distinct value.
Product Videos Need High-Quality Visuals
Given the inherent complexity and technical nature of the finance and fintech industries, they might appear daunting or even tedious to many.
Here’s where the charm of meticulously crafted designs and fluid animations comes into play, turning the complicated into captivating.
Each element should work in harmony, ensuring a fluid, engaging progression that doesn’t just captivate your audience but also conveys your product’s key benefits and features effectively.
Your visuals should also encapsulate your brand’s identity. Maintaining consistency with your brand’s color palette, typography, and overall style in your animations not only ensures a cohesive aesthetic experience, but it also strengthens your brand’s recall value.
How long should a product video be?
When it comes to the perfect length for a product explainer video in the finance or fintech industry, brevity coupled with substance is the golden rule. The sweet spot? Aim for a brisk one to two minutes.
Why this specific duration, you may ask? The mission of a product video is not to delve into every minutiae of your offering.
Its goal is to present a snapshot—showcasing the problem it solves, the benefits it offers, and the reasons it stands out, all in a way that truly resonates with your potential customers. This vital information can be effectively communicated in just one to two minutes.
In the era of short attention spans and quick consumption, it’s all about swift, impactful messaging.
A video that runs over two minutes risks losing viewer interest, and potentially, a new customer. So, keep your product video concise yet compelling. Engage, educate, and inspire action, all within a two-minute time frame.
Product Explainer Video Examples For Finance and Fintech
Here are four product video examples from the finance and fintech industry. Observe their strengths and weaknesses as you seek inspiration for creating your own product explainer videos.
Adyen Auto Rescue Product Explainer Video
In Adyen’s Auto Rescue video, it quickly addresses a prevalent problem – declines due to insufficient funds. It then efficiently presents Auto Rescue as a solution that retries these transactions, thus reducing churn and increasing revenue.
Solaris Digital Assets Product Explainer Video
Introduction to Railsr Product Explainer Video
Galileo Financial Technologies Product Explainer Video
Conclusion: What Is a Product Video In Finance and Fintech?
Creating a product explainer video that stands out in the finance and fintech industry is an art in itself. The delicate dance involves simplifying your financial products and services, morphing the abstract into the tangible, and sometimes, making the traditionally boring, intriguing.
It all starts with a well written script, one that sheds light on pain points before introducing a solution, elaborates on the unique selling proposition and eventually lands on a call to action. Amplify this with a professional voiceover, high-quality visuals and smooth animation, and your video can stand out from the crowd.
In our content saturated era, brevity is a virtue and the sweet spot for product videos is the 1-2 minute window, a timeframe that maintains viewer interest while efficiently relaying your key messages.
Take inspiration from the likes of Adyen, Solaris Digital Assets, Railsr, and Galileo Financial Technologies. Each of these product explainer videos bring lessons in effective communication, each with unique strengths and weaknesses.
Thank you for reading, and if you would like to discuss creating a product video for your business, contact us.