BY BLUERUSH | PERSONALIZED VIDEO
Every financial institution (FI) is required to comply with laws and regulations that protect consumers’ interests. From specific consumer protection laws like the Truth-in-Lending Act that governs fee disclosures to “know your customer” (KYC) regulations aimed at reducing fraud, modern banking and finance is arguably the most regulated industry in the history of commerce.
More significant for marketers is that compliance also applies to communications, as all customer communication by FIs is governed by an equally complex array of legislation.
Marketing and Compliance?
While some marketing-centric regulations are enacted to prevent unfair, deceptive, or abusive acts or practices (UDAAP), those designed to protect the personal data and privacy of clients have emerged as a critical and sensitive flashpoint.
Many new marketing technologies collect a customer’s personal data – which FIs can leverage to optimize their messaging and refine their outreach and cross-sell strategies – and marketers are still expected to comply with consumer privacy regulations such the GDPR (Europe’s General Data Protection Regulations) and the CCPA (California Consumer Privacy Act).
But people continue to have serious privacy concerns when it comes to their data – and for good reason, given the scale, frequency and consequences of data leaks or identity theft.
To reassure customers and ensure compliance, businesses must be vigilant about protecting data and conscientious about developing robust best practices directly into their digital solutions and marketing strategies.
In this post, we’ll unpack the importance of financial marketing compliance for FIs, with a special focus on video compliance for marketing. As the power of video continues to spread – 80% of video marketers say video has directly helped increase sales, 95% plan to increase or maintain video spend, and 89% say it returns them a good ROI – FIs will need to know how to securely leverage customer data to create exceptional digital experiences, at scale, that are always compliant.
Overlooked: How Video Compliance Affects Branding
Despite what should be a top-of-mind concern for FIs, sometimes lost in this discussion of legal compliance is its relation to brand compliance. “We know that the financial and banking sector is one of the most highly regulated industries in the world. But when we are talking legal compliance obligations, we should also be talking about brand compliance. For marketers in those sectors, these are two sides of the same coin,” says Steve Taylor, CEO of BlueRush.
Making sure your out-bound messaging adheres to banking and privacy legislation also helps maintain consistency and compliance in your branding practices, encouraging a rigorous approach to customer communication that leaves little to chance and limits irregularities in the messaging.
To this end, FIs often have a compliance review process in place, where marketing teams work alongside compliance departments to check every piece of personalized outbound communication and approve its conformity to the rules governing client communication and privacy.
The Best of Both Worlds
Being able to meet all of these challenges simultaneously is no small feat – but this is where the versatility of the IndiVideo personalized video platform really shines.
IndiVideo makes legal and brand video compliance easy by first harnessing the power of templates, which can be created by stitching together short video or motion graphic elements through our intuitive UI, and by then adding voice-over, images, texts, and even action buttons linked to specific URLs.
All of these elements can be pre-approved by marketing and compliance teams to make sure they conform to both existing legislation and brand guidelines. With direct control of every video element, messaging stays on brand and on track, even before any video asset is created. This also lowers costs, by making the core elements of the outbound messaging scalable and consistent across the whole business.
And while IndiVideo leverages customer data – incorporated as personalized introductions and signoffs or offers tailored to specific customer need – it uses a lighter and faster method of rendering personalized videos directly on a customer’s device so that their data never crosses an unsecured cloud. Secure in the knowledge that they can build brand integrity and customer trust now that the risks of harmful third-party cloud data breaches are minimized, FIs can begin to scale their marketing.
The result is an exceptional digital experience – secure, compliant, personalized, engaging – that every customer wants and every FI strives to create.
The Logical Transition
Regulations governing customer communication should not stop FIs from maximizing the full potential of personalization and video, two of the most powerful trends in marketing. Adopting personalized video technology is then, simply, a logical transition for FIs to make.
IndiVideo eliminates the financial marketing compliance risks inherent in video messaging, offering a disciplined framework for the design, execution, and monitoring of any outbound marketing campaign across all touchpoints and across all platforms.
With IndiVideo offering cutting-edge features like template creation, on-device rendering, and compliance monitoring, review and marketing teams can rest assured their communications are both always legal- and brand-compliant – while still raking in the benefits of interactive personalized video to create exceptional digital experiences, cost-effectively and at scale.