Personalised Video: Clarity Wins Over Creativity

Effective communication is crucial in the financial sector, especially when conveying complex information like pension statements and investment portfolio reviews. Recent research has reinforced a fundamental truth in client communications: when it comes to personalised financial information, clarity is paramount.
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The Importance of Clear Communication in Financial Services

Financial decisions are among the most significant choices people make. Customers need information presented in a way that is straightforward and easy to understand, enabling them to make informed decisions about their financial futures.

To delve deeper into client preferences, we conducted a study focusing on how personalised financial communications are received. The findings provide valuable insights for financial institutions, advisers, and anyone involved in crafting client communications.
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Key Findings from Our Research:

• Strong Preference for Clarity and Efficiency: 86% (43/50) of participants (customers) preferred clear, data-driven presentations over traditional animated videos that focus on creative animated elements.
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• Reasons for Preference:
  • Ease of Understanding: Customers found straightforward presentations made complex financial data more accessible.
  • Immediate Access to Information: Customers appreciated being able to see all relevant information at once, without waiting through animations.
  • Professionalism: Clear and detailed presentations were perceived as more professional and trustworthy.
  • Time Efficiency: Participants valued communications that respected their time by delivering information efficiently.
  • Control and Interactivity: Having the ability to navigate content at their own pace empowered customers and enhanced their understanding.

Voices from the Participants:

"I like to see all my investments summed up on one page only."

"Video Canvas gives me more information upfront and lets me pick the section I'm most interested in. This approach respects my time and gives me control."

"It feels clearer and easier to understand the numbers."

"Not keen on cartoons or animation; it seems childish. I prefer information in a straightforward, numbers-based format."

These comments highlight a consistent theme: Customers prefer communications that prioritise clarity, professionalism, and efficiency over flashy designs or entertaining animations.
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The Role of User Research in Enhancing Communications

Over the past few years, we've invested extensively in user research to understand how customers interact with financial communications. This research has informed our storytelling and creative direction, leading us to move away from entertainment-based visuals towards clear, data-driven presentations.
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Insights Gained from User Research:

1. User-Centric Design: Customers value interfaces that are intuitive and allow them to access information effortlessly.
2. Data-Driven Visuals: Presenting information with clear visuals helps customers grasp complex data more easily.
3. Interactive Navigation: Allowing customers to control their navigation enhances their engagement and understanding.
4. Plain Language Communication: Using straightforward language makes financial information more accessible to a wider audience.
5. Security and Privacy: customers are concerned about data privacy. Ensuring that their data remains secure builds trust.
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Moving Away from Creativity for Its Own Sake

While creativity has its place, our research indicates that in the context of personalised financial communications, excessive focus on creative elements can hinder understanding. Other providers may emphasise creative marketing production, resulting in presentations that, while visually impressive, may lack the clarity customers need.
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Participant Feedback Supporting This Approach:

"Prefer more static information that I can go through at my own pace. Videos can take longer to load and are less easy to skip to the correct place."

"I like to see all figures at once rather than waiting for them to appear. This one shows everything more clearly."

"This option presents all of the information at hand, rather than focusing on animation or video."

These insights confirm that customers appreciate having control over how they consume information and prefer formats that allow quick and efficient access to data.
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The Benefits of Prioritising Clarity

For Viewers/Customers:

• Enhanced Understanding: Clear presentations make it easier for customers to comprehend complex financial information.
• Empowerment: When customers understand their financial situation, they feel more confident in making decisions.
• Trust Building: Transparent communications foster trust between customers and financial institutions.

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For Financial Institutions:

• Improved Client Relationships: Providing information in a way that customers prefer strengthens relationships.
• Regulatory Compliance: Clear communications help meet requirements to ensure customers understand the information provided.
• Competitive Advantage: Institutions that prioritise clarity can differentiate themselves in a crowded market.
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Conclusion: Embracing Clarity in Financial Communications

The findings from our research reaffirm a crucial principle: clarity should be at the heart of personalised financial communications. By focusing on delivering information in a straightforward and accessible manner, financial institutions can better serve their customers and build stronger relationships.

As we continue to refine our approaches based on user research, the goal remains the same - to make financial communications clearer and more effective for everyone involved.