Compliance and Brand – Helping Banks and Financial Institutions Stay Disciplined
BY BLUERUSH | PERSONALIZED VIDEO
Personalized videos let marketers generate messaging in a direct format customers expect. Seems simple. But this gets complicated when you have to factor in compliance and privacy standards that add additional costs.
For banks and other financial institutions (FIs) compliance and privacy is a top concern. Communication with clients and customers is governed by a complex array of legislation meant to prevent unfair, deceptive, or abusive acts or practices (UDAAP) and protect the personal data and privacy of clients.
The costs of non-compliance, through penalties or lost business, can be close to three times the cost of meeting compliance and privacy requirements in the first place. So, it’s no surprise that any new marketing technology must undergo rigorous scrutiny of ongoing compliance review before it can take hold in banking and FI.
Compliant & Dynamic
In the highly regulated industries of banking and FI, compliance review is the process of approval, retention, and supervision of marketing collateral. In the case of video messaging, it is a manual, multi-step process that is typically slow and not scalable for compliance reviewers and video creators.
Every piece of personalized outbound communication must be checked by compliance review teams to make sure it conforms to the rules governing client communication and privacy.
As BlueRush CEO Steve Taylor points out, “compliance review can double the costs of any video marketing project, making personalizing those video interactions even more expensive.” So, how can compliance review teams in banks and FIs perform higher quality reviews on more video without dramatically increasing staffing, training, and oversight costs?
This is where the versatility of BlueRush’s Individeo technology becomes apparent. IndiVideo uses a building block approach. The system employs a template where short video or motion graphic elements can be stitched together through our easy-to-use UI. The result is a finished digital video to send to clients.
By pre-approving the template and all the individual visual elements, marketing and compliance teams can make sure that all parts of the video messaging stays on track while conforming to prevailing legislation.
The system eliminates the inherent risks with live streaming or one-to-one recorded video, where false claims by a customer service representative can compromise compliance and be difficult to monitor. It also lowers costs, by making the core elements of the outbound messaging scalable and consistent across the whole business.
Whether a bank or FI has 50 or 15,000 employees it can benefit from pre-approved scripted motion graphics and video.
Disciplined and On-Brand Video Compliance
Legal compliance also comes with other benefits. Making sure your out-bound messaging adheres to banking and privacy legislation helps maintain consistency in brand practice and engagement. It encourages a rigorous approach to customer communication that leaves little to chance and limits irregularities in the messaging.
“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.
Vetting for video marketing compliance imposes a disciplined framework on any outbound marketing campaign, and this carries over into brand integrity and the design, execution and monitoring of marketing programs across all touchpoints and across all platforms.
Adopting video messaging technology is a logical transition for banks and FIs to make.
Dodd-Frank, GDPR, and other legislation that governs banking and FI customer communication, does not have to stop marketing departments from maximizing the full potential that new video technology and personalization bring to the table.
The benefits of video are clear: 86% of businesses use video in their marketing, and 92% of marketers say that video plays an essential role in their marketing strategy. IndiVideo lets banks and FIs enrich the digital customer experience for clients and customers, ensure compliance, and generate better top-line results.
