Video is an essential tool for industries of all types, and the financial services industry is no exception.
Before the pandemic, financial organizations were slowly adopting video for several use cases, and COVID accelerated the trend. During the first three months of the pandemic, for example, banks increased the number of client video calls by 400%.
As companies produce and share more and more video content with an increasingly wide audience, they’ll need new solutions to ensure they can scale effectively. eCDN technology is an important tool that allows large financial services organizations to harness the power of video.
In this article, we’ll look at why video content is so important for financial services organizations and explore the role of eCDN.
Why video is important for financial services
There are numerous reasons why video content is surging in popularity among financial services organizations.
Here are some of the key motivators:
It helps build trust
Trust has always been a critical factor in financial services. According to research by Vanguard, clients who highly trust their advisors are more than twice as likely to refer them to others, compared with those with only modest trust levels.
Video is an extremely powerful tool for building this level of trust. When human body language is part of the communication equation, making a stronger connection with clients is easier. A video call feels much more personal and reassuring than a phone call or live chat, helping financial services companies build trust and more robust relationships.
More accessible communication between organization members
Video isn’t just for communicating with clients. Companies can also use video tools to collaborate more effectively with their own employees. The COVID-19 pandemic underscored this reality by forcing millions to work from home and rely on video conferencing software for all their communication.
But poor communication costs money — in one Society for Human Resource Management survey, companies cited an average loss per company of $63.4 million per year due to inadequate communication to and between employees. Tools like Microsoft Teams are extremely useful for bringing teams together and ensuring smooth and successful communication even across large distances.
Education
The complex and often confusing nature of finance makes it especially crucial to keep clients educated and informed, and video can be the perfect tool to bridge the gap. In addition to educating clients, video can keep team members in the loop and up to speed with important concepts and developments.
Customer support
Financial services are responsible for providing reliable support for their customers, addressing questions and issues quickly and effectively. Video is a great way to do this, and there has been a recent increase in demand for support via video. Video allows you to connect with customers in a personal, real-time manner, addressing their problems quickly while strengthening relationships.
Why eCDN matters for video communication
eCDN technology allows for broadcasting video to large audiences. For large and growing financial services firms, it’s important to scale video content to even bigger audiences for increasingly complex tasks.
How does eCDN help make this happen?
- Reduces WAN traffic: An eCDN can significantly reduce WAN traffic by caching video content before delivering to other users at the same location. With eCDN, only one copy of the transcoded video content is downloaded from upstream remote source servers.
- Saves costs: An eCDN allows for high-capacity internet access at multiple locations without a significant cost burden, allowing you to invest that money in other areas of your business without compromising on your video strategy.
- It’s secure: Ramp can deploy an eCDN solution both behind the firewall or in the cloud. For the highest level of security, Ramp deploys the eCDN solution 100% behind the firewall to ensure all sensitive data is kept safe.
- Analytics: With real-time data and analytics features, eCDNs allow you to gain valuable insights to better understand your network and deliver a better video strategy.
Ramp’s eCDN allows you to access all these benefits and more. It’s the perfect solution for financial services companies aiming to scale their video strategy and do more with this increasingly relevant and valuable medium. Learn more about how it all works and how you can get started.
