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Why Finance Businesses Need To Be Focusing On Video Marketing In 2023

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Creating effective marketing campaigns when you specialise in financial services can sometimes seem like a tall order.

This may partly be due to the negative associations that customers may have of finance businesses, viewing them as a source of potential stress or bureaucracy. It may also be due to the difficulty that finance businesses may have in building trust and engaging customers when it comes to the provision of such essential services – especially in difficult economic times.

Fortunately, there is a way to revitalise your marketing campaigns and help to bridge the gap between you and your customers in 2023 – and it involves video marketing.

Why Is Video Marketing So Effective?

These days, video marketing is arguably the most efficient means of connecting businesses with their target audience and forging a meaningful long-term connection.

Part of the reason for the effectiveness of video is that human beings are intensely visual creatures. This makes it easier for a video to have an impact than a piece of text or an audio clip.

In addition, video ads have a proven track record of converting potential customers into actual consumers – in other words, their conversion rate is high. This is because watching a video is usually more engaging, and allows customers to gain a more accurate first-hand impression of the company, which can help them develop trust.

How Can Finance Businesses Incorporate Video Marketing Into Their Ad Campaigns?

Now that you understand the effectiveness of video marketing, and how crucial it will be to businesses across various sectors in 2023, it’s time to highlight the various ways in which you can use it to your advantage.

Seek Professional Expertise

Arguably the best way is to involve media services professionals in your new video marketing campaigns.

Experts such as Red Bee Media have years of experience to draw upon, allowing them to deliver high-quality playout of professionally prepared live and pre-recorded content. This means you can create a range of compelling content – including live-streaming special company events – that will help you engage and connect with your customers.

Enhance Your Socials With Gripping Video Content

These days, every business needs at least one social media account, even finance specialists. However, it’s not enough merely to have an account and post occasional announcements or images; if you really want to harness the marketing power of social media, then you should consider including video ads on a regular basis.

These videos could take various forms. They could be promotional (presenting your company in a more approachable and positive light); they could consist of compelling interviews with high-profile figures in your company; or they could include tutorials on how to save money or apply for loans.

By including the relevant tags and providing a call to action at the end of your videos, you will improve your chances of more lead generations – and, therefore, more business.

Create Testimonial Videos To Boost Your Reputation

Finally, another potentially rewarding video marketing method your finance business can employ is the creation of testimonial videos from satisfied customers.

These videos can be highly effective at helping you gain more business. This is because many consumers rely on positive word of mouth to give them confidence in a company. In addition, a video testimonial comes across as more authentic than a written review, particularly if the person being filmed is looking directly into the camera. This authenticity can help you connect with potential customers and possibly gain new business as a result.

Summing Up

Crafting attention-grabbing video marketing campaigns may seem like an intimidating task at first, particularly if you have minimal experience of this form of marketing.

However, once you have perfected your techniques, and the positive results begin to appear, you will quickly see the value of investing in this particular form of advertising in 2023.

Business

How to identify the signs that your IT department need restructuring

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Eric Lefebvre, Chief Technology Officer at Sovos

 

For firms to execute transformations and meet their overall vision, it is crucial that their CIOs are able to recognise the signs that their department is in need of some internal change. In the current economic climate, CIOs working to fulfil their organisation’s priorities and meet business goals might hesitate to acknowledge that their IT department needs restructuring, never mind be able to identify the signs.

However, these problems rarely fix themselves and organisational restructuring requires conviction and determination from leadership for it to occur successfully. So, what are some of the key signs that CIOs should look out for?

Eric Lefebvre

 

Struggling to keep up with industry demands

CIOs unsurprisingly are working in an extremely demanding environment at the moment. Meeting these evolving demands is crucial for companies. When demands are not met and not handled properly, this can have a lasting impact on organisational goals and objectives, and even impact the way in which transformations are put into effect.

Depending on the organisation’s structure, the way in which being unable to keep up with demands manifests itself can differ. Despite double digit reductions across the industry, the search for talent across the tech world continues, project costs continue to rise as the cost of labour has increased and schedules have been disrupted by significant attrition. Many companies will also find business costs, such as that of third-party software, are higher than planned and technology debt continues to pile up faster than it can be sunset.

Whilst leadership teams might dedicate their department’s attention on the factors discussed above, they may find that their team will fall short when it comes to timely deliverables and helping maintain your organisation’s tech stack and guide its business transformations. Looking beyond the immediate problems of high costs and considering an internal reshuffle may be the solution for many IT departments.

 

Internal conflict within the team

Organisational designs with underlying issues can cause constant friction, especially when they go unacknowledged. An IT department that lives in conflict will certainly be reflected in results and less than successful tech transformations. CIOs will find that by adopting an organisational design which works through staffing issues, will better innovate, especially if they can all work together.

Department leads should have a strong understanding of their team’s work environment and guide them through any long-term or potential problems. When an individual is working in a demanding or complex industry, working well with your team shouldn’t be the main impediment to innovation. By acting quickly to eliminate internal conflict, CIOs can better lead and ensure their team’s focus is entirely on producing more optimal outcomes.

 

Delays are commonplace

When a large amount of your team’s time is spent setting objectives, budgets and timelines for the projects they are working on, it is vital that they are met. When delays are coming from the IT department, they will inevitably hinder the development of any business transformation, especially if it prompts teams to spend excessive amounts of time rearranging budgets and timelines and therefore hindering innovation.

IT departments are a crucial aspect in many different parts of a company’s transformations, so remaining on track when it comes to timelines and innovation is critical to operational plans. If delays have become commonplace in an IT team, and external factors are impacting projects, CIOs should look at restructuring an IT department to solve these issues.

The strongest team relationships do not happen by accident and are the result of good planning, strong leadership and a motivated team. CIOs can ensure this by providing vision and long-term strategy with clear goals and objectives to produce high levels of quality output.

When internal issues are noticed in an IT department, and are noticeably impacting team morale or productivity, this should indicate the need for departmental restructuring. Be that due to an inability to meet market demands, issues with productivity and meeting deadlines or internal conflict, these issues all risk a department’s functionality and an organisation’s ability to achieve its goals. In short, don’t overlook the warning signs!

 

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Banking

Top banking trends of 2023 and global outlook of banking and fintech for the year ahead

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Author: Professor Marco Mongiello, Pro Vice-Chancellor, The University of Law Business School

 

You’d be forgiven for assuming that the global outlook for banking and fintech will be dominated by the usual suspects:

Artificial Intelligence – AI plays an increasingly prominent role in banking and fintech by enabling personalised services, fraud detection, predictive analytics, use of chatbots and robo-advisors.

Blockchain and Cryptocurrency – the secure, decentralised and swift system for financial transactions that blockchain has brought to the fore a few years ago, is now becoming ubiquitous. An increasing number of transactions are recorded through blockchains technology, primarily in the cryptocurrency market.

Digital Banking and fintech – accelerated by COVID-19 pandemic, the adoption of digital banking is a trend that will persist as customers have become accustomed to the convenience and efficiency of digital banking. Moreover, fintech enables access to financial services for previously underserved populations in developing countries or less affluent social groups in more affluent societies. This includes mobile banking services, peer-to-peer lending platforms, and microfinance solutions.

Open Banking – another global trend is the use of open APIs (Application Programming Interfaces) that allow third-party developers to build apps to facilitate customers’ access to financial data and services from banks.

Nonetheless, the challenges posed by these rapid changes are reminders that banking, an industry that by its very nature needs to be conservative, risk averse and solid, wobbles on the unchartered grounds of fast and turbulent innovation, where entrepreneurship instead thrives. The underlying rationales of banking and fast digital innovation are not incompatible but do need solid operations and thought-through decision-making to avoid causing catastrophic collapses.

The recent examples of Silicon Valley Bank, Silvergate, FTX and Wirecard are stark reminders that digital entrepreneurship applied to banking doesn’t just bring to customers the visible transformation of valuable new services, but also dents (perhaps as an unexpected consequence) the rationale itself of the role of banks in the global economy. Moreover, the central banks’ ability to contain the effects of single banks’ defaults is no longer a certainty, as experienced just over a decade ago and more recently. The markets’ sentiments are hardly reassured by the commitments of even the most coveted players, such as the European Central Bank, the Federal Reserve, and the President of the United States himself.

Regulators are lagging behind and their attempts to catch up may cause further seismic shocks to the global banking system. For example, another trend that is emerging is one of artificial intelligence decision-centres (i.e., decentralised offices of banks which take autonomous decisions on behalf of investors) outside the most stringent regulatory environments, enabling banks to operate globally more efficiently and more competitively. And we can expect that regulators will close the gap either abruptly, as it is currently happening in China, where private banks are subject to an escalation of regulatory and monitoring restrictions, or more gradually as it is happening in Europe and in the US.

The questions we face, as individual or trade customers of our high street banks, as direct investors or clients of managed funds, are whether banking will become more user-friendly yet, for our daily use but riskier, too, or is it simply becoming more efficient, transparent and also safer.

I’m afraid that the answer is by no means an obvious one. Therefore, caution, level-headed decision- making and critical thinking have never been as important as these days. Whether you are looking after your family savings or growing your pension reserve, the imperative is that you keep updated about the providers of the financial services you rely upon as well as about the general regulations that apply to your financial transactions. This is where, for example, you need to be familiar with your rights in case of cyber fraud, as well as learning how to minimise the risk of becoming a victim thereof. Also, taking additional steps to evaluate the credibility, solidity and reliability of the online provider of that app that was recommended by a trusted friend, may prove a very good move.

Similarly, whether you are the CFO of a medium or large company, or are a sole trader wrestling with your own business’s finances, you need to reflect on what you really want from your bank in the first place. That is before you started to be swayed by the whirlpool of offers of ‘opportunities’ to multiply your financial investments. Chances are that your initial approach to your bank was dictated by either a need for financing your working capital, as per your budget and strategic plans, or to find a safe place for your temporarily idle liquidity. Perhaps you were also after some basic treasury services such as swift payments and debt collection. Maybe some other financial services closely related to your business operations, e.g. factoring. The advice is to give very careful consideration to services that are more remote from your business, because the trend for the next years is that more and more of those will be offered to you. But many new services will disappoint those who, sadly, cannot afford financial mishaps as they look to run and grow their business.

 

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