Why is “video” in the Financial Industry right now? 4 reasons to use visual communication2

Why is “video” in the Financial Industry right now?
4 reasons to use visual communication

“Utilization of video” attracting attention in the financial industry that has undergone a major revolution

Financial industry that requires “building a strong organization”

The financial industry is undergoing a major transformation period, such as “reorganization through business integration and mergers”, “entry from different industries”, “reduction of stores and personnel through structural reform”, and “rapid digitization by FinTech”.

It is an urgent task for financial institutions to build a system that can efficiently operate with a limited number of people and increase profits.

What we should pay attention to is “utilization of video”.

Even if the traditional paper document notification has shifted to digital information using e-mail and groupware, there are many cases where it is difficult to communicate with text alone and it takes time to understand the content.  With “video”, you can convey the amount of heat and nuances accurately and speedily, such as directly communicating the thoughts of the top to all employees and employees.

How effective is active learning? Many people may be concerned about the grounds.

Therefore, we introduce a study that shows the results of active learning research. It is the “cone of experience” advocated by Edgar Dale, professor of education at Ohio State University. This is explained in Edgar Dale’s book, “Audio-Visual method in teaching (1946)”, which represents the knowledge retention rate of each learning method.

The “Studying” class, which has the highest retention rate, has a big difference of only 5%, compared to “Teach others”. Active learning methods such as “seeing demonstrations (study learning)”, “group discussion”, and “experience yourself” are 30%, 50%, and 75%, respectively, which are
higher than those of classroom learning.

In this way, active learning can be expected to
have learning effects that cannot be obtained
by classroom learning.

Reasons for using video in the financial industry

– 1     ~ Efficiency ~

[Reason 1] “Efficiency” required due to shortened working hours and labor shortage

In addition to shortening working hours due to work style reforms and short working hours due to labor shortages, in the financial industry, the “change in profit structure” is also a major reason for the need for greater efficiency.

TV conferences and web conferences to reduce travel time are natural

One of the “utilization of video” is “remote conference” such as video conference and web conference.

For security reasons, PCs do not have a built-in camera … It was common knowledge in the financial industry, but remote conferencing using PCs, tablet devices and smartphones is no longer common to reduce travel time. As a matter of fact, it has penetrated into daily work.

Application example: Improving the efficiency of staffing by installing a “remote window”

Tokyo Star Bank in Japan has introduced video conferencing systems at all stores, including small stores, and a wide range of products such as loans, trusts, inheritance, insurance, etc., provide remote support for customer support.

In addition, Resona Holdings in Japan has remoteized mortgage consultations at approximately 600 stores nationwide. They connect customers who have come to the store and call centers through video conferencing, enabling customers to feel as if they have face-to-face consultations.

Application example: “Remote accompaniment” by executives and experts

According to the guidelines of the Financial Services Agency in Japan, there are many cases that executives are accompanied when explaining advanced financial products and contracting with senior citizens, and specialists such as tax accountants and judicial scriveners are appointed for consultations on inheritance.

Sales representatives can carry notebook PCs and tablets, and perform “remote accompaniment” of executives and experts through web-conferences, enabling efficient response.

Reasons for using video in the financial industry

2     ~ Employee Education/Training ~

[Reason 2] Increasing frequency and necessity of employee education

The importance of training for employee education is increasing due to the diversification of products handled and the strengthening of compliance.

However, the group training must be moved, and it will be held after the opening hours of the branch office, which contributes to overtime and goes against “work style reform”.

In some cases, the instructor goes to the store or area to reduce the travel burden on store employees, but in this case, the instructor repeatedly performs the same content in different locations.

The merit of video is also the improvement of information retention

Many financial institutions create documents and educational materials for training and employee education.

Even if paper-based materials and teaching materials are converted to electronic files, it takes a lot of time for employees and employees to read and understand these files.

There is no time to read during busy work, and reading and skipping can easily lead to individual differences in the degree of fixation of information.

Application example: Distribute news program tailored videos every week

The Higo Bank in Japan has established a local broadcasting station “Higin Net-TV” in the head office of Kumamoto City, and distributes “Weekly News” tailored to the bank for news. Each branch office watches market information, event reports, etc. before opening.

By viewing video content with more than a letter of communication, they have achieved a leveled understanding of employees.

Application example: High quality on-demand video library

Higo Bank plans not only to distribute videos but also to expand the contents of educational libraries that can be viewed on smartphones. The aim is to use the time efficiently and improve the skills of the employees.

While on-demand training video distribution has been available for some time, video content that has been outsourced in the past is now in-house produced through the development of internal infrastructure and is expected to move to a high-quality education library.

Reasons for using video in the financial industry

– 3     ~ Speed ~

[Reason 3] The need to quickly deliver information to customers

Many financial institutions provide information by providing seminars for customers.

However, because the information society has progressed, it has become possible to quickly obtain information that customers want to know on the Internet, so even if a seminar with obsolete content is held, the effort and cost of arranging the venue is wasted.

If it is an online seminar, it will be possible to deliver the information and themes that customers are looking for without taking the planning time.

Can be delivered live or on demand

Depending on the customer who is the target of the seminar, there may be cases where it is convenient during the day, while there may be cases where you want to participate in the evening hours when work is over.

In online seminars, not only live distribution but also “hybrid distribution and recording on-demand” is possible.

Customers can choose between “live delivery” or “on-demand delivery” to take courses at a convenient time.

Application example: Increase the frequency of seminars by reducing costs

The Iyo Bank in Japan has started delivering asset management web seminars since April 2016.

Eliminates the travel time and expenses of the stakeholders, the burden of arranging and preparing for the venue, which occurred during the on-site seminar.

This makes it possible to increase the frequency of seminars, making it easier to conduct seminars on timely themes.

In the event of a sharp appreciation of the yen due to the withdrawal of the EU from the UK, a flexible seminar delivery has been realized, such as holding a seminar to follow customers of investment trusts just five days after the planning.

Application example: Improve understanding of seminar content

Iyo Bank held a webinar for individual investors in the Seto Inland area centered on Ehime Prefecture, but the online seminar is an effective means of efficiently disseminating information to wide areas. I am evaluating.

Because of on-demand distribution, seminar participants can participate more easily than seminars where they have to go to designated locations during the day on weekdays.

There is also a tendency to attend web seminars to the end, which has the benefit of deepening understanding of investment trusts.

Reasons for using video in the financial industry

– 4     ~ CEO thoughts ~

[Reason 4] Message from top management permeates all employees

The video has the advantage of being able to transmit heat and nuance accurately and speedily.

Disseminating the message from the top message is a way to maximize this advantage. Even if a message transcribed is delivered, the hot feelings of the top will not easily penetrate.

It is a driving force for the organization to move with the same vector that all employees understand the background of why this measure should be taken through a top message using video.

The top message is not just for internal use

Top message videos are not just for internal use, such as explaining management policies and measures to employees.

Of course, it can also be used outside the company, such as company information, recruitment of new graduates, IR explanations, and greetings to business partners.

In addition, the addition of telop has the advantage of improving understanding and accuracy by supplementing text information rather than listening directly to the message.

Application example: Top message to employees by live streaming

At Toyama Daiichi Bank in Japan, a video recording the New Year’s greeting by the President was distributed to each branch.

With the introduction of the web conferencing system in 2014, it has shifted to live distribution. As a result, the economic situation of the beginning of the year can be reflected in the New Year greetings.

In addition, Higo Bank in Japan also has a system in which the management policy can be communicated directly to all employees by delivering a top message live from the studio opened in the head office.