Interactive Videos: Next Gen Compliance Opportunity For Auto Finance

“Customers love video,” that’s James Goddard, Chief Executive of JJ Marketing’s assertion at the start of his ‘Great Ideas’ speech made at the International Auto Finance Network Conference in May 2016

Goddard cites compelling research from the likes of Cisco and Google. Last year the number of test drive videos on YouTube doubled. 70% of customers who used YouTube for research were influenced by the content.  By 2019 it is predicted that video will account for 80% of all web traffic.

He sees opportunities for auto finance providers not just in using traditional video and personalised video (which embeds personal messages like a customer’s name in a traditional video), but also, for interactive video.

Interactive video allows the viewer to click on hotspots at key moments as the video plays, to select the information they want to see and hear next.

The crucial feature for auto finance providers using this technology is that the provider can track the customer’s viewing choices.

Goddard envisages that interactive video may be used to explain to finance customers the financial products they have bought, answering their questions through the videos, but also tracking their choices and storing them as evidence that the finance provider has properly kept the customer informed about what they are buying.

Goddard argues that this technology represents a cost effective and attractive alternative to expensive telephone calls, which are made to call centre staff, or boring reams of paperwork that are not trackable and that many customers simply ignore.

Sounds unlikely? Goddard points out that the technology is already in use by some innovative lenders operating in the US.

Interactive video may be used to explain to finance customers the financial products they have bought, answering their questions through the videos, but also tracking their choices and storing them as evidence that the finance provider has properly kept the customer informed about what they are buying.

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