Building Trust with Financial Literacy: The Power of Educational Content and Video

With rising financial pressures, more people are turning to credit not just for major purchases, but to cover everyday expenses. Many of these decisions are driven by necessity, highlighting a need for financial institutions to adapt their marketing strategies to address these new challenges. One effective way to bridge this gap is through educational content, particularly in video form. This approach builds trust, provides value, and empowers customers to make informed financial decisions.

Here’s how financial institutions can use educational content to engage their customers and drive positive behavior.

Addressing Financial Literacy Through Education

With more people depending on credit for routine purchases, financial literacy is now a critical skill to help navigate financial decisions responsibly. Many people do not fully understand the long-term implications of their financial decisions, leading to potentially harmful outcomes. This underscores the need for financial services companies to step in as educators and provide clear, accessible guidance.

Financial institutions can fill the financial literacy gap by offering educational content that demystifies complex financial concepts. Topics like budgeting, managing debt, and understanding credit scores can be made accessible through blogs, infographics, and interactive tools. 

Personalizing educational support and delivering financial literacy when relevant to customers is essential today where we are witnessing shifts in consumer spending with credit card products. By using customer data, institutions can create content tailored to users’ specific financial behaviors. This could be delivering personalized advice on budgeting based on spending patterns or offering resources on managing credit when a customer’s credit score drops. Such personalization drives relevance and engagement.

For example, Bank of America’s Better Money Habits platform offers free, personalized financial education based on user input. This initiative has seen tremendous success, accumulating over 3.5 billion views by 2022 across its various platforms. The program positions the bank as a trusted financial partner, emphasizing the value of education rather than promotional content.

The Power of Video Marketing

Video content is one of the most engaging and accessible formats for educational material. It allows financial institutions to break down complex topics into digestible, relatable segments. Customers who may feel overwhelmed by financial jargon can benefit from a more humanized approach to learning through videos.

Short videos on topics like “How to Manage Debt” or “Understanding Credit Interest” can help demystify credit management. These videos can be tailored to the customer’s financial situation, ensuring timely and relevant advice is delivered when it is most needed. This personalized, timely delivery fosters trust and enables customers to make informed financial decisions.

As part of its BrighterLife platform, Sun Life Financial used video content to educate customers about retirement planning, insurance options, and financial wellness. The videos were tailored to answer common questions and guide users toward making informed decisions. The combination of educational content with videos increased engagement, as the visual format made complex topics easier to understand. Sun Life reported that the platform drove higher traffic to their product pages, ultimately increasing conversion rates.

Building Trust and Long-Term Relationships

Trust and security are paramount in the financial sector. Providing relevant and timely educational content positions financial institutions as trusted advisors rather than mere service providers. This approach fosters long-term relationships built on value and authenticity.

In 2021, Mastercard launched the Master Your Card initiative, which focused on helping consumers understand how to use their credit wisely. The campaign included educational videos explaining how credit works, tips on avoiding debt, and maximizing rewards. The initiative has been well-received, especially during the pandemic when many consumers sought guidance on managing credit card debt. The videos have increased traffic to Mastercard’s educational resources and improved customer engagement.

Empowering Customers Through Education

As consumer behavior continues to shift, financial institutions have an opportunity to stand out by providing timely, personalized educational content. By focusing on customer empowerment and delivering actionable financial advice, they can build trust, strengthen relationships, and guide customers toward better financial futures.