Customer Loyalty: NatWest Customises Videos for Mortgage Loan Subscribers

In the UK, NatWest stands out as the first bank to be sending video messages to their customers. The idea is to highlight their prices along credit subscription-related elements in a “fun” and easier way. NatWest sends customised information to each customer by way of asserting their loyalty.

Once the subscription process for a mortgage completed, NatWest sends the applicant a link to a customised video. These videos are meant to sum up the terms of their loans: rates, annual repayments, deadlines, term, etc.

The videos (designed in partnership with VideoSmart) also introduces a dashboard called “Mortgage Self-Service”, providing borrowers with the means to track the evolution of their mortgage loan online.

According to NatWest, these messages are in line with their intent to praise transparency and clearer explanations as to pricing scales and repayment instalments, while thanking them for having selected their institution.

Comments – A “fun” and innovative way to deal with customer loyalty

These rather “fun” video play an educational part as regards to the services they describe. In fact, contractual terms are generally quite intricate and, since they fail to be easy to grasp, customers tend not to read the associated conditions. These customised video contents can be viewed as an easy way to summarise these complex terms.

NatWest also, and chiefly, aims at asserting and securing customer loyalty, and CRM, at a key contractual step. In fact, this subscription phase can be time consuming and stressful, since it involves major life projects. Video messages are there to improve their customers’ opinion of the bank.

This effort may also remind one of previous efforts by Banco RCI Brasil, which featured customised “Welcome Videos" introducing car loans’ terms and conditions to their new customers, along with the subscription process for their online portal.