Broadly-defined Financial Services and Healthcare are two giant, slow growth industries that could potentially kick start revenue growth by leveraging a variety of video and audio-based technologies.
Financial Services & Insurance contributed $1.2 Trillion to GDP in Q1 2020 and Healthcare contributed $2.4 Trillion during the same period (table 1). Both industries are bogged down by legacy technology and a lack of creativity. Meanwhile, consumers are consuming video and audio content delivered as streaming services at an increasing rate (first two lines of Table 2), not to mention the increasing popularity of podcasts and YouTube content. Logic suggests there is an opportunity at the intersection of Financial Services & Healthcare and audio & video platforms.
Here are some examples of companies that are making an effort to grow their respective businesses by leveraging new audio and video technologies. We’ve focused on Financial Services/ FinTech examples as that’s the industry we play in.
DoubleLine Capital: DoubleLine has extended brand awareness and furthered its thought leadership in part by publishing content to its video library as well as through its webcasts and dedicated podcast series – “The Sherman Show.”
Goldman Sachs: Goldman Sachs promotes its podcast series – “Exchanges at Goldman Sachs” front and center on its corporate homepage.
Guggenheim Partners: Guggenheim has grown its video library in recent months. Thus far the firm’s video content has primarily consisted of Bloomberg and CNBC interviews with CIO Scott Minerd. It is a good start. We would like to see Guggenheim’s content graduate to the next level whereby Minerd’s written perspectives would regularly be augmented by original podcast and video content.
Intercontinental Exchange: The ICE’s popular podcast series “Inside the ICE House” covers capital markets and related FinTech content.
In addition to the above, Financial Services firms are leveraging video communications technologies such as Google Meet, Zoom Video and Microsoft Teams (big release later this summer), to increase touch points with customers and prospects.