During the 2020 COVID-19 pandemic, about 25 million Filipinos turned to e-wallets and digital banking to minimize their risk when making transactions. As the crisis started to wind down, cashless payments continued to be a more convenient and efficient alternative to paying with physical money.
At the turn of the 2010s, digital banking, and e-wallets emerged as innovations in the fintech space that revolutionized the way we transact and manage our money. The introduction of services such as GCash, PayMaya, and LazPay marked a turning point that empowered Filipino consumers through convenient and secure digital payment options.
While online banking and purchasing have been around since the mid-90s, it was the global COVID-19 pandemic that accelerated their adoption. Social distancing protocols, quarantine mandates, and health concerns, along with the rise of e-commerce, prompted a shift in payment behaviors. Traditional cash transactions declined as Filipinos embraced cashless payments for convenience and also for their safety.
The shift in transaction behaviors has had a profound impact on the Philippine economy. The rapid growth of e-wallets and digital banking has paved the way for increased financial inclusion and literacy as more Filipinos gain access to essential financial services. Small businesses are now finding new ways to accept payments and expand their customer base. Filipino consumers also gain payment alternatives to cash that go beyond debit and credit cards, which can have prohibitive requirements. Overall, the shift has led to improved efficiency and transparency in the economy, reducing costs and increasing productivity.
In today’s booming fintech landscape, video has emerged as a powerful tool for digital payment services to attract and connect with their target markets. A 2023 Statista report reveals that 50.6% of Filipino internet users tune into tutorial videos, while 42.6% consume educational content. These numbers underscore the opportunities that online video content has in store for fintech companies. Not only can they use video to highlight the functionality and benefits of their services, but they can also lay the groundwork for a stronger brand identity.
Let’s take a look at some of the most notable Filipino fintech video campaigns and what made them stand out.
1. GCash Stories: Alma
This video by GCash tells the real-life story of Alma Fermano, a university employee manning the photocopying service, to showcase how the brand imparts its core values of reliability and efficiency to customers, especially in times of great need.
In the Philippines, typhoons are a common natural disaster averaging up to 19 occurrences each year. Alma is one of many Filipinos who have experienced the struggles that come with typhoons, forcing them to grit their teeth just so their families can get back on their feet.
Alma’s hard work, compassion, and resilience have touched many lives, resulting in an outpouring of love from the students she has served. GCash captures this powerful story to communicate how its services not only empower small businesses but also enable communities to lift one another up in times of crisis. Since its release, the video has amassed over 31 million views on YouTube.
2. Liza Gets Her Way with Maya
In this brand video, the digital banking app Maya teamed up with Liza Soberano, their new brand ambassador. Aligning with Liza was more than just capitalizing on her fame; Maya wanted to ride on the buzz surrounding her activities online that were happening around the same time.
A day before Maya debuted their video, Liza had just released her “This is Me” vlog, which drew much attention. She had also been making guest appearances on the Youtube channels of other notable personalities such as Mimiyuuuh, Bea Alonzo, and Boy Abunda. These activities helped draw attention to her new partnership with Maya.
This video is a great example of how influencers can help shape the Philippine fintech industry. Currently, the video has reached over 18 million views on YouTube.
3. Scan to Pay with ShopeePay
Shopee’s demo video provides a comprehensive guide to using ShopeePay, their proprietary digital wallet. Using 2D animation, the video takes business owners on a step-by-step tutorial delivered by a clear and direct voice-over that highlights the wallet’s main features. This approach enables Shopee to simplify a complex idea into something more digestible for first-time users.
4. PayMongo Pages: How It Works
PayMongo’s explainer video skillfully combines motion graphics with a talking head to show businesses how to effectively use their product. Having a presenter adds a personal touch, making viewers feel more connected with the video. It also features a quick demo to show how businesses can use the service to accept transactions from customers. Lastly, subtitles in Filipino help make the video more inclusive for Filipino viewers who don’t speak English.
Ultimately, this video promotes not just PayMongo as a service but also the broader adoption of digital wallets for seamless cashless transactions.
5. Usual Bank vs. Maya? Know the Difference!
In this animated video, Maya explains how interest works in just 45 seconds. This is how you communicate your brand through video content!
Through animation, the video makes a direct comparison between interest rates at Maya and other banks. For instance, with the usual bank, your P69,000 savings only grew by only P2.93 after 30 days. With Maya, it earned P470.37. The video not only provides information on how interest works but also shows how Maya has one of the best interest rates in the fintech market.
Simple, clean, and effective!
6. Borrow with GCash
This animated explainer video effectively demonstrates how easy it is to make a loan with GCash. Through simple animation, cheerful music, and engaging narration, the video simplifies the concepts of credit and loan for the ordinary consumer. Because of how engaging the video is, it also feels less like a typical educational video, hinting at how financial communication will evolve in the future.
The video also compares the streamlined loaning process using GCash with how difficult it is to take out a loan or apply for credit with traditional banks, which often require extensive documentation. With GCash, all it takes is to get your profile verified using a valid ID and a selfie.
7. #SimplyFive Your Savings with GoTyme Bank!
In a concise 20-second video, GoTyme presents its commitment to streamlined banking. The video emphasizes that users can earn high-interest rates without completing numerous tasks, unlike what is typically required by competitors. The catchy jingle,” Go Save. Go Time,” also works as a strategic addition to enhance audience recall of the brand and its main services.
8. GrabPay Explainer Series
This explainer video series by GrabPay is composed of eight 15-second episodes that serve as the ultimate guide to their digital wallet. Through this comprehensive approach, GrabPay effectively covers both the basic and advanced features of its service. A standalone but equally short video wouldn’t have been as impactful. While producing multiple videos requires time and budget, the results speak for themselves. The series garnered an impressive 2 million views on YouTube. This exceptional viewership sets it apart from similar explainer videos released by competitors.
What’s Next?
E-wallets and digital banking have radically changed how Filipinos manage money and make purchases. Platforms like GCash, PayMaya, and LazPay have led the way by offering easy and safe ways to settle payments. But while the COVID-19 pandemic pushed online banking into overdrive, the convenience offered by these platforms, on top of the continued growth of e-commerce, just made digital payments a sensible choice for everyday transactions even today.
But to really make an impact, brands still need to get the word out. This is where video campaigns come in. With many Filipinos interested in online educational videos, fintech companies have a great chance of reaching them. From compelling and emotional storytelling to strategic collaborations with celebrities, brands can leverage the power of video to forge a deep connection with their audience. Video campaigns do more than just sell a product or service. They also build trust, boost brand reputation, and make a difference in people’s lives.
M2.0 Communications is a video production agency in the Philippines that specializes in creating brand videos, CSR videos, explainer videos, and animation videos designed to tell your brand’s story effectively. Visit our case studies to learn more about the brands we collaborate with.
