Fidelity has been nominated for the Open Innovation Award at Investment Week’s Investment Marketing and Innovation Awards, set to take place virtually at 4pm on Thursday 16 July. Communications and engagement consultant and Innovation lead at the group, Richard Kelly, talks us through the group’s interactive 360/Virtual Reality entry.
Engaging clients on familiar topics such as savings and retirement can be a challenge for marketing professionals. Clients will have heard about the importance of savings and investing in many guises before. For Richard Kelly, this is a challenge he deals with most days through his role as engagement and communication innovation lead at Fidelity.
Kelly's role forms a part of the Fidelity Workplace Investing Communications and Engagement team, whose aim is to better engage their workplace investing members with their pension and broader financial wellness in order to achieve their long-term savings goals.
"Our aim is to engage, excite and empower our clients with content," says Kelly. "We have a mission here internally and that is to educate our members, those that have a pension through Fidelity, and deliver financial wellness in a really impactful and engaging way. I think we have shown different ways in which this can be done well."
Fidelity's entry to the Open Innovation Award is certainly different. With technology today forming a central role in the team, the group created an interactive 360-degree virtual reality short firm in order to communicate with its members.
"The idea for the virtual reality experience was born out of the fact that we wanted to use this technology to create a solution to the challenge at hand: educating members about their pension, as well as getting members to engaged with their own pensions and ask questions."
The fully immersive virtual reality experience consists of a short film focused on early year savings as well as the key question of "what do I want to do when I retire?"
"There were many who challenged us about the use of augmented reality, and the fact it has been described as gimmicky. We disagree wholeheartedly. The way that people resonate with content has changed. In addition, because we wanted to promote financial wellness in relation to the younger investor demographic, we realised it was an absolute opportune moment for us to tell a story with a great user experience via virtual reality."
Kelly admits it was a complex idea to put together. From deciding on the story - "we wanted to focus on ‘what is your dream?', rather than asking what is your investment platform choice" - to how to creating a 360-degree film shoot and figuring out how the film would align with virtual goggles.
The film was launched as a pilot at a benefits event for a technology-driven company. VR headsets were used to demo the film, and the firm also gave away branded google cardboard and an instructional postcard to employees.
The queue from members at the event to watch the film spoke for its success.
"It was incredibly well received throughout the event, but mainly across two levels. We were able to show just how innovative Fidelity is in terms of technology and its investment platform. We also had queues from members wanting to experience the virtual reality. This then was later reflected through core calls to action, with HR reporting an increase in contribution-based calls from employees. People couldn't understand how a 'P' word stand had generated so much engagement."
The virtual reality proposition has since been rolled out to a number of clients and their employees, with great success.
Click here for a preview of Fidelity's Open Innovation entry and experience the 3D immersive film.
To register to watch the virtual IMAIA ceremony, click here