Bajaj Finserv, through with lending arm Bajaj Finance Ltd., has announced collaboration with Wochit- a US-Israel based video automation company - to meet its ambitious goal of making video as the primary format of stimulation across its stakeholder sets. With Wochit's predictive video creation platform and distribution channels, Bajaj Finserv will bring stories to life, at scale and speed, cutting down video turn-around time to less than 30 minutes and at 1/10th the cost.
Video consumption in India has increased 5X between 2016 and 2017, with smaller cities registering up to 22X growth. In the first-of-its-kind initiative, Bajaj Finserv will take its first step towards leveraging the remarkable growth in online video consumption and lead video adoption amongst BFSI players in India.
"Wochit is the first building block in our journey of creating video as the primary format of stimulation and communication across our stakeholder sets. We will add many other pieces of technology to create a powerful story-telling tool that leverages both creativity and automation to deliver impact for business," said ManevMianwal, Group Marketing Head, Bajaj Finserv on the partnership.
DrorGinzberg, Founder and CEO, Wochit, said, "We are pleased to announce our partnership with Bajaj Finance that complements their existing production capabilities. Our service will empower Bajaj Finserv to churn out over 2000 videos a year through our partly automated digital capabilities with minimum human intervention."
Wochit's Do-It-Yourself (DIY) platform has a library of 100 million licensed, ready-to-use stock assets such as images, video clips, and sounds which can be easily stitched together to create a quality video at scale. Bajaj Finance had recently run a demo workshop to democratize the capability across businesses and functions, driving adoption and usage.
Wochit analyzes the text of an article and automatically finds licensed photos, videos and graphics that can be used to build a video around that story. Publishers can quickly edit the video and add things like background music and voiceover.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)