The short answer... is... depends on the position you are applying for. If you are applying for a senior management position, the answer is probably "yes." However, otherwise, for most positions a video resume should be more casual. In fact, CazVid believes that casual videos of job candidates are a better representation of the individual and therefore, video resumes should NOT be formal.
CazVid stands for casual video. CazVid is a 30 second selfie video of job applicants and job postings. For most jobs, such as sales positions, customer service, hospitality, and practically any position that requires customer interaction, CazVid believes that the employers want to see the personality of the job candidates. The founder of CazVid, Yuvi Shmul, has hired 100s of individuals over the years for multiple positions. His preferred initial screening tool is a casual video where the job applicants talk about themselves. Yuvi mentioned that just by reviewing a 30 second video cover letter of a person, you can see and feel their level of energy, their enthusiasm and their ability to interact with customers.
Check out the free app of CazVid to find job listings and job candidates.