Nearly half of any bank’s marketing resources go toward digital marketing, which is growing increasingly important for financial services. On the other hand, many local banks struggle with digital marketing strategies for financial services, sometimes losing out to major banks with more significant resources.
Even while paid advertisements are an essential element of any digital marketing plan, emerging trends in digital bank marketing for banks emphasize quality over quantity by highlighting personalization, consumer experience, engagement, and better audience segmentation.
It is essential to examine the following banking digital marketing trends when putting out a marketing plan:
- 1 1. A Growing Push for Banks to Be Competitive in Online Marketing
- 2 2. Chatbots Are the Main Points of Contact for Customer Service
- 3 3. Marketing for Banks: Segmentation, Targeting & Personalization
- 4 4. Digital Bank Marketing Using AI and Machine Learning
- 5 5. Incorporating a Multichannel Strategy
- 6 6.A Focus on the User’s Perspective and Involvement
1. A Growing Push for Banks to Be Competitive in Online Marketing
Today, everyone has access to the internet. Almost every bank has a digital presence, from social media to videos to PPC advertisements on Google and Bing.
The majority of banks agree that to improve the effectiveness of their advertising, they must raise their digital marketing spending and initiatives across platforms. Ad spending on online media is up from 14 percent in 2017 to 17 percent in 2018, a significant increase in digital marketing and advertising spending.
It’s increasingly tough to separate out in the banking industry because of the increased competition. Banks must adopt creative marketing methods, deliver value via marketing services, and employ non-traditional ad campaigns rather than traditional commercials in a highly competitive digital environment.
2. Chatbots Are the Main Points of Contact for Customer Service
With the proliferation of digital marketing alternatives for banks, chat is one of the fastest-growing parts of customer support. In today’s fast-paced world, customers want solutions to their questions without having to pick up the phone.
As a result of banking chatbots, users may ask inquiries and get answers without putting in a lot of time or effort. Chat is a great way to get answers to common questions, such as checking the account balance, requesting a service, or asking for customer assistance.
Despite the fact that chat should not be your sole customer support option, 24/7 chat services with a chatbot in-line are incredibly important. You may provide your consumers with services like account opening, account status monitoring, and checking bank server status to let them know if there is an outage.
3. Marketing for Banks: Segmentation, Targeting & Personalization
88% of marketers agree that increasing the entire customer experience is best accomplished via the use of personalization. It is possible to customize banking services to individual customers rather than groups of people, resulting in a better user experience and higher personalization.
Individual segmentation focuses on cookies and other techniques, as well as the collection of data across many channels, such as the web and social media, for omnichannel monitoring.
What role does digital marketing play in this? You can provide pre-approved loan offers and other customized content using machine automation and AI in conjunction with big data. Additionally, you may demonstrate to consumers how their charges are computed, give discounts for on-time payments or investments, and take extra steps to automatically build a tailored experience based on data.
4. Digital Bank Marketing Using AI and Machine Learning
AI and ML in banking are crucial parts of integrating applications, chatbots, and individual segmentation, but they are vital on their own. Machine learning is a terrific method to leverage the vast amounts of data that most institutions have at their disposal.
As an example, Artificial Intelligence (AI) may follow a user’s progression on a website, consider their searches and design a customized customer experience for them.
Based on a person’s activities and behaviors, an AI system may determine what the consumer wants and offer them appropriate items or data or connect them to a customer support professional as needed.
5. Incorporating a Multichannel Strategy
A bank’s website, social networks, and other channels will all play a role in the consumer’s decision to create an account or walk into a branch. Some people will first download and test the application to make sure it works properly.
Omnichannel experience implies adapting to a customer journey on multiple platforms so that clients experience the same branding and as much consistency as feasible.
6.A Focus on the User’s Perspective and Involvement
Numerous digital bank marketing trends emphasize accepting and leveraging new technology, but clients are also demanding “more” from banks. Customer experience should be the focus of that “more.” Automation, artificial intelligence (AI), and machine learning may contribute to a better customer experience by lowering prices, ensuring that customers don’t miss anything, and adding value to the whole transaction.
While many aspects of digital marketing in banking are constantly evolving, others remain constant year after year. If you want to appeal to a new generation of customers, your bank should have a robust digital presence and mobile app.
To boost customer happiness, most businesses should also focus on providing a better client experience, including greater customization and adaptability in their services.