In today’s dynamic and ever-changing business environment, companies must be tactical in order to stand out from the crowd and capture the attention of their customers. An effective strategy is essential when marketing financial services and banking institutions.
According to Deloitte, banks are clamoring to provide a superior cross-channel experience and hands-on guidance. These demands will require financial and banking institutions to go beyond products and services, making customer experiences that are data-driven, consistent across channels, and complete with personalized advice.
The ability to provide a clear and efficient way to educate customers and target audiences about the latest trends in banking is imperative. Mobile banking, AI (artificial intelligence) and chatbots, open banking, and cryptocurrency are reshaping the industry, resulting in banks tailoring their messaging to more customers and showing high ROI.
Marketing financial services and banking institutions is distinct from other types of advertising. It must take into account the organization’s mission and goals, target markets, and available resources to establish optimal strategies for reaching their target audience.
Importance of Digital Marketing for Financial Services
With the rise of technology in almost every aspect of our lives, competitiveness is heating up, particularly among financial institutions and services. If the financial sector wants to get more exposure and visibility, it must think outside the box and develop imaginative marketing and execution of digital services. To keep ahead of the competition, financial institutions must engage across multi-platforms.
Regardless of your objectives or financial service offerings, an effective financial marketing strategy can help focus efforts so that you can reach your goals more effectively.
Here are some effective marketing strategies for financial services:
- Customer Outreach
Customer outreach is the practice of reaching out to customers to address their expectations for information and assistance. Social media platforms, email, and offering online educational resources all help build relationships, increase brand awareness, drive customer loyalty, and improve client retention. Following customer service trends is important when understanding and exceeding their expectations.
- Search Engine Optimization (SEO)
SEO (Search Engine Optimization) is a marketing strategy that helps potential customers locate businesses online and distinguish them from competitors. When people search for information on Google, they tend to click on results that include videos. VSEO (Video Search Engine Optimization) plays a key role in choosing the right keywords for your website will help your customer discover your website in one search and increase your website’s visibility.
- Website Optimization
Websites need to be fast and intuitive with a responsive design. Due to Google algorithms, utilizing video content on the home page can assist with providing a higher internet ranking. Create a video sitemap to make it even easier for Google to find your videos. Although VSEO is essential, the overall design should not distract attention from the content but be a visual representation of the messaging.
- Content Marketing
Create valuable content that increases customer engagement and leads to building trust. Creating various types of content, including vlogs, social media posts, news stories, infographics, testimonials, and case studies are essential tools.
- Social Media Marketing
Marketing through social media is also a great way to promote your content and drive traffic to your website. Identify several social media platforms your target audience often uses. Share helpful content and stories that humanize your brand. Your personality and the ability to have real conversations with your audience will set you apart from your competitors.
- Email Marketing
According to a report, email marketing remains cost-effective and relevant, with 84% of B2B marketers using it as their primary method. Email marketing allows you to create targeted and personalized messages. This helps you build meaningful relationships with your customers. However, it is important not to overuse email marketing. Receiving marketing emails can be frustrating when they are irrelevant, too frequent, or undesirable.
- Video Marketing
Video production for financial institutions and banks is one of the most efficient ways for financial services companies to engage with customers. Video is by far the most effective tool for engaging, informing, and motivating customers to take action. Informative videos on mobile banking and digital payment apps may promote the use of these revolutionary technologies, guiding new clients toward a more cost-effective, digital-first relationship.
Once you are familiar with the most efficient financial services marketing strategies, you can start applying them in practice.
The best financial services marketing strategy is based on a customer-centric mindset when customers contact you through your website or application. The most important goal is to identify the problems that disappoint customers, how to resolve them, and how to keep customers satisfied.
How can banks connect and educate customers about the Digital Transformation in Banking?
We’re witnessing the rise of digital transformation in banking as the interests of tech-savvy customers continue to change. Deliver faster, more diverse service options and give your customers an omnichannel experience.
It’s no surprise that many bank customers have embraced the power of digital banking in recent years. Traditional banking methods are no longer so appealing. The pandemic has accelerated the shift to online banking.
What is Digital Transformation in Banking?
Digital transformation in the banking industry is the integration of digital technologies and innovative strategies into the financial services sector to improve transactions and adapt to evolving market conditions. Keeping your clients up to date on these evolutions is a key component in marketing financial services and banking institutions
Below are steps on how you can connect and educate your customers about the digital transformation in banking:
- Identify Customers’ Questions and Issues
When it comes to improving the customer experience in banking it is imperative to address their questions and issues efficiently. It is reported that 68% of individuals prefer to watch an explainer video on how to fix a problem instead of getting in touch with customer support. By providing engaging content in a centralized location, businesses can take a proactive approach in educating customers about specific products, offerings, and programs, helping to facilitate positive customer experiences.
Bank of Hawaii utilized motion graphics in a series of videos we produced to educate customers on various products and offerings, while U.S. Bank utilized a Q&A series of videos to answer important questions and concerns.
- Address Cyber Security Risks
Cyber Security Risks are at an all-time high. Pew Research Center reported that 79% of Americans are concerned about how their data is being used by companies, it is no wonder that another 54% of consumers find it harder than ever for companies to earn their trust. Transparency in how data is used and protect is a key component in addressing these concerns.
Alerts, notifications, best practices, policies, and certifications are all useful tools to keep customers in the know and feel confident in investing the in future.
- Customer Loyalty Programs
Acquia reported that 59% of American consumers say that once they’re loyal to a brand, they’re loyal to it for life. Building loyalty depends on trust, experience, and incentives. Most banks and financial institutions already have extensive loyalty programs in place to increase customer retention and attract new customers. With 62% of consumers reporting that they spend more money on a brand after signing up for a paid loyalty program, customers engage and educate themselves about your mobile banking apps and other services offered.
Overall, the financial services industry is focused on future innovations that are increasingly driven by technology leading to increased efficiency and convenience for customers. Keeping current and potential customers in the know is a key component in marketing financial services and banking institutions.
If you are looking for engaging and informative marketing to promote your financial services or banking institution, contact us today.