The rise of digital technology and marketing has transformed the way business is done around the globe in almost every way possible.
Banking Industry is one of the most important service industries which touch the lives of millions of people. Its service is unique considering both social and economic viewpoints.
This Industry is quick to adapt new changes and these digital marketing technologies will engage customers in the way they want to be engaged.
Today’s banking needs: Anytime Anywhere Banking.
‘Digital Marketing is reshaping the banking industry.’
Digitalization offers new opportunities for banks to place the customer at the center of the progress.
Marketing overview in Banking
Earlier, marketing strategies for the banks were limited to traditional Radio, TV and Newspaper advertisements and inbound marketing was mostly unused.
At the time, the digital landscape was growing, which required banks to make certain tunings in their services and offerings.
Bank consumers are increasingly digitalized and are seeking services centered on them and accessible online or mobile.
The young generations have changed their consumption habits and banks needed to adapt quickly in order not to be overtaken by new players in this sector.
88% of employees in banking-insurance believe that digital enhances the competitiveness of companies.
Now, most of the banks want to become digital banking leaders. Within the years as digital banking has taken hold, traditional banks have incorporated strong digital strategies.
There is no better time than now to embrace the strongest digital marketing platforms. Read on this case study to find out more about how this sector is embracing digitization.
The growth in digital channels is one of the factors behind the gradual change in the marketing mix at banks.
The Progressing Digital Journey
Most banks shaped their digital journey year ago and have clear digital strategies.
Customers use their mobile phones to do their banking, and Omni-channels takes hold in the banking sector.
The mobile phone experience is becoming a crucial aspect of digital strategy in banking.
Traditional banks will have to adapt their operating models, to keep up in the fast-changing market.
In particular, change in IT, new products/services, and changing expectations for time-to-market will be key factors going forward.
Digital banking leaders say that “The game is about the race to build an audience” to increase traffic and drive sales.
The Banking sector has proven that it’s not just about opening saving bank accounts, credit cards, investments, wealth management, mutual funds, insurance and so on.
With the increasing growth in digital marketing, banks have understood that likes, tweets, apps, content, shares do matter to engage with the young generation.
Banks are accelerating their Digital Strategies
Some digital marketing trends shaping the banking sector:
1) Building a strong presence online
Delivering an engaging and reliable social discussion can enhance the customer experience. Banks must define a clear approach to digital experience online.
Banks can enhance their social media strategy through,
- Organizing regular contests, polls, referral programs, lottery
- Generating viral content and videos
- Using the right hashtags
- Engage a dedicated customer support team for better customer outreach
Social media is the strongest platform to connect with the audience for an enriched and complete customer experience.
2) Content Marketing
Banks uses highly engaging blogs, infographics and valuable predictions about the market for customer engagement.
Outbound marketing has become ‘things’ of the past and inbound marketing has taken the front seat in driving the growth.
With more than 80% of consumers depending upon online sources to look for products and solutions, banks must be able to be right there, provide useful insights.
To optimize the content strategy, banks must,
- Focus on video content marketing
- Think ‘out-of-the-box’
- Embrace non-finance content
- Consider working with expert publishers or licensing of content
3) Mobile-friendly Apps
To flourish in the digital era it’s important to transform the customer experience online.
The rapid growth in mobile use and the availability of social media through smartphones are providing banks with opportunities to connect with their customers.
Across the world, banks are spending heavily in mobile-friendly apps that make it easy for customers to conduct banking transactions while on the go.
Example: Strategies Adopted by Banks
SBI: State Bank of India
1) Existing Website is updated with latest trends
2) Social sites platforms were accurately used by following ways:
- Facebook Newsfeed
- Video Content on YouTube
- Participated in various discussion forum on Twitter or Promoted Tweets examples are #SBIMingle, #StateBankmCASH, #StateBankSamadhaan, #BankingUnbound
- Various social & festival Events are used to promote SBI Brand
- LinkedIn premium Display ads, Instagram, Pinterest are used to promote products.
4) Green Pin Initiative by encouraging paperless banking through Digital Channels.
5) Digital Branches like SBI INTOUCH
6) SBI tech learning Centers (TLCs), where customers will come to know what is the propriety of various digital platforms of a bank and how it is beneficial in a day to day operation/working.
- Approachability of various banking services of SBI becomes easy
- Brings operational cost at its low
- Anywhere & anytime accessibility
- Enhance credibility
- Online feedback improve the operations
The evolving trends in the banking sector and predictions indicate a clear shift towards digital marketing in the upcoming years and the pace can be exceptionally overwhelming!
Banks will leverage the power of digital channels to market their products and plan elaborate investments for the various digital sources.
If you are yet to develop an optimized digital marketing strategy, you will be left behind!