High competitiveness of the financial services sector is something that can’t be denied easily. As in any other field, the final goal is to provide the best solutions and stand out among other offers in order to guide customers through their journey to convert. Both traditional and digital communication techniques will be lacking without well-thought-out digital marketing for financial services.
Mobile and digital banks, insurtech, D2C mortgage — the number and quality of new trends on the market make the current and potential players be more creative in means they choose to fight against competitors. When these procedures are done the right way, their efficiency is a powerful tool for accomplishing considerable results at customers’ end.
More than seventy percent of people are regular users of mobile payments. Younger generations form the bigger part of the statistics, but this offer gradually becomes popular among older members of the society as well. It is not a rare thing for a consumer to have a few accounts from different providers — there is no need to stay with one bank in order to proceed with insurance, checkings, and other digital financial services possible.
Digitalization and Automation
Is it a worthy decision to opt for digital marketing for financial services? Taking into account the level of competitiveness on the market, such a solution is about advanced customer acquisition and benefiting the target audience with a more comfortable and overall captivating customer experience. The demands may be divergent, the same should relay to the supplies as well.
Digital financial services in a step forward in the industry’s development. If you are looking for advantageous options to generate premium-class leads, then standards marketing lines are likely to become even less efficient over time. While branch banking is more source-exhausting, new digital strategies like trial conversions and social media marketing achieve more impact. Chat-bots and blogs which provide a qualitative knowledgebase to get remote assistance fast and hassle-free — such types of services are expected from any reputable brand nowadays. When it comes to finances, the requirements may be even more severe.
That’s why digitalization and automation is a nice connection between you and your customers.
Concretization vs. Generalization
Although a wide range of companies is active doers of digital marketing, their activities may be compared with unconscious actions mainly. A straightforward and well-thought-out digital marketing plan is usually missing. If your digital financial services are lacking in terms of this feature, it is harder to predict the results of your activities and prepare the right model of behavior for a particular niche or a group of customers. The consequences may vary from your inability to reach out to your clients in a timely manner through the right and easily accessible channel to different tones of messaging and mixed information at the consumers’ end. Obviously, trustworthiness and value of your offer will decrease. Instead of this ad hoc approach, it is always better to prefer more controllable options for your benefit.
Matching Your Financial Audience and Niche
Without a doubt, digital marketing for financial services depends on your customers objectives. Understanding the insights of your target audience is a key to preparing soulmate offers and deals for them. The technologies at your end aren’t obliged to be overly specific or exclusive — the main thing is how you can advertise them.
Just compare your offer for ladies who are interested in online shopping with a single button-click or travelers for whom the ability of international payments and stable access to their digital accounting platforms is a pure treasure — will they be completely the same? Every time you prepare a post for your followers, make sure you focus on engaging content. One of the trend ideas is to combine traditional means with live-streams from experts in the financial industry and user-generated content to get more valuable and positive feedback from customers.
Talkwalker’s Conversation Clusters will come in handy. It is a powerful source of information for parties that are interested in monitoring social media platforms to choose a more functional communication strategy. When you know for sure what the attitudes towards your digital financial services are during different periods, it is easier to stay flexible and update the list of deals or their forms to keep on relevant and not random classy performance. In simple words, white space opportunities of the finance industry will be found out thanks to unveiling consumer insights.
The Fewer Frictions and Tricks — The Better
This approach is valid for any other field when it may be important how techno-savvy a particular service user is. If the application or any other means of digital marketing for financial services lacks in functionality, is hard to understand, has problems with design and accessibility, it won’t matter how precious the offer itself is (it may be a promotion, for instance). The overall effect will be rather negative and will make customers think twice before giving the second try to your services. Contactless methods of payment are gaining momentum, and there are fewer locations left where cash is the king of the place. To manipulate your digital financial services properly, UX has to be second to none.
Mobile banking solutions that offer to create your own digital accounting system at one click and guarantee its transparency and flexibility will absolutely get a victory against traditional options where it will take ages to visit a local institution, have a detailed conversation with its bank representative, fulfill the questionnaire, etc. Digital accounting is required to take into consideration aesthetic customer experiences and reflect that in their design layouts.
Among the positive influencers of online banking are agile marketing approaches. Video and cause-related marketing tools will become a unique power to increase the company’s growth rates.