Digital marketing is a trend that is becoming increasingly necessary for banks, especially with the demands of mobile banking today. More people are conducting their financial transactions online more than ever before. For banks, this means keeping up with their competitors to stay relevant with accessible mobile financial services. Smaller banks may struggle with marketing themselves to their customers digitally compared to national banks with no budget limitations.
Fortunately, there are ways other than paid ads to have a successful digital marketing strategy, including improving customer experience, video production, audience segmentation, and personalization. Navigating these different aspects of digital marketing can be difficult, so here are some trends to expect and take advantage of to ensure your business stays on top of its marketing game.
Competitiveness in Digital Marketing
Nearly everybody relies on digital these days, from social media to PPC ads on search engines. If your bank does not yet have a digital presence, then it’s a good time to start. It’s no longer enough just to be present due to the saturation of the digital space with competition. Banks need to come up with unique ways to stand out, usually differentiating their brand and services through customer experiences, unique marketing offerings, and non-traditional awareness campaigns to drive engagement.
Moving to Omnichannel
One of the best ways to market any business digitally is to take advantage of social media platforms and to have a website. Most consumers will check these before even thinking of walking into a branch. This is referred to as the omnichannel experience, which requires the curation of the customer journey across different platforms so they can enjoy the same branding and seamless experience no matter where they look.
Focusing on Engagement and Experience
Digital bank marketing trends embrace new technologies, but beyond that, customers also have higher expectations from banks. If one bank can offer even the slightest bit more convenience, better features, and more accessible services, then switching is as easy as a snap for the consumer. With banks being compared on a granular level, the wow factor that people are looking for will have to come from how you offer a good customer experience. Advancements in technology such as automation, machine learning, and AI can offer clients better rates, provide added value, and create a seamless flow from one need to another.
Keeping consumers engaged is also a crucial part of digital marketing success for your bank. Online presence should be coupled with engaging content such as videos and relatable content, which is where your agency’s video editing, producing, and marketing chops come into play. This along with an accessible app is especially applicable in meeting younger customers’ needs, giving them an overall easier experience with adaptable services catered to increase the user’s satisfaction.
Segmenting, Targeting, Personalizing
One of the benefits of digital marketing tools is the insights you’ll gain on your current and potential customers. Data analytics and insights allow you to target segments and individual consumers for a more personalized experience across omnichannel touchpoints. One effective way of gauging how engaged your audience really is can be through video marketing, which captures information on the viewer’s consumer behavior, among others.
The increase in personalization leads to further expectations of connection with banks, with about 70% of consumers expecting brands to treat them as individuals. Digital marketing uses AI and machine automation to offer personalized options based on big data, including pre-approved loans and services, modular products, discounts, rate breakdowns, and others.
With digital marketing and solutions paving the way to the future for all industries, banks cannot afford to get left behind. Finance is becoming part of the digital landscape, with e-commerce following a steady boom with consumers expecting payment methods to cater to their evolving needs. The right content strategies such as video will help you engage and meet consumers where they are, and with just the right pull, they can become loyal patrons of your bank.
Lavender Digital provides video strategy, production, and marketing. We aim to captivate audiences, inspire action, and ultimately drive results for your business. Get in touch with us today to find the right video marketing solution in Atlanta for you!