The pervasive use of technology has brought fierce competition across industries. The Financial sector is one of the major industries that have witnessed a significant impact of technological proliferation. From a globalized business landscape to a digitalized economy across boundaries, the technological intersection with the rest of industries has ushered in a transformational environment. Digital marketing has risen as the unbeatable trajectory for sectors that involve transactional activities like selling and buying. The financial and banking industry is also in want of competitive digital marketing strategies to stay ahead of the curve.
Through this blog, let us explore the importance of digital marketing in financial services and how it helps to sustain and maintain customer trust and engagement, which is the most vital component of a financial institution in today’s competitive ecosystem.
Understanding the intersection of Digital Marketing and Financial Services
Marketing financial services is a highly competitive task in today’s highly technological era. Financial Institutions like Banks today are challenged to navigate evolved customer behaviour and expectations, embracing new technologies and harnessing the power of big data for optimum advantages. A Digital marketing strategy, which is data-driven and targeted will help financial Institutions find the right balance and attain their goals. From driving results to increasing ROI to enhancing the bank’s digital presence, financial institutes can easily differentiate themselves from the competition. A customized digital marketing strategy will enable banks to reap more from their marketing efforts.
Tips for Leveraging Digital Marketing in Financial Services for Building Trust
Trust is a critical component of banking services. This element has continued to play a crucial role in the customer’s journey and has evolved over the past decade. With digital banking, customers are experiencing advanced chatbots, automation, AI etc. which have significantly built up customer’s trust. This consequently ushers in higher competition among banks, and this is where digital marketing can serve as a differentiated path for banks to stand out competitively and garner more customers.
Financial services must also integrate a few key aspects of their digital marketing, they are:
- Using omnichannel marketing
- Exploring and entering new markets with a more expansive reach
- Must take note of the consumer’s experience and ensure engagement
Let us explore a few of the top digital marketing strategies to build, improve and sustain customer’s trust and sustain them for competitive growth.
Rank well on Google
Stick to methods that will help your bank’s website rank one in the Google search index. A good rank signifies authority on the subject matter, catches more attention and creates awareness about the bank. The best strategy here is to prioritize SEO strategies that will help in gaining organic ranking performance and bring customers to your content before they land on your competitor’s sites. To drive higher rankings stick to E-Expertise, A-Authority and T-Trustworthiness.
Provide Quality Content
Investing in quality content is another winning strategy. This not only helps in ranking high on the search engine but also gives customers confidence in the valuable and insightful information that they are searching for on the net. Customers are often seeking guidance, advice and information like glossaries, calculators, investment benefits, accurate information on loans, Saving accounts, Current accounts, etc. Having good content always wins.
Put out the right content
The contents must be relevant and customised to your target audience. This entails understanding your customer’s journey, their behavioural patterns and their intent to predict what they are seeking and finally mapping out the relevant funnel connection. the best way to go about this is to refer to ” people also ask” to learn what are people searching for on the internet and tailor your content by incorporating the relevant areas.
Creating user-friendly Interface
Using multiple channels for marketing will ensure reaching and engaging with more customers and offering unparalleled experiences. Banks must also ensure offering seamless and user-friendly experiences across all channels. The bank’s websites must also be easily accessible from mobile phones and easy navigation of their services without any lags. Features like chatbots, aid customers to have immersive experiences, consequently producing positive feedback.
Invest in Informative and Educational Content
Banking is complicated for ordinary people. Their knowledge does not go beyond depositing and withdrawing money. Creating educational videos will help banks garner more attention, particularly for customers in remote areas. This not only elevates financial literacy but also helps in engaging more people in your services.
Informative videos increase user engagement and educate people on the numerous products and services the bank offers. The video analytics can further be leveraged for optimizing future campaigns and also in creating more engaging and educational content.
Building Engagement with Customers
Engagement not only boosts the bank’s growth but also relates and connects more with customers resulting in fostering stronger trust and confidence among the customers. Digital Marketers in Financial Institutions or Banks can offer superior customer services to their customers to ensure higher engagement. When banks go beyond the transactional relationships, it gives customers a feeling of being special and this helps in retaining loyalty. Hence engaging with customers and ensuring them your consistent support in their banking experience will earn you more confidence and trust.
Employ Social Media Marketing
Social media presence is akin to existence in today’s technological era. Financial institutions/services or banks must prioritize having a social media presence, without which it risks not being known by the masses. Banks can leverage social media to run promotional ads on Facebook, Twitter, Instagram or YouTube and give their customers the confidence of accessibility to their services. This not only helps in building a credible presence, but it is also a powerful tool for reaching more customers and generating substantial leads.
Banks can drive engagement on social media by creating short quizzes and contests and connecting with the general masses by creating meaningful and engaging media ads. Another important factor is to ensure posting fresh and relevant content on their social media handles daily.
Financial institutes today must go with the speed at which the general is evolving to ensure they are at the same level and that their services cater to the growing need. Digital marketing is one of the winning methods to build strong trust and confidence among the customers, that banks must prioritize.
