Last year, financial institution marketers saw many new trends and changes in bank marketing. Bank marketing methods have evolved by utilizing more digital channels and enhancing consumer personalization. Financial firms may anticipate a stronger focus on using data to create exciting client experiences and financial education materials. You must be flexible if you want to succeed as a financial marketer today since marketing is more complex and changing quicker than ever. Financial marketers will need to be innovative, flexible, and data-driven to stand out and get the attention of today’s consumers. I compiled major patterns from publications, observations, and data from consultants and financial institution sources to help marketers do that.
Impact of Branches
Branches offer an excellent opportunity to connect consumers and offer highly individualized financial education, making them terrific marketing tools for banks. As prominent companies continue to use digital financial instruments, they expect further investments in employee training and branch redesigns.
Digital Channels
Financial marketers are altering bank marketing tactics to investigate and emphasize connecting with clients through more digital channels, even as the in-branch experience becomes more digital to maintain customer attraction.
Power of Data
Financial marketers have a wealth of customer data, including purchase histories, demographics, and more. However, growing financial institutions are propelled by marketers who use this data to develop insightful segments and targeted advertising campaigns that will increase customer satisfaction and revenue. In other words, using data to support your bank’s marketing initiatives doesn’t need you to become an expert in machine learning or artificial intelligence.
Personalization
Data and personalization are like peanut butter and jelly: they go together. However, personalization becomes simple and profitable if you access appropriate data. One bank saw a $2 million boost in sales thanks to its individualized financial education programs.
Customer Engagement
How frequently do marketers bring up consumer engagement? There is a purpose to the constant focus, I suppose. We know that highly engaged consumers are also very loyal, and customer loyalty increases revenue over time. After all, returning consumers make 67% more purchases than new ones.
Fintech
Financial institutions frequently collaborate with FinTechs to meet their most vexing business requirements. FinTechs may assist banking institutions in remaining relevant and competitive in a market that is becoming more crowded and where there is fierce rivalry for clients since the same historical constraints of financial institutions do not constrain them.
Marketing Power of AI
However, there are many real-world ways marketers at banks and credit unions can use AI to draw in and keep clients, and doing so will be more and more crucial as time goes on. Applying AI to customer service is one way to provide clients with a more tailored and beneficial experience. Financial companies may better please clients and address customer concerns more swiftly by incorporating AI into customer care while still providing in-person services.
Environmental and Social Issues
People nowadays are more interested than ever in knowing how the businesses they work with feel about various social and environmental concerns. Customers want to associate with companies that share their values. Marketers for financial services cannot ignore this trend. According to Accenture, 44% of banking clients said they would transfer to a financial organization that was making an apparent effort to have an excellent social effect, underscoring this trend.
Summary
The last few years have tested marketing’s capacity for creativity and flexibility, but the coming year looks just as tricky and fruitful. More than ever, business lines need the help of marketers’ support to meet their sales goals. At the same time, new success enablers and barriers are continually emerging as a result of developing technology and altering regulatory frameworks.
