The Curious Case of Digital Marketing: The Banking and Financial Sector

The Banking and Financial Sector (BFSI) may have been a snail in the cross-over to the digital world but the time has arrived to infuse digital marketing into the crux of the industry. Online marketing comes with challenges but the opportunities are colossal! Read on to find out more!

Banks and financial institutions across the world are clearly behind the other industry sectors when it comes to owning a completely mature digital marketing policy; thanks to their conservative perspectives and ever-changing regulatory measures.

However, the good news is that, more and more banks are moving beyond the Neanderthal days into digital renaissance and there can be no better time than now to embrace the strongest digital marketing platforms. Read on to find out more about the different ways to strike gold in the digital world.

Social Media- Reach out to customers on a more personal level with social suaveness.

All that it takes for an organization to ruin its brand is one viral Facebook post from a single disgruntled customer – such is the power of social media. Alternatively, the opportunity curled deep under that “social” cover is gigantic.

Maybank Singapore “engages” customers with a well-timed social media campaign

One of the biggest social media successes in the BFSI sector was witnessed by Maybank Singapore during the Hari Raya celebrations. Singaporeans look to convert their money to Malaysian Ringgits for the yearly visit to their neighbor during this festival and Maybank capitalized the event through making its free cash withdrawal service viral across social media platforms like Facebook, LinkedIn and Twitter.

Banks and other financial institutions can enrich their social media strategy through,

  • Organizing regular contests, polls, referral programs, sweepstakes
  • Generating viral content and videos
  • Using the right hash tags
  • Engage a dedicated customer support team for better customer outreach (like CIMB Singapore that promises personalized response for all social customer concerns)

Social media is the strongest platform for an enhanced and comprehensive customer experience.

Content Marketing – From blogs to videos, content is always the king!

It was not until Bank of America took to content marketing that it re-established its position as the leader of personal financial management! With highly engaging blogs, infographics and valuable predictions about the market, Bank of America has indeed turned into an online source guide for managing one’s personal finances.

Generic emails and outbound marketing have become “things” of the past and inbound marketing has taken the front seat in driving the growth in all types of industries. With more than 80% of consumers depending upon online sources to look for products and solutions, banks must be able to be right there, offer useful insights and thus drive action.

To optimize the content strategy, banks must,

  • Focus on video content marketing

HSBC used short films about inspiring individuals to allure young university students into opening their first account with them.

  • Think “out-of-the-box” and embrace non-finance content

Well Fargo took content marketing beyond the usual guides and information resources and set up a resource center for parents with college going kids – the distinguished initiative made them stand out as a clear winner.

  • Consider working with expert publishers or licensing of content

Santander in UK partnered with Times magazine to reach out to SMEs with relevant news and articles. The bank leveraged the brand power and content expertise of Times to reach its target customers.

POSB redefines its “avatar” through its new content platform called NeighboursFirst.org

One of the renowned Singaporean banks and perceived to be the preferred choice of the older generations, POSB launched its story-telling content platform called NeighboursFirst.org. The initiative was taken to appeal to the younger masses and redefine the brand as a one that matches the rapid transformation of the Singaporean economy. Stories shared through the platform have been shared across social media and has pushed the bank high up the digital marketing radar.

Marketing Analytics: Not a luxury but a necessity

In the digital ecosystem, customer trails with valuable information and strewn across various channels thus giving rise to what is fondly called “Big Data”. Gartner indicates that 64% of companies from across all sectors are investing in big data initiatives and financial marketers are quickly catching up.

However, the challenging in embracing the big data mindset would be to accept the change as a part of the overall strategy rather than just investing in a set of analytical tools. The infographic below explains a comprehensive approach to applying analytical skills and techniques to tame the big data.

OCBC adopts IBM’s digital marketing solution to witness triple-digit increase in its marketing revenue.

OCBC Singapore is one of the strongest players in the highly competitive Asian market and missed out on several revenue opportunities through its generic mass marketing initiatives. In order to target customers more precisely, OCBC turned to real time inbound marketing solution from IBM. IBM’s Enterprise Marketing Management suite has enabled OCBC to take advantage of its web analytics tools combined with lead management, email management and optimization of online advertising. This has resulted in outstanding increase in cross-selling profits and a triple digit increase in marketing revenue.

The Verdict…

The evolving trends in the banking sector and predictions from research giants like Gartner indicate a clear shift towards digital marketing in the upcoming years and the pace can be (extremely) overwhelming!

Banks and other financial institutions across Singapore and Asia 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 just may be left behind!

Talk to one of the digital experts at Habile Technologies to learn more about the tools and techniques that can turn your enterprise into a stalwart player in Asian market.

how can we help you?

Tell us about your requirement and we’ll offer you the best possible solution. Get in touch now.