- May 19, 2016
- Posted by: Priyanka Ramamurthy
- Category: Banking and Finance
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.
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.
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.
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.