The Importance of Digital Marketing in Banking Sector
As more and more people use the mobile networking platform, it has become essential for banks and financial institutions to serve mobile-ready content. But, these banks have to remember that the digital revolution is also affecting the attention span of prospective customers. If a customer does not like the content or the marketing scheme of the advertisement they will not spend time on researching the product.
With that in mind, retail banks are leveraging creative and descriptive video contents that demonstrate the features of a product and how it would affect the end consumer’s life in a positive way. These video contents need to be interesting and address the main market challenges that customers face daily.
Today, banks gather customer insights from surveys conducted through social media to create an algorithm that would ascertain customer preferences and showcase to the customer their preferred materials or content. Furthermore, banks can gather the search preferences of a particular consumer from data giants such as Google, Microsoft, Amazon, Twitter, and Facebook as well as leverage offline data to understand the buying habits of customers.
These data can be used to create a personalized content to target a specific demography that has the most interest in buying the product. Even though banks and financial institutions have exponential data, it is still hard for them to leverage the information and use it to optimize customer satisfaction. Banks are also implementing artificial intelligence to comb through the unstructured data and create a customer preference pattern from it, which is then fed into machine learning technologies to predict future trends and market anomalies. Based on this, banks can create advertising campaigns to steer the customers toward a particular trend.
Customer experience is the crucial point of each industry within the economy, whether it is banks or large enterprises. Lack of customer interest or bad experience has the capability to ruin the reputation of the bank. Therefore, it is important to train the banking personnel in different forms of digital channels, forums, and techniques such as social media and chatbots on the bank’s website.
Banks can enhance their customer experience by simplifying and enabling easy transaction through online payments and e-wallets as well as join forces with e-commerce payment companies such as PayPal, Google Wallet, Intuit, and WePay.