What the road ahead looks like for banks and digital media

Posted by Felipe Gil on Sep 20, 2018 9:15:02 AM
Felipe Gil

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Digital tools have pervaded in daily life but banks have not kept up with their pace. Marketing automation platforms provides low cost and hassle-free strategies for gaining customers. 

In recent years, the relationship between clients and their banks has rapidly evolved on a global scale. This was largely driven by mobile devices: nowadays 60% of bank clients use their smartphones as the main channel of interaction with their bank.

In consequence, so as not to lose competitiveness, banks have to work hard to improve their presence on the digital world. This is why it's crucial for banks to satisfy their clients by adopting new strategies such as Inbound Marketing, among other non-intrusive methodologies, that enable them to gain customers at a low cost.

The 21st century customer is eager to interact, instead of passively listening. Traditional advertising is facing increasingly hard challenges and can be even considered intrusive, uncomfortable and ineffective. The days of outbound marketing such as bulk mail or telemarketing are gone for good.

When digital marketing is discussed, the age group of bank clients shouldn’t be overlooked: while an increasing number of younger clients prefer to use smartphones to interact with their bank, older clients who may not be familiarized with new technologies, according to some surveys, still consider visiting a local branch of their financial company, where they can speak face to face with a representative.

 business documents on office table with smart phone and digital tablet and graph financial with social network diagram and man working in the background

So, what should banks do? They should take advance of the wide spectrum of opportunities offered by digital tools. Today customers can be reached wherever they are... People buy products online while riding the bus, in a waiting room, lying in bed... So companies should strengthen the interaction through digital and mobile channels. In order to be successful, digital marketing strategies must be safe, effortless and easy.

 

[[Read more: A guide to run campaigns for financial services effectively]]

 

Finance institutions should be able to reach their clients whenever they need it. In the digital era we live in, customers take 70% of their decisions online, this means that they research, compare quality and prices for any given product in the internet before actually visiting a store. Only 30% of final decisions are taken in stores after the assistance of a representative.  This is why it’s important for banks to catch their attention earlier.

New generations don’t go through the bank’s door to open a savings account. They expect a frictionless experience where they can make sophisticated choices by using their mobiles.  Digital banking is not a new trend, and is not the future: it’s the present. Institutions need to adapt so each potential client begins a totally personalized relationship with companies through excellent, reliable, helpful and friendly digital channels that make people confident in their financial decisions.

This should be the type of security that a good professional adviser can give at the bank desk, only with the major advantage that this can happen at any time and any place.


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Topics: Ominchannel Marketing, Financial, Banking, Marketing Automation

 

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