The meaning of the term ‘financial marketing’ has changed a lot since a few years.
Nowadays, it has become more challenging for financial marketers to sustain in this highly competitive world with the emerging trends in technology and digital marketing.
Thus, banks and financial institutions need to follow the trending marketing tips in 2020 for boosting their growth and revenue. Here are the top 10 financial marketing tips to follow in 2020.
10 Financial Marketing Tips You Should Follow
1# Employ Artificial intelligence and machine learning technology
AI and machine learning-based tools and techniques are now changing the way marketers make their decisions.
The use of machinery complements the human’s strategic creativity by deploying, analyzing and sending personalized messages to massive clients simultaneously.
Not only AI enables us to deliver personalized content based on the marketer’s rules and demands, but it also acts as a consultant for financial marketers to take relevant and data-driven decisions.
2# Enhance the use of Mobile Marketing
Ever since smartphones have secured an irreplaceable place in our lives, the scope of mobile-based marketing has increased multifold in financial services.
Recently, banks and financial institutions have started delivering personalized customer experience, especially through mobile apps.
It has been observed that 80% of customers feel safe to share their personal information on mobile banking apps.
So, it’s an incredible opportunity for marketers to make use of mobile marketing to inform their customers about policies, credit and debit details, and other finance-related information.
3# Understand Consumer intelligence tactics
Another important financial marketing tip to follow in 2020 is consumer intelligence tactics. Today’s consumers are getting smarter about financial things due to the enhanced communication channels like TV, media and online web.
Thus, it becomes difficult for financial marketers to reach their target audiences and influence their behavior.
The key to success in this regard is to understand your customer’s requirements and insights to get a close instinct of what they want from you.
4# Connect RPA and Chatbots
RPA (Robotic Process Automation) and chatbots are transforming the financial sector by creating innumerable opportunities for banks and financial companies.
It helps in releasing the heavy costs and efforts of human intervention by employing the effective use of machines and robots to carry out certain tasks.
Chatbots and virtual assistants have made it easier to perform a wide variety of tasks simultaneously.
It helps customers finding information related to their bank accounts, credit cards and loans along with assisting them in completing transactions.
5# Utilize the power of Content Marketing
Content marketing plays a very crucial role in financial services by analyzing the pain points of customers and providing them useful ways to deal with it.
Content is the most direct way to interact with your customers and with the quality content you can stay ahead of your competitors.
70% of financial marketers have reported that content marketing helped them increasing more brand awareness and build a more personal relationship with their customers.
For instance, give away free content related to finance like how to invest in stocks or bonds or other things that can make them money.
The whole idea behind this is that you need to go the extra mile to help your customers if you want to build a relationship with them.
6# Video Marketing
Video marketing is another financial marketing tip to follow in 2020 for gaining the attention of more people.
Videos remain more impactful and easy in sharing relevant information with the users. It is an ideal medium for financial institutions to engage, connect and inform their users.
According to a survey, it has been found that more than 70% of customers take their decision of purchasing a product/ service after watching a video.
Cyber attacks are common in the financial industry. From banks to brokerages, these threats continuously target financial institutions for stealing employee’s, customer’s or bank’s data.
It builds pressure for financial companies to create a secure and safe environment for facilitating financial services. For this, they need to educate their employees about cybersecurity duties and the importance of following the prescribed protocols.
In addition to this, banks can seek help from a third party against cyber attacks to manage their security issues and protect user data.
More and more financial institutions are using blockchain technology to keep track of their transactions. It helps in reducing the duplication of information which leads to delays and conflicts in the various areas of financial sectors.
Many businesses are going to implement blockchain to enhance the transparency and traceability of their financial operations, inventory management, and other functions. Blockchains are also proven useful in preventing the risk of threats constantly attacking the financial industry.
9# Big data and analytics solutions
Big data is the term refers to all the processes and techniques involved in collecting, analyzing, a wide range of data to find patterns and business values.
Banks have a huge set of consumer data (profile, transactions, loans, and products) but they are unable to evaluate these rich data. Here the role of big data and analytics solutions came into play.
To generate influential decisions, big data enable the marketers and banks to get useful insights about customer’s behavior. It helps to maximize the customer’s understanding to get the advantage of producing what they require.
10# Humanizing digital experiences
With the aggravating dominance of online marketing in financial services, customers demand a personal touch with the products and services. They tend to engage more with a product if personally recommended to them.
As per the Digital Banking Report edition, sponsored by BAI, over 200 financial institutions are failing to understand their consumer’s intent from financial interaction. Hence, financial marketers must assist customers in making a desirable choice by improving speed and simplicity.
Follow these top 10 financial marketing tips in 2020 to get an edge in the financial market and maintaining your position in the same.
Author Bio: I am Sapna Singhal Senior Content Writer at My Banking Information which is a Financial Content Blog which teaches non-financial people how to invest and also about finance in a simple and easy to understand way. Check out my website My Bank Information.