The traditional tools used in the marketing of banks included a few events, some print ads and in- branch brochures. Now, the time has changed and so have the practices. The social media, reviews and digital engagement is the ruler now a days. As the revenue increases and the demand of capital expenditure at different businesses enhances, there is a great need of boosting the marketing efforts. So, 2016 is the year when the banks are ready to enhance their personality through the usage of modern digital means like content marketing, personalization and different mobile channels.
Below mentioned are 10 trends that have been reported at different large banks in 2017 and are now being practiced nationwide.
1. Significance of digitalization
Since the advent of digital age, the traditional branding exercises have been changed totally. Now is the time when the online presence of banks can sell two to three times more than their best physical branch. The promotion of a bank is really easy now with the collection of email addresses, tools, forms, educational videos, promotions and business resources. SEO (search engine optimization) will add icing to the cake and will be the most effective tool in your digital marketing practice. Banks will start to drive content by using the site analytics, more landing pages and by embracing the A/B testing.
2. Generation of Leads
Generation of leads is one of the main digital marketing practices for banks. Education webinars regarding wealth management, signing up for newsletter are just some of the strategies in which banks are interested. In order to generate quality leads for deposits and lending officers, the banks in 2016 will enhance partnerships and leverage their content, knowledge and events. Banks want to generate potential prospects of sales and are not limited to just advertisement.
3. The Story & Personality
In the past days, banks depended greatly on the stories that resonated with different users and helped in their branding. For example, stories of couples who wanted to build their home, a struggling businessman’s way to success or an active social member who has an exclusive Christmas savings account. These targeted stories are found to be effective and this practice will continue on in 2017 too. Aim is to resonate with the particular mind-set people and compel the customer to try out the experience.
Banks tend to connect with the customers by using emotional intelligence. They will express their personality more often in the marketing procedure. A lot other employee- driven marketing ideas will come into play.
Traditionally, the banks used to do general marketing trying to advertise in a similar fashion to all the people but now digital channels have allowed a lot more options. Now, you can start a targeted marketing campaign. Banks are able to reach the public that has exclusive tastes in lifestyle, education, profession, brands and are of a particular age group. This personalized marketing will allow the bank to connect with their customers more closely and strongly.
5. Product Development
Banks are capable of developing technical solutions of their own. Some examples include development of mobile customer service platform, an interactive ATM and a lot more.
6. Picture Perfect
Text doesn’t create the effect that picture does. The image based networks like Tumblr, Snap Chat, Pinterest and Instagram etc. have attained a huge growth and so the banks will now tell the stories with amazing gifs, videos, graphics and other photos. This will engage the audience in a better way since storytelling will be blended with visuals.
Banks in 2017 will be more engaged in producing some high quality content to facilitate the small business customers by leveraging the real estate information, economic forecasts, finance and business performance information and risk management etc. This will be useful in promoting the bank and also the content driven traffic by partner and search links will further promote the bank.
Transactions have been speeded up since the increase in use of mobile devices. Where the customers have started using mobile phones for online ordering from food outlets, complaints and hotel check-in; similarly, they can use their mobile for getting loan advice, check bank statement and transfer money. Account opening, loan decision and many other processes have been speeded up.
9. Digital and Mobile
Banks will now move forward from marketing channels and will unify online world and branch. Banks will be present everywhere the customers will be looking for them. Sponsoring advertisements, getting latest rates for auto loans are just a few applications and a lot more is coming.
Banks are now going to shift all of their processes to mobile so that the fee service transactions, deposits and loans all can be initiated quickly on one move instead of in a branch.