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Some Major Digital Trends That Will Have Effect on Financial Services Marketing
Financial Services Marketing is the marketing of financial services across various platforms like digital media, print media, TV, radio and other channels of communication and interaction. These financial services include banking services, insurance, mutual fund investments, share brokerage and the list goes on. With the digitalization of all such services, there is a need to market them across the digital platform through digital marketing efforts. Traditionally financial services marketing relied on print media, brochures, TV & radio ads which are highly expensive. But with the modern digital world, you can have PPC ads; email marketing campaigns, social media marketing, mobile marketing campaigns and host of other digital ways which are cost effective. Some of the digital trends to impact financial service marketing are:
Google AdWords or Google PPC ads are the most trusted way of advertising for financial services from long time and are bringing steady increase in the customer base of these financial services. Google’s new re-design, increased importance of quality scores, rise in the importance of negative keywords and a high up in AdWords spend driving up bids are some of the trends to look out for this year.
Use of smart phones is sky rocketing with each day passing by. People want all the financial conveniences at the tip of their finger. Financial services are no exception with the advent of mobile banking apps, mutual fund management apps, insurance purchase apps and the list will get longer. Payment wallets, EMI calculator Apps, Loan Apps and other financial instruments have brought a revolution in financial services marketing digitally. Mobile banking is fast replacing the traditional banking at branch and banking through desktops.
Embedded IT Infrastructure
Core or centralized IT infrastructure in banks, insurance companies and other financial institutions is becoming a thing of past. Different Embedded IT teams working simultaneously on account building, mobile app updating, rendering service requests from customers are taking the financial services marketing to a new level. Financial services tend to be more customers centric, faster and more result oriented with embedded IT infrastructure.
Social Media Marketing
Financial services marketing can be effectively implemented across digital platforms through social media marketing efforts. The social media channels like Facebook, Twitter, LinkedIn, Instagram and others have to be effectively utilized for financial services marketing. Financial institutions like banks, insurance companies, money investment houses, loan lending organizations and others should have a strong presence in Facebook, Twitter, LinkedIn and other social networks. Advertising campaigns can be run across these social media channels for these financial institutions at nominal costs.
Gone are the days of sending postal business letters today is the era of emails. You can send bulk email messages by retrieving a prospective customer list from trusted database. You can diligently form the content of these emails to have all necessary information regarding the services of your financial institutions whether it may be a bank, insurance company, an investment house or any other. Successful email campaigns will result in a steady increase of your customer base.
UX & Product Design
The user experience & product design have taken a center stage in financial services marketing. This digital trend makes the financial services viable and reaches millions. The financial applications and products developed across multiple platforms like for desktop, mobile, tablets, ATM kiosks; Pass book vending machines and others should be effectively designed and should live up to the user’s expectations. The financial institutions should invest heavily on in house designing and deployment of financial applications and products, if they want to excel in their business. The UX & product design initiative must be infused at an early stage of product development to prevent missing out on user based perspective.
Hence, I am of the opinion that financial institutions must follow the above stated digital trends in financial services marketing to achieve ultimate customer satisfaction and best ROI (return on investment). Financial institutions should go hand in hand with modern technological advancements.
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