March 2, 2024

Digital Banking: boring or fun?

Bank marketing strategies that make digital banking exciting are the pioneers of digital banking.

You may also want to be a leader in your sector. To do so, you’ll need to develop strategies that motivate people to act. Digital banking is popular with consumers because of its low fees and good returns. Customers get value from digital banking.

It is your job to come up with innovative ways to provide value to users. You can do this by creating fun online contests, quizzes, videos, or polls.

This blog will explore digital banking marketing ideas, strategies, and KPIs with examples from the biggest names in the banking industry.

Are you ready to learn more?

The Key Components of a Successful Marketing Strategy for Banks

Understanding the foundations of a bank marketing plan that works is not rocket science. It always comes down to basics.

Understanding Your Target Audience

Knowing your target audience allows you to develop strategies that will produce results.

Answer a few of the questions below.

  • What are your target customers?
  • What age group do they belong to
  • Are there services for different age groups?
  • What is their preferred communication style?

You may need to use a different T.G. if you have an internet presence. Answer the questions based on the current status of your bank.

Create an Identity For Your Bank

“Your Brand is not what you sell, it’s the Experience you Deliver.”

-Tony Hsieh, Former CEO, Zappos

This quote is true in all business sectors. To sell your bank’s services, you need to have a distinct personality.

  • What is the language of the bank?
  • Does the language have a quirky, formal, or fun tone, or is it a mixture of both?
  • Who is it aimed at? This is your target market.
  • What is its customer-centric approach?

These questions can help you create a personality trait that your users will relate to.

Drive Consumer Engagement

If the strategy is successful, numbers will follow.

You can measure the engagement of your users by looking at your analytics for your last five posts. This is a warning sign if your bank does not have a digital presence.

You’ll have a better understanding of what users value and what doesn’t work once you understand the metrics. Create strategies based on the data! You can learn more about customer engagement by studying the secrets of HSBC’s successful marketing strategies or those of other giants.

The specifics of bank strategy marketing are still a mystery.

Let’s now move on to the four marketing strategies with case studies.

Top 4 Digital Marketing Strategy for Banks

Marketing banking services begin with a mobile-friendly, SEO-friendly web application. Step one is complete. There’s still time to complete step one!

Let’s dig deep into these four strategies.

  1. Use Gamification to Engage Customers

Gamification is the process of integrating game-like elements into web and mobile applications to increase engagement.

The banking sector has used this technology to improve apps. In fact, the gamification market is expected to be worth Revolut Shops. Users who pay with their Revolut card in full can get 3% cashback instantly. This is unlike other cashback deals that may take up to 3 months to credit.

Cashback is automatically applied when a customer checks out.

Emirates NBD is another example.

The company has a fitness account that offers up to 2% for every number of steps per day.

The more you move, the more money you earn.

It’s a very old campaign, but it works because it encourages consumers to be fit and rewards them for it.

  1. Use chatbots to increase customer engagement and educate them

The user is visiting your website or calling a customer service representative because:

  1. They are looking for a response to their question
  2. They are interested in learning about a brand-new service.

Automated voice recording is the best way to communicate with your customers. Use a computerized voice recording to tell them about new services or the benefits of using a certain service. Some common tips are:

  • How to use the feature
  • How to make money
  • How to start a service or open a new account

Erica Bank of America Erica

Erica is an AI-powered chatbot that handles more than a billion customer interactions. The bot assisted nearly 32 million clients with their financial lives. The bot,

  • Gives updates,
  • Shared credit reports
  • Information about the account balance is displayed.
  • Financial advice is offered to clients
  • Clients can complete transactions with the help of this service.

You will not only make your customers happy, but you’ll also reduce your costs over time by investing in A.I. bots. A.I. bots can help you market your banking services if you are struggling.

  1. Leverage Social Media to Content Marketing

Be their partner and not a teacher.

Customers must pay special attention to the financial sector when using any service. The banks that offer services with the customer’s best interest in mind are those that care about you.

Social media can fill the gaps.

The generation most interested in digital banking is millennials (79.3 percent), which is a large chunk. Only a small percentage of Americans are familiar with the basics of banking. According to a Yahoo Finance 2019 statistic, 69% of Americans do not know the basics of banking.

Barclays U.K. has done an outstanding job in this regard.

Barclay’s Street Talk Campaign

Barclays U.K. launched “Street Talk,” a new series in which the host asks random people on the streets what basic home-buying terminologies are.

This bank marketing strategy will never get old because it addresses people’s lack of knowledge about banking basics in a humorous way. The video asks users to Google “Barclays First-Time Buyer to guide them through the process of buying a house.

This is the other side of the coin. Users know more than banks, but they don’t. Juni, a digital commerce financial services provider, filled the gap by creating its YouTube series If Banks Don’t Get It!

Brainstorm ways you can help your audience by meeting their needs as a financial partner.

Keep an eye on the Social Media Business Trends for 2024 in order to stay up-to-date and ahead of the curve.

  1. Reward Customers for Using Digital Banking Services

Rewarding customers for using digital channels is a great way to increase customer loyalty and encourage digital adoption.

Gamification could be used to make this more enjoyable. JP Morgan One Card is an excellent example.

JP Morgan Bank’s Point-Based Loyalty Rewards

JP Morgan is the largest U.S. Bank and global financial services provider. It has a bank loyalty reward program based on points called One Card.

The program revolves around rewarding customers with points when they use the JP Morgan credit card. It is easy to keep track of the points, especially if you are a consumer who uses your Card a lot.

The points can be used for merchandise, gift cards, travel, or cash. You can reinvest your points in the business. Or, reward your employees with them as a perk.

Implementing bank marketing strategies is the next step. Then, keep track of the key performance indicators.

Key Performance Indicators for Banks

Few bankers believe that profit or revenue growth is the holy grail for a bank’s marketing plan. Although these factors are true, they are often overlooked.

Customer Lifetime Value (CLTV),

Customers are truth-tellers. You’re on the right track if you have a large customer base, thanks to your marketing strategy.

To calculate CLTV, multiply the customer value by the average customer lifetime.

Cost of Acquiring a Customer

Cost of acquiring a new customer = expenses incurred by the sales and marketing team/numbers of new customers.

Include production and infrastructure costs to get an even more accurate estimate.

Sales Leads

The sales lead is the second most important metric after revenue. A marketing lead follows. You may have valuable content, but does it lead to sales leads?

In conclusion

You can use the strategies in this article to create your digital marketing strategy. Each bank has its personas, services, and needs. Unthinkingly copying the method of your competitors will only get you so far. It’s always a good idea to seek out reputable finance and marketing agencies if strategizing seems overwhelming.

You want a bank marketing strategy that will make your customers happy and drive sales. And you want it fast!

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