The domain of financial services is highly saturated because of the stiff competition. Whether you need to open an investment account, take out a loan, or refinance your business, there are plenty of banking and lending institutions ready to provide services. Many banks now do away with transaction, annual, and overdraft fees to make their services more attractive and accessible for customers.
So how can financial service marketers stay relevant, build trust, and create a meaningful connection with their consumers? Remember that pushing your products at your customers doesn’t help you establish credibility. You must learn and employ financial services marketing trends to compete with your rivals and attract potential consumers.
The advanced financial services marketing trends and tactics will allow you to improve communication with consumers, establish an individual connection, and add convenience.
Keep scrolling to learn more about future financial services marketing and the trends that will dominate in the coming years.
Data-Driven Marketing Strategies for Financial Brands
Marketing professionals in the financial services industry have been facing long-existing problems for ages:
How to create connections based on consumers’ changing requirements?
The pandemic has made it clear that change is essential, even though banking institutions typically rely on generic marketing strategies and passive client interactions.
In a sea of financial options, more than virtual operations are required to keep connected with consumers. Financial marketers must focus on data-driven, always-on marketing methods to foster long-term loyalty.
That is to say, real-time client data collection is essential as it is the only thing that is constant is “change”. To stand out from the competition, it is essential to understand your client’s financial needs, expectations, and pain points.
Conducting agile market research is the finest method for understanding your customers. Financial companies can use the potent instrument of online research communities to better understand their clients’ motives, attitudes, and opinions.
Future of Financial Services Marketing| What Trends to Follow
As said above, financial marketers or companies need to be more creative and thoughtful about their advertising and marketing strategies to attract customers.
According to expert marketers, laser-focused targeting and personalization are critical for future success. Plus, financial service providers should focus on effective messaging and always-on marketing like PR for branding across diverse mediums.
Take a look at the financial service marketing trends likely to attract more consumers.
For business owners looking to expand their clientele, the COVID-19 situation presents substantial obstacles. A poor economic outlook will likely mean fewer new clients in the medium run. However, a disrupted sales cycle has forced financial sector CEOs to reevaluate their prospecting strategy to determine the effectiveness of their front line.
Also, executives and marketers are implementing more virtual prospecting ideas to yield better results. Financial service providers are doing everything from sending weekly emails to potential prospects, updating the website, and holding webinars.
More Personal Data of Banking Customers
Consumers are more willing than ever to grant FSIs access to their data to receive digital offerings suited to their unique needs.
According to a survey by Ernst & Young, “Clients are now more eager to exchange data with financial services providers they hire across the board.”
It’s interesting to note that customers are also willing to divulge more information about them, including sensitive information about their non-financial personal information, preferences, online behavior transaction information at other FIs, and information about their jobs.
There is no doubt that mobile marketing is expanding. It is one of the financial services marketing trends you must recognize if you want to connect with your consumers.
This applies to mobile marketing that optimizes apps and websites for mobile devices, geolocation, rewards, in-app notifications, and support for voice search and other capabilities.
For instance, major financial institutions like JP Morgan are developing Alexa tools that let users ask Alexa questions about their accounts and marketing. Banks can utilize relocation to gather information on the most popular branches and the places where customers spend the most money and then use automation to anticipate those areas.
Although micro-targeting is a developing trend in many aspects of marketing, it has particular importance for the finance industry. Financial institutions may develop incredibly effective modular marketing programs that are automated and provided based on unique customer demands with more data.
Utilizing an “If This, Then That” strategy for marketing, where prospects view particular content based on the data they have supplied, is possible with this kind of platform. While there will be little data on brand-new prospects, campaigns can use predictive analytics, retargeting, and dynamic pricing to give personalized prices, quotations, and approval before the person becomes a client.
One of the most popular financial services marketing trends today is customer outreach, which enables financial firms to accomplish their branding goals and enhance the community.
Simple workshops, ongoing financial literacy sessions, one-on-one consultations, and other methods of customer engagement are all included. However, it does allow you to engage with the neighborhood, establish a direct line of communication with them, and give something back.
Here, your objective should be to meet a need or resolve an issue rather than to sell people your goods or services.
Remember that trust and customer awareness are sufficient rewards. However, you can provide clients who attended a session with discounts if they open an account and with targeted assistance to help them put what they learned into practice. Depending on your approach to consumer outreach, this will vary greatly but can be very profitable.
Strong forces of change are reshaping global commerce and society. The financial services sector is at a turning point as a new economy focused on people begins to take shape.
Without having to make significant trade-offs between positive social effects and profits, forward-thinking businesses may play a significant role in rebuilding public trust and fostering an inclusive and sustainable society by adopting a higher bottom line.