7 Top Digital Marketing for Banks Trends: A Complete Guide

Digital marketing for banks has been bought by the revolutionary digital era. Now, digital marketing has become such an essential part of every business. You can perform any task from the convenience of your home. So, how shall banks reach its target audiences at the tip of their finger? With these unique, focused targeting techniques presented below.

While some banks fail to keep up with the pace of technology, the ones that do, are able to reach far-fetched customers to whom the location of the bank doesn’t make any difference in making decisions due to the convenience and reach it offer. For any strategy of marketing for banks to work, it should have personalized touch, offer good customer experience, focused segmentation and targeting and a well-defined audience to get qualitative results.

What is Bank Marketing?

Strategies created and implemented to perform marketing for banks through traditional and digital media for attracting and acquiring new customers to the business. As per the type of bank, their purpose with the campaign and the image them want to create around the brand, the bank marketing technique is created and implemented. While traditional marketing strategies attract limited audiences these days, it is important for banks to reach their target audiences through digital strategies.

Why Does Banks Need a Digital Marketing Strategy?

There are several reasons for banks to shift their strategies from traditional marketing to digital marketing for banks. They are:

1. Consumer mindset have changed from being dependent on traditional media to the content on digital front.

2. With the growth in technology, there is a significant growth in banks operations which has eventually made it easy for consumers to connect and work out with banking requirement from anywhere around the world.

3. Consumers visiting local branches of banks have significantly reduced due to the quick access of their bank accounts at the tip of the finger. This has reduced the need for the banks to be locally available for their consumers.

Also Read: 8 Creative Senior Living Marketing Ideas

Strategies to Perform Digital Marketing for Banks

Marketing for banks digitally is different compared to the other business or institutions as they deal with financial products, requires educating customers and building trust with them. Below are the strategies that work well for banks on digital front.

1. Targeting Local Demographics

Since the people around the bank’s branch have fair idea about the bank, they have faith in banks operations which later eventually turns into trust. When you focus on local audiences, you can generate leads and consumers on larger scale quickly as you know the local audiences’ requirements and what do they need from you. For e.g.: if your bank is near a school, you can offer student loans at affordable interest rates which will boost your sales. For this, you can perform Local SEO, create a Google My Business profile, run localized digital ads and more.

2. Connect with Customers Where They Are

Most people these days are on social media. It has become a hub for people who wish to reach out to their relevant, large market target audiences. As per a survey by PwC, more than 34% customers would prefer not visit bank branches.

And in the same survey, researchers found that about 25% consumers are willing to open an account digitally. So, reaching out to the right audiences, creating a funnel for them to reach the right links will help you win and gain larger target audiences through banker marketing.

3. Increasing Push for Competitiveness

Be it a small bank or a large bank, every bank is growing their reach through digital marketing for banks. Though with greater amount of money invested in marketing budgets by large banks, increase their presence across different digital platforms with increased efficiency, they can cater to larger audiences as compared to small banks.

But nevertheless, each digital efforts pay off their benefits. For digital bankers marketing, you can generate Google and Social Media ads with retargeting in the mind, this will grow trust and eventually sales in long-run.

4. Integrating Digital Services and Apps

With increased net banking, UPI and individual banks apps options, consumers have shifted from visiting bank branches to visiting these apps. Major banks have created their apps with the goal of catering to all the customers need at this one stop for convenience and long-term relationship building. These apps act as a bank branch for all the banking services that a consumer might be looking forward to.

5. Improving Customer Outreach

Reaching out to customers through emails and other outreach mediums while teaching them how online banking works and how it will make their lives easier will build their trust which might eventually generate sales for your bank. This content marketing for banks strategy makes your prospects believe that they know more about your bank and they are familiar to your services so they can trust you with their money.

6. Segmenting, Targeting & Personalization in Digital Marketing for Banks

Segmenting is dividing the market and selecting your probable marketable audiences. Out of those probable audiences, targeting the ones that you wish to cater to. This target group must have similar interests that will get you to the next step. Once you are focused to one kind of audience, you reach out with personalization where your target market receives personalized message about your bank.

Example of the above process: You segment your large market to reach only the local demographics, then you target a set of people like senior citizens around your banks local branch. Then you reach out to them through personalized emails (scripted and made personalized through software), or through ads and more, and in the entire process have several touchpoints like website, your social media page, your app or some informative guide about your bank.

This personalized experience increases their chances to choose your services for all their future banking needs. You should cater to them through omnichannel, which makes your prospect go through your bank’s more than one touchpoint. This generates more awareness and value to your bank’s image.

7. Prioritizing Customer Experience

With greater digitalization, people are more aware about all the bank’s offerings and their services. The more you focus on enhancing customer experience, the longer the customer stays put with your bank. How can you enhance customer experience in today’s competitive world? – by providing a one-stop app that caters to all their requirements, 24×7 customer service for doubt resolution, better interest rates, strong digital presence and more.

Also Read: Local SEO for Small Businesses

Conclusion

Digital marketing for banks is different as compared to other products and services but when focused on offering the best possible services, these banks can cater to larger audiences with greater reach and higher scalability.