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SECTORAL STUDY

Banking Marketing: Digital Strategies for Banking & Finance

Banking marketing is one of the most important challenges for the financial sector, which is facing a major transformation due to the digital revolution. 

RESEARCH REPORT

The peculiarities of the banking sector

Banking marketing is one of the most important challenges for the financial sector, which is facing a major transformation due to the digital revolution. The banking digitization process has been suddenly driven by the change in the business model: the emergence of fintech companies and a change in the mentality of banking customers are just some of the reasons that have led to a process of digitization that requires a new way of doing marketing.

Bank marketing finds its great opportunity in search: search engines are essential in any online strategy aimed at selling financial products. But it is not the only way. The challenges of financial marketing in a society that is already digital there are many in a scenario of strong technological competitors, and that is why an adequate banking marketing strategy can make the difference in achieving or not achieving a good position in the market.

Financial marketing that excites the client

Clients are not numbers in an excel table, they are people with a family, a job, a handful of experiences and also some needs. That's why getting them excited and making them feel challenged is one of the great challenges of bank marketing. Above all, after society's loss of confidence in banks, and in a scenario in which products hardly have any major differences between some brands and others.

Knowing the emotions of consumers linked to banking helps to generate financial marketing strategies. According to the study "Emotions in the banking sector for individuals in Spain", by EMO Insights International, in the financial sector there appear positive emotions such as trust, surprise, joy or gratitude among users who are thinking of contracting or who have already contracted a product of this type. On the other hand, they also underlie negative emotions such as irritation, frustration, disappointment, or insecurity. Working on strategies that support positive emotions and mitigate negative ones can be very helpful when implementing a financial marketing plan.

Bank marketing strategies to sell more

The question that many banking marketing directors ask themselves is what financial marketing strategies should focus on in order to obtain good results in attracting customers, growth in volume contracted or brand awareness. Below we offer some recommendations from our experience with important clients in the sector.

Optimization of the user experience.

After a few years of digitization, people are starting to become more savvy. They browse from different devices, manage more sources of information, spend more time comparing and, in short, they have become much more demanding. That is why it is important to bring the digital transformation of the company to the end. Each customer contact with the brand must be perfect and here the user experience has a lot to say. The usability of your platforms should not have gaps regardless of the device from which they are accessed. In addition, it will be important to maintain homogeneity and coherence between the different channels of the brand. Finally, the synchronization of user data at any of the interaction points must be taken into account.

Analysis of customer behavior

Big data is here to stay. Analyzing user behavior data is going to be increasingly important for companies and for their ability to adapt to the new needs of their customers. The data generated by consumer activity can help create specific offers, segmented content and an experience that brings true value to the consumer. Only when we are able to understand the client, we are able to help him better.

Mobile-first approach

Although traditionally it was necessary to access the desktop version of a site to obtain all the services, customers are increasingly demanding to be able to manage their products from their mobile phone; and not only to make small queries but to carry out any type of activity. A mobile first approach will make the user feel much more comfortable when interacting with the brand. The feeling of agility, ubiquity and constant availability will be one of your main assets to show that you are dealing with a company that solves problems and offers alternatives.

Personalization of the experience

A brand that offers a personalized service for each user is putting the customer at the center of the business, and that is the real secret of success. With big data we take advantage of latent opportunities and with microdata we make the user feel challenged. Studying their navigation modes to favor usability or showing products related to those you already have contracted are two easy formulas to make you feel important and to improve customer orientation.

Security is the foundation of trust

Banking and insurance are two sectors in which trust is key. In fact, they manage two of a person's most precious assets: their savings and their security. So if a client does not trust a bank, it is most likely that they will not end up contracting any product. Ensuring that customer transactions and data are always safe is something that never enough resources are invested in. A mistake here could have very serious consequences for the business.

If you are thinking of implementing new marketing strategies for your business, remember that you can contact us. Our team will give you the keys to draw up a successful financial marketing strategy. We have extensive experience in advertising for banking entities and we know the sector very well.

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Tony Masero

Strategy Director at Hill Planet
Toni collaborates with senior executives and board members to help them transform their analytics and digital operating models.

Natalie Munoz

Marketing Manager at Hill Planet
Natalia helps her clients achieve high performance through profitable growth, accelerated innovation, and organizational agility.

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