2021: Digital Trends Shaping Financial Services Marketing

Feb 22 2021 02:02:13 / By Saiyed Mehdi

We live in an age where most banking functions have been transformed and simplified by the transition to digital. And the integration of technology deep in the financial services ecosystem, has added a new dimension to the competition making it more challenging and exciting for service providers and digital marketing agencies alike.

Due to the complexities involved behind every single element in banking and financial services marketing, churning out a well-built strategy can be a challenge, for digital marketing experts and service providers. Today, 77 % of people use mobile payments for one or the other reason enabling the finance sector to unlock new opportunities with the right resources.

Digital marketing has also enabled financial services industry to apply innovative ideas to ensure improved customer engagement, visibility, and exposure. With new tech-based startups entering the financial sector, the existing players are also ramping up their strategies to stay ahead in the race.

As users increasingly consume content across several digital channels, there is a growing demand for tech-forward marketing strategy for banks that makes digital marketing for financial services more important today than it’s ever been in order to transform how they attract and sell to customers. Here are some of the latest and fastest rising digital marketing trends when promoting financial services.

1.   Content Marketing

Digital marketing agencies and experts create a strong content marketing presence to help brands stand out from your competition. Content marketing can consist of blogs, case studies, print media, videos and various other forms of media that can provide opportunities for banks to grow relationships and build trust with customers.

2.   Chatbots

Chatbots are increasingly being used by companies ranging from e-commerce to therapy services, and even digital marketing agencies in general to answer common questions, allow customers to pay bills, and report activity. Financial services companies can greatly benefit from chatbots to grow relationships with their customers (especially younger generations). Millennial and Generation Z consumers consider AI chatbots convenient, making them one of the most prevalent digital trends in financial services today.

3.   New Marketing Roles

Successful execution of digital marketing strategy for financial services depends greatly on new and latest digital talent. Embracing new, talented individuals can help financial organizations to develop a huge advantage over their competitors to take on digital campaigns. New and upcoming job profiles, especially when it comes to Digital Marketing in Dubai such as “Chief Analytics Officer” and “Digital Project Manager” have the talent and capabilities to bridge data-driven technology and marketing.

4.   Video Content & Advertising

Whether a brand or digital marketing agency, video is one of the most shared content on social media today. YouTube is currently the second most popular search engine behind Google, and video is projected to be more than 80% of all web traffic by the year 2019. Video for advertising campaigns or offering financial education, will be integrated into any digital marketing strategy for banks.

5.   Live Stream & Webinars

Another great way to generate new leads is through video conferences and webinars. Leveraging internal subject matter experts and guests to provide information to prospects and existing customers in the form of webinars and videos facilitate easy storage and access from a common web library. An immersive and informative portfolio of webinars give customers a repository of information they will return to.

6.   Personalization

Personalized product suggestions and offerings using Big Data are part of every bank’s digital marketing strategy. Large tech companies such as Amazon are already leading this wave of change, but small credit unions and retail banks have also started following suit. While the road to personalization can take longer and can’t be rolled-out in one go, techniques such as A/B testing and audience testing provides an idea of customer types that you can segment into similar groups and then be offered individualized experiences using AI and marketing automation.

7.   Data-Driven Digital Marketing for Banks

Social media, emails and website analytics can provide a vast amount of data that can be integrated in the digital ecosystem to allow financial institutions to gauge how well an ad campaign or piece of content is performing. As a plethora of digital platforms find new ways to make sense of data trends to guide marketers, the right mix of automation and content creation can give invaluable insights to achieve targets.

8.   Local Social Media Engagement

Banks and financial service providers have always been perceived to be too impersonal to customers. However, localized content and social media engagement is gradually changing the public perception. Apart from contributing to enhance search engine efficiency, they are becoming quintessential in helping brand reach communities about events and specials.

Investing in the Future

To stay relevant, financial services companies need to keep up to date on digital trends. At Wisoft Solutions, we help banks and financial service providers to build a digital marketing strategy from the ground up.

As people become more invested and adopt services like Apple Pay and Amazon Pay, organizations are determined to provide better offerings than their competition as the primary differentiator. Digital marketing offers financial service providers an excellent opportunity to improve visibility and gain new grounds, focusing on building trust and positivity to help turn customers into brand advocates.