The banking industry is undergoing a massive transformation. Structural, technological data, artificial intelligence and digitisation are changing the dynamics in the world of finance. As a result, marketing in the banking and finance industry has also become more digitised and data-driven. Here are the 10 experiential marketing trends for the banking industry.
1. Mobile Banking
Consumers are frequently seeking information and transactions online and on the go. With smartphones and better connectivity, banking is done on mobile phones. This implies that the bank’s online presence should have a mobile-friendly interface. Moreover, a mobile banking app should not merely be a tool for net banking. Mobile banking apps need to add more value to the consumer’s life through budget tracker built-in, non-intrusive product messaging. Therefore, in-app marketing is an opportunity that can’t be missed.
Consumers expect personalisation in content and service experience. They expect to be treated as an individual and not as a representative of a segment. The Accenture Digital Banking report says that around 33 per cent of customers are ready to end business dealings that lack any personalisation. Advancement in technology makes this possible. To ensure top of the mind recall for customers, ‘Hyper Relevance’ is the key.
Millennials and Generation Z prefer texting /chats as a mode of communication over emails. It's predicted that chatbots will contribute about 80% of business to consumer communication in the next 5 years. Chatbots, Facebook messaging, Webchats and WhatsApp messaging as a marketing tool, is primed to be vital for enhanced consumer experience.
4. Data-driven communication and experience
Marketing now is backed by data, not just guesses. Analytics and data can help in creating a detailed profile and predict behaviour ranging from attentions spans to purchase potential. This implies that marketing will boast of better reach and response. Contextual aware-Artificial Intelligence backed advertising and communication will matter. It will also be important to keep the message real.
5. Omnichannel experiences
Crafted omnichannel experiences that enhance the customer’s journey across channels is becoming important. Seamless, personalised and engaging multi-channel communication is what will retain consumers for a brand. Brands now need to reach out to consumers to build offline and online relations by exploring all avenues.
6. Video is vital
Video consumption continues to grow. As videos are ranked higher in search, they should be harnessed to communicate with consumers. A Deloitte Banking Report mentions that digital self-service and virtual video meetings have the potential to improve branch walk-ins. Explainer videos, testimonials, recommendations, product or trend reviews, expert vlogs, video campaigns, etc will be an integral part of marketing plans.
7. Voice search ready
The next banking query may be done by voice search apps. A recent study predicts that by 2020, half of all searches will be voice-based. Making SEO voice ready requires a different strategy. Conversation-style content that focuses on how, when, where and why will play a key role for voice-based search functionalities. Additionally, this means the implementation of different tonality and designing of marketing communication from visual to a dialogue process.
8. Staying Social
Banking brands will increase their presence on social media. It can be used to promote financial awareness, talk about digital banking benefits and even do follow-ups. Social media will continue to help consumers connect with the brand. Social media will be used to educate and engage the next generation of consumers -generation Z.
9. Content that connects
Information fatigue is a reality. To improve the endowment effect in consumer’s minds, content that connects at the human level will stand out. Compelling content and communication across the channel which enriches consumer’s experience will be preferred.
The Deloitte Banking Report mentions an interesting thing – there is a 31 per cent likelihood of increased branch use if the branches have a Café vibe. Plugin facility, freedom to work from the branch and relaxed atmosphere will change the way banking is perceived – something that most of the banking branches may not offer now.
Digitisation, data, and technology are pushing marketing towards new and greater possibilities. Marketing for the banking industry will increasingly become a mix of data, analytics and technology - all with a real human touch.
(The author is MD & CEO, NeoNiche Integrated Solutions. The views expressed are his own and Indiantelevision.com may not subscribe to them.)