5 Digital Marketing Trends in Financial Services
Financial services are rapidly digitizing, moving formerly confidential and exclusive programs from in-person to online in an effort to create convenience and more touchpoints with consumers throughout the year. At the same time, this shift in product distribution represents a massive change in financial services marketing and sales tactics, which must also move towards creating personalized offerings and services – in tune with the greater customer-centricity of online sales. Both of these shifts mean that you must be at the forefront of digital marketing trends in financial services in order to reach new and existing audiences.
At the same time, banking organizations also rely heavily on consumer trust, and many of the trends in 2020 for marketing financial services reflect that. This doesn’t have to be at odds with the digital shift: financial services are focused on improving the customer experience, building stronger relationships, and using data to deliver the tailored experiences consumers crave. These trends can help even small financial services providers to move their marketing tactics in line with what consumers expect and demand, to optimize their approach and strategy, and work to grow their brand at a local and global level.
Top 5 Digital Marketing Trends in Financial Services
1. Omnichannel Financial Services Marketing
Customer touchpoints are changing from a few large-scale touchpoints (bank visits) throughout the year to a series of much smaller touchpoints, where consumers interact with your brand fairly regularly. Banks are quickly capitalizing on this, understanding how omnichannel enables brands to better engage with consumers to build trust and loyalty. Financial services are moving into channels including social media, apps, and even SMS, increasing touchpoints and visibility to further build consumer trust.
2. Data-Driven Digital Marketing for Financial Services
While 40% of financial services professionals believe they don’t have the tools to implement data-driven digital marketing, the use of data in creating and targeting financial services marketing campaigns is growing. Most financial organizations own massive amounts of historical data which can be utilized for predictive marketing programs, marketing AI, and consumer targeting to offer better and more tailored ads, content funnels, and even support based on specific customer data and how individuals engage with your brand. With many financial services operating on local and national or international levels, data-driven marketing also gives finance marketers the tools to tailor programs to local needs and considerations creating more resonance and trust with local consumers.
3. Building Micro-Moments
Micro-moments occur when consumers think of something and immediately look it up on their smartphone or computer. Modern technology enables consumers to research and find what they’re looking for faster than ever before, and banks can greatly benefit from financial services digital marketing trends. Using automation and AI to generate immediate answers, providing content for search, and using predictive analytics to determine when and why consumers spend helps financial organizations to better predict and prepare for consumer needs. For example, chatbots fill gaps in helping consumers to get immediate answers. Pre-approval for loans helps consumers who spontaneously decide to buy a car. And successfully predicting when consumers are likely to buy a home enables banks to better predict how and how much mortgages should be, so they get answers from you right away without ever getting the chance to consider a competitor.
4. Predictive Analytics for Financial Services Marketing
While predictive analytics tie into most other digital marketing trends in financial services, they’re important to consider as perhaps the most important trend. Machine learning has the ability to redefine financial marketing using lead scoring, historical data, and buyer activity to score importance, preferred communication methods, and build more tailored products and services. If you know what stage of the buying journey your customer is in, what they are likely to do based on predictive data, and what they need, you can offer them a better solution so that they are happier with their service.
Financial services marketing trends are rapidly moving towards digitization and automation. Digital experience platforms, apps, API, chatbots, and automation are all playing a part, as modern marketing moves away from simply selling and towards creating a single consumer experience offering personalized and even individual marketing for the customer.
5. Personalization in Financial Marketing Services
Personalization has remained a large focus for financial marketers for some time, but in 2020, the trend continues to grow. In fact, 55% of financial services marketing professionals intend to increase their investment in personalized marketing with the intent of improving customer service and driving brand trust. For example, some marketers are leveraging tools like data collection in apps to offer pre-approval for loans and mortgages, so customers always know how much they qualify for. Others are creating target groups with custom content and information or workshops. And, with AI increasingly available to deliver individualized experiences to each customer, larger-scale initiatives are enabling financial services to market unique services to individual customers based on their data and previous interactions with the bank.