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 marketing and sales tactics, which must also move towards creating personalized offerings and services – in tune with the greater customer centricity of online sales.
Banking organizations rely heavily on consumer trust, and many of the 2018 financial services marketing trends reflect that. 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.
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.
While 40% of financial services professionals believe they don’t have the tools to implement data-driven marketing, the use of data in creating and targeting 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.
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 it. 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.
Predictive Analytics for Marketing
While predictive analytics tie into most other financial services marketing trends, 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
Personalization has remained a large focus for financial marketers for some time, but in 2018, 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.
Learn more about how you can stay ahead of the curve in 2018 with your digital marketing strategy. Download The Ultimate Guide to Financial Digital Marketing!