Financial marketing is evolving at a breakneck pace with its prime focus on enhancing its customer-relationship services. With banks being the dominant providers, they are also shifting from an old-school view of marketing to developing new trends in order to stitch together the customers for improving their mutual benefit.
Banks have revolutionized their financial technology over time. Thus, it becomes imperative for financial marketers to stay ahead of the game to meet the growing demand of the customers. They need to think beyond conversions and more about conversations. The stem of such trends roots from the fast-developing technology of Artificial Intelligence, social and political correctness, the expending impact of privacy regulation, and the usage of high-end sophisticated methods and skills taken up to get the job done.
The prevalence and preponderance of blockchain technology
In 2005, the bitcoins and cryptocurrencies were trading at $229 per coin. If anyone had invested in that, then they would have gained a thousand in 2017 and the trend is just skyrocketing.
Despite the vagueness and the volatility of the cryptocurrency, it still dominates the financial marketing. Bitcoin is something that allows one to convert their cash into an electronic version of money. Bitcoin is present in a public electronic ledger (that, of course, does not disclose the personal information) and is held by the public, spreading across millions of computers. That is why hacking the blockchain becomes tough since one has to hack through all the computers (but hacking still has happened, so you are at your risk nevertheless).
Using blockchain has become more beneficial to transfer money by avoiding the complexities of handling paper documents and loss of money. The public digital ledger of blockchain has the capability to make the process of lending more transparent and secure. Moreover, the immutable prospect of blockchain transactions will help in making the entire process of lending money more efficient and faster for banks and lenders.
The inevitable artificial intelligence
Artificial intelligence helps a company to reduce costs, detect frauds, improve customer service, and enhance their revenue. Scientists said that in a few years, AI will have the same intelligence level as humans. AI can use its three types, cognitive automation, engagement, and insights to impact financial marketing and institutions. With the amount of data generated in transactions and other banking-related matters, the risk associated with money laundering, market manipulation, and insider trading cases has increased as they tend to go under the scanner. While the data keeps multiplying exponentially, it becomes unnecessary and futile for the human mind to process them all and give an interpretation.
Chatbots technology and voice-regulation have already started to be in use by various companies to increase their customer interactions. Such automated bot can help customers clear their doubts, inform everything they need to know and explain various processes in an interactive and simple way. These bots can also help analyze customer behavior and allow the companies to produce better products and services.
Machines can analyze the colossal amount of data generated using their machine learning tools. Thereafter, it produces personally curated content at a humongous scale for marketing purposes. AI technology can be used to learn why people leave a company and help in creating patterns to strategize ways in order to prevent people from leaving them in the future.
Videos are one of the most powerful visual tools in marketing. The shorter and valuable the videos are, the better it creates an impact on consumers. Video-based content is easier for the audience and potential customers to understand. Hence, it becomes an effective medium of financial marketing for financial institutions and banks to connect with their customers.
Video making will be one of the never-ending trends that have kept its good conversion value over time. A video can easily display the effort a company has put in to grab the audience’s attention. About 80% of internet traffic is solely based on videos. More and more companies are now using this trend that aims at exploring more about the product’s value and likewise the benefit a customer will gain from that company.
Apart from creating videos, mobile applications, online bank transfer, and website quality also matter. Online bank services will significantly help the financial sector to go a long way in gaining more customers.
Also, Read: 4 reasons to make the switch to online banking
Delivery of original content
Content marketing aims at delivering content to customers in a more personalized way. It builds a bridge between the customers and the company for a better and nurtured relationship. The more likely a company delivers custom content, the more the chances of customer interaction with that particular company. This can help in improving the company’s overall brand awareness and online presence.
The blogs are a tremendous tool to give value to customers. The blogs include the latest news and coverage related to that company and its field; provide insights on technology and suggest strategies and growth opportunities for the users.
Customer loyalty is beyond a company’s products or services. It tends to be more concerned with the value of a product taken in the light of the social and economic status of its customers. This implies that customers notice a company’s views on multiple social issues and expect them to take a stand.
These “emotional triggers” are the major causes of shifting customers from one brand to another. When a brand transgresses, it is more likely that a customer will leave them.
Therefore, companies should have values and notions that are better for the socio-economic lives of people. It must lead towards the sustenance of growth.