Digital transformation is a major issue for all departments of the company and more particularly marketing and communication. Like all businesses, retail banks must change the way they operate and implement a digital strategy in order to effectively meet new customer expectations in terms of the fluidity of distribution channels and the continuity of banking services.
Daily, customers and prospects look for answers related to their financial issues; they ask their network but also Google. Research to find the best interest rates, to collect opinions on the quality of service of the bank or to understand the effectiveness of an application. With so many information points available, it is crucial for a financial institution to integrate an effective digital strategy into its marketing strategy.
However, the integration of digital within its organization and especially its marketing strategy is not limited to these aspects. While the growing digital landscape is forcing banks to make certain adjustments in their services and offerings, they can still harness the power of digital even more to deliver innovative, multi-channel experiences to their customers.
Digital is an opportunity for banks to listen to consumers and obtain information, with the aim of providing targeted and differentiated solutions that meet their financial needs. The integration of digital marketing thus offers several advantages.
Design of a user-cantered customer journey
Thanks to digital marketing, institutions could define more relevant and differentiated customer journeys. This allows for a highly personalized strategy of speed and ease of use for all processes including obtaining and approving a loan, opening and understanding account usage and shorter processing times for transactions.
To achieve this level of defining customer journeys, banks must act quickly to acquire knowledge and skills in user experience and user interface.
Personalization, data exploitation and advanced analysis
The rise of digital and its use has led to an exponential growth in the amount of data that banks have on their customers. The latter now have all the information available to define the points of the customer journey. The analysis of this data is an interesting solution to remain competitive in the market.
Through their use, banking institutions can offer products and services tailored to individuals in real time. Processes that are already used by companies such as Amazon which manage to offer products by anticipating user research.
Have regular interactions with your customers
Digital marketing is also a great opportunity for brands to improve their customer service. The latter face customers whose influence on the quality of service is increasingly significant and whose expectations are multiple. They want immediate, effective and practical help today. Whether it’s a product and service issue, a technical issue, customer service is in many ways at the forefront of these new demands.
To meet these needs, banking organizations can adopt different tactics. For example, it is possible to set up a live chat on the website. An effective tool, it allows instant answers to questions from customers and prospects about the institution’s products or services.
We can also talk about customer service through social networks such as Facebook Messenger, WhatsApp or Twitter. In addition to being useful in customer relationship management, social networks, with 191 million active users in Africa, are ideal platforms for recruiting new customers, but also for increasing awareness and sympathy.
Reach the consumer via mobile
Connections are made through smartphones and tablets rather than desktop computers. Indeed, mobile has 1.040 billion users on the continent or 82% of the population. Mobile marketing is therefore becoming a profitable and easy way to reach a new target population mainly made up of young consumers. By implementing a mobile marketing strategy, it is possible to reach consumers through e-banking applications and enhanced mobile sites. It also assumes that these different supports put in place offer attractive experiences.
Text messages (SMS), multimedia messages (MMS), push notifications, geolocation and other mobile tactics can be used by financial institutions to reach consumers on their portable devices. Targeting can thus be done to reach consumers on their smartphones and tablets with timelier bank account updates, transaction alerts, exclusive offers, new products and personalized information.
Attract more consumers with content marketing
Content marketing or content marketing is a good opportunity for people to understand the benefits of being banked. It offers an opportunity to communicate in an educational way through multiple channels to attract and convert new consumers.
Banks must use content marketing, having an educational and fun approach, which will establish a relationship of trust with the consumer. Building relationships with consumers will become vital in the future, because in an increasingly competitive environment it is crucial to convince and retain consumers.
Content marketing is one approach that achieves this goal. It also helps improve SEO. As a result, a bank’s website can rank higher and more often in search engine results such as Google, improving brand visibility, website traffic and increasing the number of leads.
As your prospects and customers search online for answers to their financial questions and needs, you make sure they find your bank rather than a competitor’s.
In the end, digital provides numerous advantages to banking institutions, whether to improve their visibility (and this thanks to content marketing) or to improve customer service. Likewise, digital technology offers banks the possibility of easily collecting customer comments, which will help provide better services.
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