5 BANKING MARKETING TRENDS YOU CANNOT MISS IN 2023
Financial institution marketers last year saw a plethora of new trends and changes in bank marketing. By utilizing more digital channels and enhancing consumer personalisation, bank marketing methods have evolved. Financial firms may anticipate a stronger focus on using data to create interesting client experiences and financial education materials.
1. BRANCHES ARE COOL AGAIN
While in-person branch visits have generally been declining, several top companies are working to revive the glory days of branches by enhancing their digital offerings, such as interactive kiosks, digital financial education modules, and more.
Branches offer wonderful opportunities to connect consumers and offer highly individualized financial education, making them terrific marketing tools for banks. As prominent companies continue to implement banking marketing trends instruments, expect additional investments in employee training and branch redesigns.
2. DIGITAL IS HERE TO STAY
Financial marketers are altering bank marketing tactics to investigate and place a larger emphasis on engaging with clients through more digital channels, even as the in-branch experience becomes more digital to maintain customer attraction.
In fact, according to Forrester, spending on banking marketing trends in the United States is anticipated to exceed $120 billion by 2021.
3. DATA: USE IT LIKE YOU MEAN IT
Financial marketers have a wealth of customer data at their disposal, including purchase histories, demographics, and more. However, growing financial institutions are propelled by marketers who use this data to develop insightful segments and targeted advertising campaigns that will increase customer satisfaction and revenue.
In other words, using data to support the bank’s marketing campaigns doesn’t require them to become an expert in machine learning or artificial intelligence (AI) in banking marketing trends.
4. MARRIED TO CUSTOMER ENGAGEMENT
Personalization and data mix well, much like peanut butter and jelly. In banking marketing trends, though, personalisation becomes simple…and profitable when you have access to the correct data. In fact, one bank saw a $2 million increase in product sales as a result of giving tailored financial education (opens in new tab).
5. FINTECH – BUY VS. BUILD
Financial institutions frequently work with FinTechs to solve their most challenging business problems. Financial marketers can expect banking marketing trends that content will continue to be a crucial strategy for retaining clients and bolstering a sense of trust and brand loyalty.
FinTechs can assist banking organizations in remaining relevant and successful in an increasingly crowded market and with fierce rivalry for clients since they lack the same legacy constraints of financial institutions.
Banking marketing trends in 2023 involve more of an emphasis on data use and individualized customer engagement. Finding respectable and knowledgeable organizations in this industry is essential to having a successful marketing strategy for the bank.
Don’t forget to contact SmartOSC Fintech for more information on other technology issues!