These trends will not only benefit financial institutions but their customers as well.
Technology-driven marketing trends are benefitting all companies and financial institutions are no different.
It seems every year there are new marketing trends emerging for every sector. The financial sector is no different as financial institutions thrive to provide better customer service practices to keep up with a market that’s continuously demanding better customer experiences.
Financial Services Marketing Trends 2018
Personalization is necessary for any company looking to increase their number of customers. Customers are more inclined to stay with a financial institution that treats them like an individual rather than a just another number. Financial institutions that focus on personalization stand out compared to their competitors. Companies that commit to providing more personalization create higher levels of customer satisfaction and brand trust.
The best way to develop customer trust and improve the customer experience companies offer is to deeply understand customers and how they engage with the brand. Managing data effectively is essential to accomplish this, yet almost half of financial services marketers feel they lack the skills and capabilities to manage data effectively. To help financial marketers feel better equipped to manage data effectively, financial services providers need to manage data on a corporate level and a local level as well. In 2018, many financial marketing professionals will understand the benefits of adopting a data-driven marketing plan to make more informed decisions.
As 2018 progresses, many financial marketers are beginning to understand the benefits of using distributed marketing to power omnichannel campaigns. Technology has allowed many companies to forget about direct mail and print methods and focus on digital methods to connect with their customers. Financial institutions are different, though, as they still see the benefits of using traditional methods. With the number of media channels financial service marketers must manage, they need omnichannel campaign management tools to guarantee they’re achieving brand consistency across all channels. Omnichannel campaign management tools will also ensure marketers that they are meeting industry regulations and brand compliance. A distributed marketing platform can help marketers oversee and manage omnichannel campaigns on a local level.
Financial Services Digital Marketing Trends
- Social Media
- Marketing Analytics
- Online Video
- Email Marketing
Many companies are noticing the benefits marketing through social media brings them. This is true for all companies, even financial institutions. Financial services are starting to understand that social media cannot be ignored as one complaint from an angry customer can go viral quickly and these companies need to be there to prevent the complaint from getting worse. Most customers today require personalized attention. While financial services have the data they need to provide their customers with this type of attention, they have yet to use that data to provide it to their customers.
This is an issue for financial institutions and they need to start using gathered insights to up-sell, cross-sell and nurture their clients. Many financial services providers have discovered the benefits of online video but have yet to discover a way to attract customers rather than interrupt them. This is a mistake as online video has the potential to benefit a company who uses it correctly. When it comes to email marketing, financial institutions aren’t using it. These institutions are still only using email for operation alerts rather than marketing. This huge untapped asset financial institutions are neglecting, could provide many benefits to them, if only it were being utilized the correct way.
There are many trends in financial services that providers are still neglecting or not using in the best way possible. It seems that financial institutions are slow to adopt new marketing trends and take advantage of the many benefits they can provide. As technology becomes even more ingrained in our society at home and at work, financial institutions will have an easier time implementing technology-driven marketing trends.