Technology A Game Changer in implementing Marketing Strategy and a great support to marketers in the Digital Era and Pandemic times
The last few years have seen banks making huge changes as they adapt themselves to an evolving technology environment. From providing customers the ability to bank online to offering apps for their phones and even providing capabilities to transact using their watch, banks have come a long way from the brick-and-mortar days.
It was not that long ago when banks only needed a basic website to put them on the digital map. But that is history now.
Did you know that
- A third of the 3.5 million searches on Google now are voice-based searches.
- Experts predict that in the US alone, the use of voice assistants will grow by 128.9%.
- Chat bots are another growing trend. With the global chat bot market touching $1.2 Billion, 45% of customers prefer communicating through bots rather than calling a bank direct.
Website, mobile phones, social media, customer relationship management systems, etc. are examples of channels, touchpoints and technologies that affect marketing. While the bank’s marketing department and their strategies have not seen big changes, there has been a dramatic change in the implementation and roll out of the strategy using technology.
- Neobanks or digital-only banks are re-defining the future of banking across the world. The San Francisco-based neobank Chime, already has more than 2 million consumers and is adding more per month than Wells Fargo or Citi! APIs are becoming more and more common with both banks and fintechs.
- Speaking of fintechs, the PwC Global FinTech Survey said that bankers felt that more than a quarter of their business could be at risk of being lost to standalone FinTech companies within the next 5 years.
New technologies like blockchain and artificial intelligence (AI) will have the greatest impact on banking – where blockchain can help streamline processes and cut costs, with AI helping in the areas of customer identification and authentication, while replacing live employees through chatbots and voice assistants.
- Customers see technology as something that enhances their lives – and take to mobile wallets and APIs quickly. They expect seamless transitions from any touchpoint to the other and want unified experiences, regardless of when, where or how. Today's banking customers want choice and control – access to financial products where, when and how they choose.
- In other words, Banks going digital is not optional anymore. It is main stream now. They have to keep up or be left behind.
In such a scenario, there are some useful tips that can help Banks up their game and help them create engaging experiences for each of their customers.
- Focus on the mobile.It is a known fact that mobile ads will contribute 62% of the digital ads in the next four years. Smartphone penetration is growing at great pace leading to the evolution of this new advertising platform.
- Do videos. Customers respond better to emails with videos. Studies show that when there are videos in emails, the chances of customers clicking the link goes up 200–300%. And when there is a lot of content that needs to be shared, most people prefer to watch than read about it.
- Use artificial intelligence.Artificial Intelligence is starting to play a huge role in marketing in the areas of decision making and planning.
- Embrace insight driven marketing.A person produces about 1.7 MB of data every second. It has been said that companies collect about 75,000 data points about an individual. The Market Intelligence Company IDC predicts that the world’s data will grow to 175 zettabytes in 2025. This data has the potential to present banks with a tremendous amount of insights which they can use to engage with their customers better.
- Through all the data about customers, it is possible for banks to be aware of and track each customer’s journey and with this priceless information in hand, banks can make it with all their marketing interventions.
- It is important to ensure that customization and personalization is a part of the bank’s marketing strategy. This goes a long way in increasing response rates, conversion, loyalty and improving product penetration.
- Since customers use a variety of channels to engage with their banks, it is important for banks to include an omni-channel marketing reach is included in their strategy. This will help banks connect with their customers without delay and in channels of their choice. While going omni-channel, it is important to ensure that the messaging is unified across platforms.
The pandemic has changed how we live – and marketing is no exception to that. There is a great pressing need to reinvent the way banks engage with their customers – it could be through different channels. Or it could be a different approach.
- Since acquisition is quite nearly impossible in this scenario, it is a good idea to take a look at the customers you already have. Cross sells and Up sells, apart from family accounts and accounts for dependents could be the focus of marketing activity.
- It might be a good idea to innovate or add to existing products – showing a clear differentiation in terms of features, services, technology, etc.
- Be where your customers are. If they are on social media, then that is definitely a place for you to be.
- And never waste an opportunity to educate your customers about your products and services, helping them plan their finances efficiently.
- Use blogs and other kinds of content that can help with product knowledge and various query resolutions. Include testimonials from happy customers which will go a long way in persuading the ones who consume them, to commit.
Marketing automation makes most of these processes a breeze. With the right strategy and the know-how a good technology platform can help a marketer handle all the marketing operations at scale and with much better outcomes than the manual counterpart.
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