We have talked about artificial intelligence (AI) and Google’s use of RankBrain recently to help you understand the wave of digital...
Not long after the emergence of the digital advertising channel, most industries embraced the new medium, realizing the myriad of benefits. Digital advertising can be a cost-effective way to audience target based on very specific traits. It can also deliver customized messages and collect real-time performance metrics.
Banks and other financial institutions, however, have been slow to adopt digital marketing tactics.
According to an eBook published by Marketo entitled, Don’t Get Left Behind: The Rise of Digital Marketing in Financial Services, this is mostly due to “the existing perspectives of how things should be done and the long time-scales required for their operations. This makes them rather conservative and unwilling to experiment with new and possibly unsafe technologies.” Today, fewer than 15% of banks have mature digital marketing strategies – much lower than other industries.
When it comes to the cross sections of banking and marketing communications, some trends are inevitable. Having a digital and mobile presence has surpassed momentary communications fads – they have become critical tools of convenience and the primary ways many engage with banks. Today, 80% of millennials, and 77% of parents of children under 18, prefer to do their banking online.
Further, marketers are seriously shifting from mass media communications – when asked it was found that 53% of marketing decision makers were decreasing their traditional media budgets, while 91% of companies were increasing digital communications dollars.1
These statistics are part of the larger body of research that demonstrates digital is for everyone, and having a smart, strong online and mobile presence is the baseline to reach current and potential customers. With that in mind, the question today is no longer ‘Should we expand our digital and mobile presence?’ It’s ‘How do we communicate better on digital and mobile platforms?’
Here are some ways to incorporate these concepts into digital communications and marketing for banking:
At Barcelona Creative, we are convinced there is an enormous opportunity for digital communications and marketing within the banking and financial industries, particularly for community banks. We specialize in helping our banking clients capitalize on competitive advantage, make the most of their budgets and win in the digital age. Barcelona Creative Group has extensive experience working with banks and financial institutions, and we know what it takes to compete with banking giants.
You don’t need a thousand branches or a million-dollar marketing budget. You just need the right people on your team. If you would like to talk more about your marketing needs, get in touch.
1.Accenture Strategy, Banking Customer 2020, Rising Expectations; Point to the Everyday Bank