Digital Marketing for Banks - Capitalizing On New Opportunities in Digital to Strengthen Your Marketing Strategy

A Fujitsu Global Survey revealed that 89% of all finance companies are working toward digital transformation. This showcases a seismic shift in the business processes through the leveraging of digital technologies, paving the road for digital customer journeys. Such a shift has surely opened up new opportunities for banking institutions to capitalize upon and strengthen their marketing strategy.

The New Landscape of Digital Marketing For Banks

Presently, the new landscape that facilitates digital journeys has made things much easier for customers. But it’s a whole different story for marketers trying to get the attention of prospective customers. Another thing that has added to this ordeal is the diversification of digital channels. Banking institutions have a lot of marketing channels they can use to reach and engage with customers, but what are the most effective ones?

Sarvesh Bagla, CEO & Founder of the Digital Agency Techmagnate, said in an interview on Enterprise SEO, “Enterprise SEO can help brands dominate a particular industry, and in the case of the BFSI industry, banks stand a chance of gaining a significant advantage over their competitors by swiftly increasing their Share of Voice.”

He goes on, “When brands compare the performance of Enterprise SEO with other marketing channels and realize that organic leads have a significantly higher conversion rate at a significantly lower cost per acquisition, they finally start appreciating the true power of SEO.”

Leveraging Enterprise SEO, Mr. Sarvesh Bagla’s agency Techmagnate increased the web traffic by 270% for an NBFC by 270% in a span of six months. The digital agency also amplified the digital presence of a BFSI leader (ORM) by delivering a growth of 8X in the top 3 search results.

Clearly, Enterprise SEO is a new trend that banks must capitalize on to strengthen their marketing strategy. More importantly, the keyword universe for the banking industry saw a significant boost in the search volume, or in simpler terms, the number of queries. Let us check its snapshot below -

Making Digital Marketing Successful for Your Bank

To successfully capitalize on this new trend, banks must develop a strong Enterprise SEO strategy that involves identifying the keyword universe, aligning various marketing departments, and managing the scale well, which seems to be the hardest challenge to overcome.

Furthermore, the need of the hour is to understand the customer journey. An effective strategy fordigital marketing for banks must encompass every touchpoint of the customer journey. This includes capitalizing on the new trends and identifying the channels through which your target customers are engaging with your bank. Basically, banks need to beSMARTabout it.

SMART -

S - Specific

M - Measurable

A - Achievable

R - Realistic

T - Time-bound

That sounds easier in theory, but how do you ensure it? Banks must define their objectives, whether that is revenue, website traffic, blog traffic, reputation building, or a combination of all. This should be followed by definingmeasurable success metrics and assigning realistic timelines to each task.

Implications for Banks Unable Keep Up with the Latest Digital Marketing Trends

Banks may face severe consequences if they fail to capitalize on the new opportunities in digital. There are someimmediate dangers, such as -

Witnessing a decline in new customer acquisition,

Being unable to engage with the customers effectively,

Losing out on new revenue streams,

And losing a significant market share to competitors.

However, there arelong-term dangers, too. Customers mayperceive a bank as irrelevant due to its minimal digital presence. Andcustomer perception is rigid; it’ll be very difficult for banks to change this mindset, which could negatively impact their brand reputation and customer trust.

Digital transformation of the banking industry has opened up new opportunities for banks to engage with their customers and build stronger relationships. To capitalize on these opportunities, banks must embrace new digital channels and technologies, develop strong digital marketing strategies, and understand the customer journey.

By doing so, banks can deliver more personalized and valuable customer experiences and remain not just competitive but dominate the market.

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