Digital Marketing for Banking – Leverage New Digital Opportunities to Enhance Your Marketing Strategy

A global survey by Fujitsu revealed that 89% of financial companies are engaged in digital transformation, indicating a dramatic change in business processes through the use of digital technologies, paving the way for a digital customer journey. Such changes are certainly creating new opportunities for banking institutions to leverage and enhance their marketing strategies.

New Horizons in Digital Marketing for Banking

Today, the new environment that facilitates digital journeys has made things much easier for customers. But it's a whole different story for marketers trying to capture the attention of potential customers. Another factor that's adding to this challenge is the diversification of digital channels. Banking institutions have a multitude of marketing channels they can use to reach and engage with their customers, but which are the most effective?

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Sarvesh Bagla, CEO and founder of digital agency Techmagnate, in an interview on enterprise SEO said, “Enterprise SEO helps brands dominate a particular vertical. In the case of the BFSI industry, banks can rapidly increase their share of voice and gain a huge advantage over their competitors.”

He continues: “When brands compare the performance of enterprise SEO to other marketing channels and realize that organic leads have significantly higher conversion rates and a significantly lower cost per acquisition, they finally begin to understand the true power of SEO.”

Leveraging enterprise SEO, Sarvesh Bagla's agency Techmagnate increased the NBFC's web traffic by 270% in a period of six months. The digital agency also strengthened the digital presence of a BFSI leader (ORM) by increasing its top three search results by 8x.

Clearly, enterprise SEO is a new trend that banks should leverage to enhance their marketing strategies. More importantly, the banking industry keyword universe has seen a significant increase in search volume, i.e. number of queries. Let’s take a look at the snapshot below:

Making banking digital marketing a success

To take advantage of this new trend, banks will need to develop a strong enterprise SEO strategy that involves identifying the keyword universe, aligning various marketing departments, and properly managing scale, which is likely to be the most difficult challenge to overcome.

Moreover, the need of the hour is to understand the customer journey. An effective digital marketing strategy for banking must cover every touchpoint of the customer journey. This includes leveraging emerging trends and identifying channels through which target customers engage with the bank. Essentially, banks need to be SMART about this.

Smart –

S – Specific

M – Measurable

A – Attainable

R – Realistic

T – Time limited

Sounds easy in theory, but how do you make it happen? Banks need to define their goals, whether that be revenue, website traffic, blog traffic, reputation building, or a combination of all of these. They then need to define measurable success metrics and assign realistic timelines to each task.

The impact of banks not keeping up with the latest digital marketing trends

Banks could face serious consequences if they fail to take advantage of new opportunities presented by digitalization. Immediate risks include:

We have seen a decline in new customer acquisition,

Unable to effectively engage with customers

Loss of new sources of income

And you lose a significant amount of market share to your competitors.

but,Long-term dangersAlso, customersPerceive banks as irrelevant With almost no digital presence,Customer perception is static. It will be very difficult for banks to change this mindset, which could have a negative impact on brand reputation and customer trust.

The digital transformation of the banking industry is providing banks with new opportunities to engage with their customers and build stronger relationships. To capitalize on these opportunities, banks need to embrace new digital channels and technologies, develop strong digital marketing strategies, and understand customer behavior.

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

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