How banks can explore the digital experience marketing trend

Given that it accounts for about half of all bank marketing expenses, digital marketing for banks is becoming more and more important. At the same time, many local banks find it difficult to keep up with emerging banking-related digital marketing trends, frequently behind major banks with far bigger budgets.

The following banking digital experience marketing trends introduced by SmartOSC Fintech are among the most crucial.

Increasing Push for Competitiveness

Everyone uses digital devices today. Almost all banks will have a presence online, whether it is through social media, videos, or PPC advertisements on Google and Bing. The majority of banks think that in order to boost the effectiveness of their advertising, they must spend more on digital marketing and work more across all platforms. 

Additionally, digital experience marketing and advertising are expanding swiftly, with 17% of firms now allocating more than 50% of their marketing spend to online media, up from 14% in 2017. The majority of businesses commit less than 40% to mobile marketing, although spending is growing. This is a continuation of the bank marketing trend.

Chatbots

With the availability, complexity, and sophistication of alternatives for digital marketing for banks increasing, chat is one of the parts of digital experience marketing that is expanding the fastest(opens in a new tab). Customers frequently and urgently want responses without having to pick up the phone and dial. 

Offering 24/7 chat services with an advanced chatbot in place is quite beneficial, even though it shouldn’t be your primary method of client assistance. Additionally, banks may respond to fundamental and often-asked issues via chat rather than a less user-friendly knowledge base.

Personalization

Big data enables banks to target specific individuals rather than market sectors as a digital experience marketing trend, improving user experience and personalization. In this case, single-person segmentation is based on tracking users through cookies and other methods, combining and gathering data from omnichannel touch points including the web, social media, and applications.

With 74% of customers expecting companies to treat them individually, this rise in customization is related to consumer aspirations for personalization and connection with their banks. Banks can provide customizable alternatives, modular services and goods, pre-approval for loans and services, and other personalized information by combining machine automation, artificial intelligence, and big data.

Machine Learning

Although they are significant on their own, artificial intelligence and machine learning in banking are crucial digital experience marketing trends of the integration of applications, chatbots, and single-person segmentation. Machine learning is a terrific method to exploit the abundance of data that most banks have access to. 

AI may decide to give the client information and items that are pertinent to them, can refer them to a customer care agent if necessary, and can in general anticipate what the customer needs based on their behavior and actions.

Digital experience platform

While adopting and making use of new technology are central to many digital experience marketing trends, clients are also coming to demand more from banks. Banks must do more given that customers may simply switch banks, receive 24/7 assistance, and evaluate other banks’ offerings at a detailed level. Customer experience should be that “extra”.

DXPs assist businesses in utilizing consumer data across a variety of marketing platforms, including websites, social media platforms, adverts, and client touch points like customer care, e-commerce platforms, and so forth. 

DXPs are mostly utilized by marketers to integrate consumer data into several customer journey phases. Marketers may coordinate tailored experiences across several channels and touchpoints thanks to the extensive feature set of DXPs.

Although banking’s digital experience marketing trends are always evolving, several aspects stay the same from year to year. In order to maximize user happiness, most businesses should concentrate on providing customers with an improved shopping experience that is more personalized and flexible. Give SmartOSC Fintech a chance to help you get the best bank of technology solutions. Contact us immediately!