Data shows that the international financial services sector spent $95.7 billion in digital advertising in 2012. By 2017, this number is expected to reach the $200-billion mark. However, despite the growing expenses in digital advertising, the financial services industry started late in devising its digital marketing strategy. As a matter of fact, while the sector is making an effort towards digitization, other industries are bringing out customer-friendly products the digital way.
The recent technologies are now making it easier for people to apply for short term finance for business use. In addition, opening bank accounts or improving one’s credit is now simpler and more straightforward than ever, thanks to technology. Introducing new financial services and reaching a wider market are now also possible.
Here are some of the digital marketing tools that financial companies and institutions are using on their marketing strategies:
According to statistics, the social media presence of financial institutions grew by 31 percent. In fact, social media are reshaping how financial services are being introduced and advertised in the market. However, research shows that 59 percent of customers are oblivious to the social media accounts of financial companies. This makes the competition open for everyone.
Aside from using social media in ushering in available financial services, companies are now using them in coming up with new banking services. For example, bank customers in Turkey can now make transactions with their bank on Facebook.
Financial institutions can now market their services through web ads. You can now place advertisements on websites that generate great traffic. Some ads work wherein you have to pay for every clicks directed to your website. There are also CPM ads which will require you to pay affiliates sites for every customer interaction or e-mails they collected. Some of the popular CPM ad networks are Criteo and Adtegrity.
Aside from blog articles and white papers, financial companies can introduce their services to consumers using various media. In fact, online video marketing on YouTube is known to be very effective. By conveying the right message and delivering the right content, businesses will be able to target the right set of customers.
Based on Adobe’s research, the most used apps by consumers are mobile apps for financial services. If companies would like to introduce new banking services, they can just integrate them with these applications.