From the past few years, the scope of financial marketing has increased manifold. With the continually evolving technology and consumer behavior, it has become imperative for financial marketers to look forward to the emerging trends occurring in the financial service industry.
In a world where digitalization is spreading tremendously, customer retention is not an easy task. Without adequate planning, financial service providers can’t survive in this highly competitive market. Therefore, in this article, we have talked about the top 10 financial marketing trends to follow in 2020:
1. Artificial intelligence and machine learning capabilities
With the introduction of AI and machine learning marketing strategies, the ability to operate data and give real-time solutions to consumers is gaining momentum. AI-based systems have significantly boosted the power of sending personalized messages to each customer meeting the particular requirements. Another amazing benefit of AI and machine learning systems is automated advertising; i.e., you can now target specific clients with personalized email campaigns also. It is expected that in 2020 AI and machine learning will continue to grow remarkably in financial marketing strategies.
2. Adopt a customer-centric approach
Nowadays, consumers are becoming smarter, and to understand their needs is the biggest challenge among financial service providers. It means that the brands and institutions should now shift their focus on delivering value to persuade people to choose them over their counterparts. With the continuous advancement in technological means, companies in 2020 can now engage in innovative ways to interact with their customers by making a suitable balance of humans and machines.
3. Mobile marketing and optimization
Mobile marketing is ruling the world, and financial marketers need to be more serious about mobile compatibility and mobile-friendly content. More and more people now prefer to interact online on their mobiles. Therefore it is an incredible opportunity for financial institutions to create personalized applications to meet their customer’s requirements like funds transfer, checking credit score, or managing budget.
4. Humanizing digital experiences
As you all know that searching for any product online is just a task of a few minutes. You will get an abundance of choices to make up your decision to buy a product. However, it sometimes leads to confusion as there is a wide variety of products available, and a lack of recommendations makes it difficult to make a suitable decision. Here the role of humanizing digital experiences came into play. By providing a humanized assistance on benefits of prices of commodities, digital channels and institutions can make a huge difference in their long term growth patterns.
5. New ways to connect
In 2020, the influence of social media will increase significantly, as seen in past years. Thus, in this highly social competitive world, financial marketers need to look for new ways to connect with their potential customers and boost their revenue growth:
Undoubtedly, content is always the supreme. High-quality and unique content enables marketers and service providers to promote their products and gain credibility among target audiences. It is only through content that you win over your competitors in various search engines and reaches more people online. By 2020, content marketing is believed to gain the ability to personalize each message by name.
It has been reported that more than 72% of customers make their decision regarding a product or service by watching a video. Visual content leads to more views as it boosts engagement significantly. The impact of videos is growing larger, thus leading to more sales and profits.
With the changing patterns of marketing, many organizations and financial institutions are engaging outside partners in their businesses to take a step forward and generate instant financial results. Influencers and solution providers now constitute an impeccable part of each financial institution’s marketing strategy.
6. Value of personally identifiable information
The value of personally identifiable information is higher than the initial financial information. PII includes information such as date of birth, age, email address, social interactions, passwords, preferences and needs to be protected from hackers for providing the best consumer experience. The use of PII helps in establishing customer’s trust in your brand, and it serves as a salient marketing tool to build huge sales.
7. Chatbots for direct communication
Chatbots is a popular financial marketing trend in 2020 to facilitate direct contact with your customers. It has eased human labor from working long hours by automating customer interaction. The use of chatbots to deliver instant information to the users has proven beneficial in enhancing customer experience and financial services.
For instance, Chase bank in the United States is using chatbots to carry out its bank operations smoothly. It enables customers to find chase routing number online, check credit card score, view past transactions, etc. According to JP Morgan chase bank; they have saved more than 360,000 human hours by utilizing the power of chatbots.
8. The enhanced role of the cybersecurity
Banks and financial institutions are constantly fighting against cyber attacks to protect their customer’s data, assets, or any other confidential information. The risk of cyber attacks from hackers is going to increase more in 2020 as per the latest surveys. Thus, incorporating the older model of cybersecurity would not help, and institutions need to think of something new for this purpose.
9. Sharing economy will be a considerable part of the whole financial system
As far as technological development is concerned, by 2020, the role of banks would considerably change. The term’ sharing economy’ will become an essential part of the whole financial system. This process has already started in vehicles, cabs, and hotels, but financial services will soon start following it. The sharing economy refers to decentralize assets ownership and to use innovative IT ways to find potential clients. It creates a link between service providers and users, instead of reaching to the bank to act as an intermediary.
10. Digital becomes dominant
In this dynamic business environment, internet development and technological digitalization have encouraged efficiently. This approach has started working in the areas of payments, insurance, banking, and money management. Therefore, to carry out digital planning in today’s times is the real challenge. To exist in this highly competitive world, financial marketers and institutions need to bring a digital agenda boosting customer experience and functional efficiency.
So, with the upcoming year, these are the top 10 financial marketing trends to follow in 2020. It would help you to give a boost to your business and improve the customer experience to lead a fruitful financial industry.