Digital Marketing for Banks – Capitalizing on New Opportunities in Digital to Strengthen Your Marketing Strategy

A Fujitsu Global Survey found that 89% of all financial institutions are working on digital transformation. This shows a seismic shift in business processes by leveraging digital technologies, paving the way for digital customer journeys. Such a shift has certainly opened up new opportunities for banking institutions to capitalize on and strengthen their marketing strategy.

The New Landscape of Digital Marketing for Banks

Today, the new landscape that enables digital journeys has made things a lot easier for customers. But it’s a different story for marketers trying to capture the attention of potential customers. Another thing that has contributed to this ordeal is the diversification of digital channels. Banking institutions have many marketing channels they can use to reach and connect with customers, but which are the most effective?

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Sarvesh Bagla, CEO and Founder of digital agency Techmagnate, said in an interview about Enterprise SEO, “Enterprise SEO can help brands dominate a particular sector, and in the case of the BFSI sector, banks have an opportunity to gain a significant advantage over their competitors by rapidly increasing their Share of Voice.”

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

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

It is clear that Enterprise SEO is a new trend that banks need to capitalize on to strengthen their marketing strategy. More importantly, the keyword universe for the banking sector saw a significant boost in search volume, or in simple terms, the number of searches. Let’s take a look at a snapshot below –

Making digital marketing successful for your bank

To successfully capitalize on this new trend, banks need to develop a strong Enterprise SEO strategy. This involves identifying keywords, aligning different marketing departments, and managing scale. This seems 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 banks should cover every touchpoint of the customer journey. This includes capitalizing on the emerging trends and identifying the channels through which your target customers connect with your bank. Banks basically need to be SMART about it.

SMART –

S – Specific

M – Measurable

A – Feasible

R – Realistic

T – Time-bound

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

Implications for banks that cannot keep up with the latest trends in digital marketing

Banks could face serious consequences if they fail to capitalize on the new opportunities in digital. There are some immediate dangers, such as –

Given the decline in new customer acquisition,

Because we cannot communicate effectively with customers,

The loss of new revenue streams,

And lose significant market share to competitors.

There are howeverlong term dangersalso. Customers canto consider a bank as irrelevant because of the minimal digital presence. Andthe customer’s perception is rigid; It will be very difficult for banks to change this mindset, which could negatively impact their brand reputation and customer trust.

Digital transformation of the banking sector has opened up new opportunities for banks to connect 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.

This will enable banks to provide more personalized and valuable customer experiences and not only stay competitive, but also dominate the market.

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