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Did You Know...Edition 35: Bank Focused Marketing

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Did You Know...Edition 35: Bank Focused Marketing

Elle Humphries by Elle Humphries

Director of Marketing

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Full biography

Elle has been involved with the WSI Team and has been helping them simplify the internet since 2016 when she came on board as a marketing intern. Elle became a full-time digital strategist in May of 2017, in which she focuses her talents on Project Management and Digital Marketing for the WSI team.

Elle is now the Director of Marketing for WSI as she brings many attributes to the table, such as social media marketing, email marketing, display/search marketing, search engine optimization, content creation, customer relationship management, project management, and more!

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Summary:

It is no secret that our team here at WSI is familiar with working in the financial industry, specifically within community banks. Therefore, we are experts on Bank Focused Marketing strategies, and how to implement them to benefit the future of your company. This includes our expertise in digital marketing, which is very prominent in today's banking industry. 

Digital media has been up and coming in banking for some time now and has integrated itself now within the different departments of the typical “community bank”. For example, online banking eliminates the need for the consumer to enter into the bank to deposit cash or checks. Consulting now takes place via artificial intelligence, digital contacting, and there is still a fraction of people who still prefer to go into the bank. With that being said, in the near future, about 85% of consumer interactions with banks will not involve a human. Instead, these common actions will be taken over by artificial intelligence or digital media solutions.

So why is marketing important to banks?

Is marketing still important if your company is well-established in your community? Yes. Bank focused marketing is extremely important for engagement with current or potential clients, and in the efforts of promoting what the bank has to offer. Marketing technology comprises about 22% of the average banks budget, (which should prove the importance). Marketing also encompasses the research behind the consumer insights for a company's target audience. These insights help the company to properly promote and target the right people based on behavioral information, demographics, and observable information.

Banks are gathering more qualitative data than ever before, discovering the benefits of tracking behavioral patterns, motivations, financial goals, emotional responses, and more. The qualitative data that they are gathering is also helping them to develop accurate personas of the ideal and current consumer target audience. By getting a stronger idea of the personas banks serve, they can understand their customer base by predicting customer buying behaviors. These behaviors are crucial when relating these insights back to the ROI that marketing efforts have prompted. Marketing technology enables retail banks to track the customer journey and gain insights into their ROI. 

We hope these tips help you if you are in the banking industry!

Now you know the importance of Bank Focused Marketing!

Resource: https://thefinancialbrand.com/69067/2018-marketing-trends-banking-strategies/ 

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