What is banking marketing?
Banking marketing is used to provide assistance to customers regarding financial services and needs. Customers want specific services and to meet these services, all marketing techniques and strategies are used so that they push consumers to do business with them. Bank Specific, as is the case with commercial companies, marketing is also important for banks, as the banking sector has recently tended to focus more on customers, thus creating a new line of marketing, which is banking marketing.
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What is banking marketing?
Banking marketing is a marketing strategy that aims to attract and acquire new customers through traditional media and marketing strategies through digital media, which greatly helps in identifying the customer who may be attracted to the financial institutions they are marketing to.
Banking marketing trends
In order for banking marketing to succeed, the financial marketer must be able to adapt to market trends and know customer needs. Financial marketers must be creative, fast-moving, and rely on data in order to ensure that their marketing campaigns reach the intended customer. To achieve banking marketing goals, there are five trends. It will help marketers achieve these goals.
- Make good use of digital marketing
All financial institutions know the importance of digital participation, and at this time most customers are managing their lives, including their financial lives, through phones and electronic applications, so the use of digital marketing is a given, but what is the next step, and how is digital marketing used in the best possible way? ? This is the most important question in banking marketing, in light of the boom that financial institutions are witnessing. They are looking for ways to grow digital banking services, and in light of the presence of digital competition from all financial institutions and banks, the most important thing that may concern financial marketers is creating a more stable customer experience. Just being present on digital channels is no longer a distinguishing factor for banks and financial institutions. They have a greater need to use digital channels to create a good customer experience that contributes to winning new customers. Customers also, in this period and with the continuous digital development, do not only want to conduct digital transactions. But they are looking for financial planning and clearer vision with the banks they deal with.
- Good use of artificial intelligence
Marketers in banks and financial institutions use many applications that rely on artificial intelligence to attract and retain customers, and over time the implementation of these applications will become increasingly necessary. One example of the application of artificial intelligence is those that are used for customer service, as they work to provide customers with a better experience. More useful and with greater privacy, through which financial institutions and banks can better satisfy customers and solve their problems more quickly. Artificial intelligence can also be used to help those in charge of banking marketing improve the marketing plan to acquire customers, protect their data and improve methods of communicating with them, as well as help direct More targeted advertising.
- Brand promotion
Consumers want all companies, including banks and financial institutions, to be honest in their marketing messages. Customers no longer interact with marketing or advertising that tries to push them to buy a product or service. They want an honest and true message about the values of the company or bank, so consumers must Financial institutions and banks should define their brand values, then let these values determine their messages. They should not change this message based on changing consumer behavior, as this shows the brand that it does not carry a fixed message and idea.
- Attention to environmental and social issues
Customers always want the companies and banks they deal with to be in a group that cares about social and environmental issues, as consumers prefer to deal with companies that share their values. Banking marketing professionals cannot ignore this trend in their marketing campaigns, as most bank customers deal with the financial institution that You take clear actions to make a positive social impact.
- Using virtual world technology
The next trend for many companies is to exploit augmented reality technology and the virtual world, which is what financial marketers should think about and know how to use it in banking marketing. It is noteworthy that some banks have already used this technology, as the first virtual city has been established in Korea. Southern Bank in 2021 belongs to Kookmin Bank, and a virtual platform was created for some other banks, which greatly contributed to attracting customers.
Hence, banking marketing has already begun to spread in our Arab world and has begun to develop to become one of the basics of banks and financial institutions. To ensure the success of banking marketing in light of intense competition, financial marketers will have to follow the aforementioned trends to reach customers in the best possible way.
