Eguide: Marketing’s critical role in driving digital engagement for mobile banking solutions
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As financial institutions struggle to respond to the changing needs of their customers, marketing must increase digital engagement with new tools, services and solutions, getting more customers on board with what FIs have to offer. In our new E-guide for Marketing, we’re sharing actionable tactics and strategies to help you increase digital engagement among customers. Click below to download our “Marketer’s Guide to Increasing Digital Engagement for Financial Institutions”.
In the weeks and months immediately following the pandemic, financial institutions experienced a swift shift towards digital solutions and the way banks and credit unions serve their customers. These customers no longer turn to brick-and-mortar branches but instead prioritize mobile banking and digital services.
Features like PFM, digital banking, and digital receipt and expense management have never been more relevant to and important for institutions of all sizes; from community and regional financial institutions to larger banks like Chase. And this shift toward digital isn’t going anywhere; a Novantas survey found that just 40 percent of respondents expect to return to branches post-Covid.
According to recent research by McKinsey & Company, the least satisfied banking customers use digital tools infrequently, less than once per month. From an engagement perspective, this causes serious concerns for institutions that know they have to offer digital solutions that are relevant to their customers (and onboard them to use those solutions).
What role does marketing play, and how can marketers help their financial institutions increase digital engagement not just during the global pandemic, but well into the future?
Start spreading the news
A lack of amplification is a sure-fire way for a marketing campaign to fall flat. Besides having little to no form of promotion, simply announcing a new feature’s availability once without a continuing campaign can position a feature or solution as forgettable. A single outreach is not enough for customers to notice and retain the new feature and its potential benefits. There should be subtle but frequent touch points to encourage a change in behavior.
Campaigns don’t always have to include elaborate elements like email drip campaigns, texts and SMS, or digital advertising campaigns; simpler tactics can be just as or more effective, such as mobile marketing like push notifications and in-app messaging. This approach can also be helpful in re-engaging customers who use the feature once and then drop off – sending specific messaging to these users, perhaps suggesting other features they might benefit from, can help reignite relationships and engagement for some users while even converting others into power users.
Educate customers on new features or services
Once a customer’s interest has been piqued with an effective marketing campaign, it’s time to educate them on how to use the new feature to its full extent, and the best way to do this is via digital onboarding. This doesn’t mean providing random explainer videos; while TikTok will keep peoples’ attention for hours, educational clips just aren’t as interesting. Instead, try quick pop-ups, immediate feedback, quick-swipe tutorials, and instant gratification and value during the digital onboarding stage
Get more actionable strategies that will position your marketing team to increase digital engagement for your institution
When your role is to effectively market the services and solutions your institution offers, you have the key responsibility of ensuring customers are met with timely and relevant information that benefits them at the stage they’re in today, while thinking towards the future. In “The Marketer’s Guide to Increasing Digital Engagement for Financial Institutions”, we deliver actionable strategies and tactics marketers can implement right now to drive more highly engaged, loyal customers.
Get access to the full Eguide to discover how Marketing can play an integral role in increasing customer engagement (and loyalty) for your financial institution!