ParkerWhite Brand InteractiveParkerWhite Brand Interactive

Digital Marketing for a Changing Financial Services Community

January 29, 2020

The financial industry faces many unique challenges that a financial marketing agency must have intimate knowledge of. This is one the most highly regulated industries and having a marketing partner that understands the rules of the law is imperative.

Then there is the consumer who views Financial Services as homogenous. A strong brand that understands its unique market segments and authentically speaks to them in the language that resonates is key to solving this challenge to build a loyal customer base.

The evolution of the “digital” age continues to permeate our lives in so many ways.  From how we shop for goods and services, to how we stay connected to friends, family, and business associates, and even how we think about and manage our personal finances. 

The speed at which financial technologies or “fintech” are evolving and mutating isn’t for the faint at heart. For financial services providers, especially smaller community banks and credit unions, failing to keep up increasingly means losing customers to fintech firms and institutions that have the insights and technology platforms to give customers the transparent, and personalized 24-hour banking experience they demand to support their digital lifestyles.  

Digital marketing for today’s digital financial products and services

Fintechs have been doing a better job of identifying specific pin points—remote payment capabilities, payment card security Apps, etc.— and providing solutions that improve the consumers’ lives and the overall customer experience. These tactics are enabling them to chip away and gain market share at the expense of traditional institutions.

As the demand for remote banking capabilities continues to increase and consumer trust in financial institutions continues to wane, traditional banks and credit unions need to migrate from legacy marketing channels into the digital realm. Consumers are aware of the power and value of their identity and transactional data, and how this data and insight can be leveraged to provide more personalized and transparent banking relationships.

Today’s consumers, especially more youthful demographics, are looking for tech-savvy partners to support them along their financial journey, not antiquated banks or credit unions that appear to value their success more than the customer experience. That’s why new product launches promoted by traditional forms of advertising may fall short of campaign goals and expectations.

Digital tools and strategies for launching new financial products

Whether you’re looking to launch a new, updated mobile banking app or roll out a new rewards payment card, integrating digital marketing channels will likely increase your chances for a successful product launch. According to a survey of banks and credit unions commissioned by TotalExpert, a marketing and customer experience platform provider: 

  • 63% of consumers are highly annoyed with generic advertising

  • 80% of consumers say they are more likely to do business with companies that offer personalized customer experiences

  • 91% of consumers would switch brands if a different brand with the same products and services was more authentic and purpose-driven

Integrate social media into your new product launch

Figure out which social media platforms your target customers use on a regular basis. Then develop personalized, value-driven content for each platform to announce and promote your new product or service. Stats compiled by Digital Authority Partners indicate:

  • 77% of U.S. citizens regularly use social media

  • 45% of those using social media consume an hour of YouTube or Facebook videos each week

  • Marketers that publish regular blogs are 13 times more likely to achieve positive ROI from their marketing dollars

  • Just 28% of millennials feel they have a solid understanding of how to manage money

Adding brand influencer marketing to your toolbox

Collaborating with brand influencers to expand your social media marketing reach is a relatively new digital marketing strategy, but it’s proving to be cost-effective and, as a result this tactic is becoming more mainstream.  Influencer collaborations might include:

  • Product placement and sponsored product reviews

  • Podcasts, webinars or videos hosted by top influencers 

  • Contests with rewards or incentives on your influencers’ blogs

  • Guest blog posts for your website written by influencers 

  • Testimonials from influencers within your branded content

Leverage the power of video in your digital marketing campaigns

Short videos on your social channels can get a lot of eyeballs looking at your new product or service. Video marketers can achieve up to a 54% uptick in brand awareness (source: Digital Authority).

Market to tech-savvy customers where they live—on their devices and social venues

To do this effectively: be sure to have a responsive website—compatible with mobile banking and other “go-to” apps; Invest time SEO best practices to ensure your digital marketing messaging is optimized for the terms your prospects are searching for; deploy automated emails to generate leads and guide your prospects through your sales funnel.

Bottom line summary

Digital marketing may not sound very warm and fuzzy, but forward-looking financial institutions are actually collecting and integrating data into their content marketing in order to humanize their brands and personalize the customer experience.

If you have a fantastic new financial product or service, you owe it to yourself and your development team to maximize its exposure and sales potential through a strategic, integrated digital marketing campaign. If a great product launches and no one knows about it, did it really launch?

Looking for the right partner to help you create an effective digital marketing campaign to launch a financial product or service? ParkerWhite has deep experience working with financial brands. Let’s have a conversation about your unique needs.

More insights

Marketing Audit – Is your business ready for 2020?

The next decade is less than a month away. Depending on your company’s outlook, planning, and readiness, this can seem either daunting or thrilling.

Social Media is an Integral Part of your Marketing Mix

The use of social media as a marketing platform is evolving at a feverish pace, yet many companies continue to manage social media as a separate initiative, rather than as an integral part of their core marketing strategies.