16 June 2023, Bengaluru, India
According to a Fujitsu Global Survey, 89% of all finance organizations are undergoing digital transformation. This demonstrates how harnessing digital technologies has caused a seismic shift in company operations, opening the way for digital customer experiences. A change like this has undoubtedly given banking institutions new chances to profit from and improve their marketing approach.
The New Digital Marketing Environment for Banks:
Customers now have it a lot easier because of the new environment that supports digital trips. However, it’s a very different scenario for marketers who are attempting to capture the interest of potential clients. The expansion of digital channels has further complicated this situation. To reach and interact with clients, banking institutions might employ a variety of marketing methods.
In an interview about enterprise SEO, Sarvesh Bagla, CEO & Founder of the digital agency Techmagnate, stated: “Enterprise SEO can help brands dominate a particular industry, and in the case of the BFSI industry, banks stand a chance of gaining a significant advantage over their competitors by swiftly increasing their Share of Voice.”
Using enterprise SEO, Mr. Sarvesh Bagla’s company Techmagnate raised NBFCs online traffic by 270% over six months. By achieving an 8X gain in the top 3 search results, the digital agency also enhanced the online visibility of a BFSI leader (ORM).
Enterprise SEO is undoubtedly a new trend that banks should take advantage of to improve their marketing plan. More crucially, the number of searches, or search volume, increased significantly for the banking industry’s keyword universe.
Increasing the effectiveness of your bank’s digital marketing:
Banks must create a solid Enterprise SEO plan to take advantage of this new trend, which entails determining the keyword universe, coordinating numerous marketing divisions, and effectively managing scale—apparently, the most difficult obstacle to overcome.
Furthermore, comprehending the consumer journey is a must-do right now. Every step in the client journey must be taken into account in a bank’s digital marketing strategy. Taking advantage of the most recent trends and figuring out how your target audience interacts with your bank are two examples of this. The bottom line is that banks must approach it SMARTly.
SMART
- S – Specific
- M – Measurable
- A – Achievable
- R – Realistic
- T – Time-bound
Consequences for Banks Unable to Follow the Most Recent Digital Marketing Trends:
If banks don’t take advantage of the new digital prospects, they risk suffering serious consequences. There are a few immediate threats, including:
- Observing a drop in new client acquisition,
- Being unable to communicate effectively with the customers,
- Missing out on potential new revenue sources and giving competitors a substantial market share.
However, there are also long-term risks. Due to a bank’s limited online presence, customers can think it is irrelevant. Additionally, because of the rigidity of customer perception, it will be exceedingly challenging for banks to modify this way of thinking, which could harm both their brand’s reputation and customer trust.
The banking sector has undergone a digital transition that has created new chances for banks to interact with their clients and forge stronger bonds. Banks must adopt new digital technologies and channels, create effective digital marketing strategies, and comprehend the customer journey to take advantage of these opportunities.
By doing this, banks can continue to be not just competitive but industry leaders by providing more individualized and meaningful customer experiences.
[Source of Information: Livemint.com]
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