Join Digital Marketing Foundation MasterClass worth Rs 1999 FREE

Best Guide of Digital Marketing for Finance Industry in 2024

Digital marketing for finance industry

Digital marketing for finance Industry is growing every year. The global digital advertising expenditure accounted for 14% of the financial industry in 2022 which is expected to reach 25% by 2024.

With the digital revolution, the world has changed and so has the financial industry.

Customers now are more demanding, and switching from one financial service provider to another is becoming common and easier.

Digital Marketing for Finance Industry

Financial companies are slow to adapt to Digital Marketing change. There are numerous insurance companies and banks following the set ways to do things.

This is because initiating any action will require a lengthy process and more time.

Therefore, many companies drop the idea of integrating Digital Marketing into their strategies.

So, the current scenario is they are way behind the ones which are digitally equipped.

As the digital world is growing faster every day, new technical advancements mean that all companies that are reliant on customer retention, acquisition, and developing great customer relationships need to keep up.

This is especially useful for financial institutions which are heavily dependent on retention rates and referrals.

Since the nature of financial institutions is rigid, they can be unwilling to change but the fact is that companies that adopt digital marketing for finance industry will thrive and those that don’t will have to fight for survival.

Importance of Digital Marketing in Finance Industry

1. Find Out Potential Customers

Undoubtedly, the availability of potential customers online is more than anywhere else.

With the help of online discussions of the prospects on social media forums or networks, you can know which prospects are more likely to respond or reply to your offer, and then you can target them as per the data available.

2. Customer Feedback

The knowledge of what your clients think of your products and services is very crucial for surviving in the market.

You can definitely take surveys but traditional marketing research is a gone thing now!Digital-marketing-for-finance-and-banking-industry

With the growth of social media, customers post numerous feedback, opinions, and reviews about your products and services, without even being asked to do so.

Therefore, digital marketing for finance Industry is an important aspect of understanding the views and sentiments of your company.

This data could later be used by businesses to design a new product and improve their current services.

Read: 5 Major Benefits of Social Media Marketing for Banking and Finance

Accelerate Your Career or Business Growth!
Learn & Leverage Digital Marketing
Join Free Live Orientation Session

Statistics for Digital Marketing in Finance

According to RNR market research, financial services’ worldwide digital advertising expenditure rose from $53.7 billion in 2008 to $95.7 billion in 2012, at a CAGR of 15 percent.

This number was $168.4 billion in 2017 and it is expected to reach $422.8 billion in 2023.

Undoubtedly, digital has taken over marketing, so digital marketing for finance industry should also be taken into practice to get benefitted accordingly.

Marketers all over are facing the challenges of keeping up with the rapid pace of digital innovation and customer expectations.

And then, there are players in industries that are relatively slow to change, maybe due to regulatory or institutional constraints. Financial services are one of them which have been slow to adapt to technological changes.

Here are some of the facts and figures to throw light on the status of Digital Marketing in Finance.

According to Newscred, 76% of B2C marketers report using content marketing whereas only 37% say their strategy is effective.

What’s the loophole?

This stat illustrates that companies that are marketing directly to consumers don’t often have effective content marketing strategies.

Most probably, they aren’t exploring social media in the right way, or maybe their content is being delivered at the wrong time.

Be it any case, there is a huge opportunity for digital marketing in finance industry to create a purpose for people to come to the site with valuable content that focuses more on the actual customer needs instead of the services offered.

How to overcome?

Content marketing is the solution! Creating awesome content that will appeal to your audience is the baby step in solving the content marketing problem.

If you lag anywhere behind in providing good content on the internet, you aren’t going to be in 70% of sales deals.

Note: If your website design is not complementing your content then you must work on your website design tool.

If the content isn’t centered on sharing buttons, then people are not going to find it and share it. The layout and design of your site should be user-friendly.

Neolane & DMA found that 60% of marketers struggle to personalize content in real-time, yet 77% believe real-time personalization is essential.

What’s the loophole?

There are many financial companies that are unaware of the importance of personalization.

Customers today are looking for organizations that could be trusted and understand them with their best interests in mind.

When organizations can add a personal touch to their customer engagements, they will have more success to keep loyal clients.

But financial organizations are not implementing personalization because marketing isn’t getting the buy-in they need from executives.

Since everything in the finance industry is excessively regulated, finding the right solutions and technologies to conduct personalization is a challenging and expensive process.

How to overcome this problem?

To have compliant and secure personalization, the financial company needs to know how it can integrate customer data with systems.

For this, a digital experience platform could be used that can simplify integration via secure connectors and proven APIs.

The easier connection between personalization tools and customer data enables financial services marketers to quickly launch personalized campaigns.

Once the right tools have been put in place, marketers can focus on how to achieve their content marketing strategy by delivering personalized content at the right time and in the right place.

Aberdeen Group reported companies with strong Omni-channel customer engagement retain on average 89% of their customers, compared to 33% for companies with weak Omni-channel customer engagement.

What’s the loophole?

Execution of Omnichannel marketing across mobile and desktop is one of the most crucial things that the digital marketing for finance industry is looking to do today.

For instance, if visitors aren’t able to access their information on any device whenever they wish that bank could lose business.

Websites absolutely have to be responsive or mobile-optimized. Alongside this, the banks are facing problems in effective implementation.

How to overcome the problem?

The finance industry could look forward to a cloud-based solution that would help users experience smooth functioning across all devices and enables marketing or IT teams to add content quickly and make updates more effectively responsive design functionality.

The problem in digital marketing for financial services companies are having whether or not they have the ability to adapt to trends, but rather how quickly they can adapt to these trends.

If things aren’t done carefully and securely, then they could lose the trust of their customers.

Financial industry digital ad spending

Trends of Digital Marketing in Finance Industry

The importance of Digital Marketing for finance industry is bound to rise. In the past, the finance industry has been painfully slow in adapting to the changes in digital marketing.

But with clients moving to online platforms to cater to their needs of banking and finance, many finance companies are now changing their online behavior.

The following trends of digital marketing in  finance industry are shaping the finance industry:

1. A Strong Online Presence

An engaging and consistent social conversation can help elevate the customer experience. For that, you need to get your basics right. There should be a clear approach to digital experience online.

They should take advantage of data insights to enable real-time contextual relevancy, accelerate the customer journey, and contribute to the community.

Social media is one of the best places to connect with audiences in new, educational, and personalized ways.

2. Understanding of Regulations

Finance, being one of the most regulated industries in the world, digitization can pose risks in terms of legal threats and data security.

Therefore, it is important for banks to set up teams to keep informed on policies and use the channels wisely to minimize risks.

For instance, finance industries can use these channels exclusively for managing social media, customer queries compliantly alongside resolving issues on social media platforms and building genuine engagement.

The only way is to look ahead to technological advances and future innovations to strengthen security and regulation compliance digitally.

3. Time for Customer Personalization

In order to be ‘front of mind’ with customers, the finance industry is avoiding the impersonal feel and the approach is to have a friendlier connection with their customers via social media.

Banks and finance companies can use digital data to monitor clients and market trends to provide personalized, value-driven, and tailored customer services to each individual client.

Here’s How Social Media Helps Banking Sector Acquiring Customers:

Adopting such a measure helps digital marketing in finance to listen to its audience and engage with them in meaningful two-way conversations.

4. Mobile-loving apps

To stand out, transforming a customer experience online will be the guiding force.

The tremendous growth in mobile use and the accessibility of social media via smartphones are providing banks and other financial services with an opportunity to connect with their clients.

Therefore, if you are belonging to the finance industry and still haven’t invested in mobile-friendly apps, then start doing! This will make it easy for clients to conduct banking transactions without any hassle.

Interested in exploring the opportunities in the Mobile App world? Learn Mobile App Marketing.

These key Digital Marketing Trends will help digital marketing in finance industry with a continuous rollout of mobile technologies to create deeper, interactive, and real-world engagement with clients.

Accelerate Your Career or Business Growth!
Learn & Leverage Digital Marketing
Join Free Live Orientation Session

Strategies for Digital Marketing in Finance Industry

1. Customer Retention is the Key

Interaction with a customer has the potential to be either an opportunity for you to earn customer loyalty or for your competition to sneak in and capture customers’ interest.

The Accenture Global Consumer Pulse Research (July 2015) reported that customers are buying more products and services from financial companies.

But not essentially from their current providers. 39% of the consumers cite competitive pricing, 34% of quality customer service, and 32% of the customers quoted good value for their money as the key drivers behind switching to another financial institution.

A solution suggested by Accenture report:

“For banks considering the question of how to keep their customers from switching to other providers, we found that first-contact resolution is the key.

Of the consumers who switched to another provider due to poor service, more than 80 percent said they could have been retained if their issue had been resolved on their first contact with the bank.” 

In conclusion, the finance industry has to take the lead to earn and retain customer loyalty. To do that, they need to give excellent service, for instance, prompt resolution of any issues, along with substantial value.

This definitely doesn’t imply that your products have to be cheaper than your competitors. But it means that your clients should have the feeling that they are getting a lot of other benefits out of their relationship with you when compared with competitors.

2. Content Marketing to Fuel Finance Industry

Since content is the primary driver of basically everything around us, content marketing is one of the easiest ways for the finance industry to deliver more value to consumers.

According to Financial Content Marketing: The State of Play, 2015 Benchmarks, Budgets, Trends, a report from Dianomi, less than 2% of financial services companies deemed their content marketing efforts highly effective, but 90% saw content marketing as an important area of growth for the following 12 months.

Important note: Content marketing is an important part of digital marketing for financial services sector doesn’t mean sales. In fact, only 13% of survey respondents reported sales as a focus of their content marketing efforts.

“Rather, financial services companies are taking a more wide-ranging approach: the most common objectives are brand awareness and thought leadership, both cited by 71% of those polled. Customer retention/loyalty was a close third, cited by 69%.”

3. Online Video is Taking Over

After Google, YouTube is the second largest search engine and accounts for 50% of the internet traffic. 46% of consumers are more likely to investigate a product/service after seeing an online video. This implies online video is effective today!Social-media-for-finance-industry

Online video is gaining popularity in financial digital marketing strategies in the last few years; however, there is a problem.

Many financial services companies are making the mistake of using YouTube the same way they use the TV for advertisement i.e. they interrupt consumers rather than attract them.

The finance industry can adopt high volume, low production cost video that can significantly boost a firm’s social marketing success.

Given the fact that online video is effective and searchable, therefore, with the right video content, firms can leverage their marketing analytics to target the right customers with the right video message.

Case Study for Digital Marketing in Finance Industry

Let’s understand the challenges faced by the finance industry and strategies to overcome these challenges with the help of live examples!

1. Understanding YES Bank’s Social Media Strategy

Yes-bankAbout YES Bank

Founded in the year 2003 by Rana Kapoor and Ashok Kapur, YES Bank Limited (YBL) is India’s 5th largest private sector bank.

The bank is ‘India’s Fastest Growing Commercial Bank’ that provides a complete banking experience via an extensive network of more than 860 branches PAN India and over 1625 ATMs across India.

The objective of YES Bank

With an aim to offer a superior customer experience to its retail, corporate, and emerging corporate banking clients, YES Bank has adopted a knowledge-driven approach to banking and finance.

YES Bank tied up with BCCI (Board of Cricket Control In India), and it became the associate sponsor of India’s biggest Sports entertainment event – Indian Premier League (IPL).

In order to engage with their existing clients along with acquiring new customers, a lot of branch-level activities were organized.

Strategies Adopted by YES Bank – Social Media Strategies

#YesBankMaximum

Soon after becoming an official partner of IPL, YES Bank gained immense popularity and visibility among the Indian audience. Every year, during IPL, YES Bank initiated a contest called #YESBankMaximum.

This campaign is driven by a microsite with the same name that requests a user to log in via Facebook and Twitter for a better experience.Yes bank maximum

#YESTAG (Social Banking app)

YES TAG App promises to make banking faster and more convenient, with YES TAG a customer can avail of various banking transactions from 5 different Chat applications – Twitter, Facebook Messenger, WeChat, Telegram, and Skype.

In order to optimize productivity at YES BANK offices, YES BANK has partnered with ‘Facebook at Work’ & has introduced a unique Facebook platform for its 15,000+ employees.

Results Achieved

Though YES Bank was a little late to adopt digital marketing strategies but ever since it joined the digital revolution, the bank has made a unique place for itself in the minds of consumers via its Digital Ecosystem.

Yes Bank (@yesbank) today is the most followed bank in the world, they have over a million followers on Twitter and on Facebook also they have over 4,232,935 Fans.

The launch of #YESTag and launch of #IndiaboleYES brand campaign on Twitter ensures that Yes Bank is pretty serious about its Social Media future.

Read the full case study here.

2. Why is HDFC Bank No. 1 Among Indian Banks?

Hdfc bank logoAbout HDFC Bank

Headquartered in Mumbai, Maharashtra, HDFC Bank is an Indian banking and financial services company.

It has a presence in Dubai, Hong Kong, and Bahrain. It is one of the largest private banks in India in terms of its assets.

It is the largest bank in India by market capitalization as of February 2016. It was ranked 69th in the 2016 BrandZ Top 100 Most Valuable Global Brands.

Business Objective

The business objective of HDFC Bank was to stand out as far as leveraging social media is concerned in terms of engaging their clients and the number of channels being used.

Social Media Strategies of HDFC Bank

Here are a few of the social media strategies adopted by HDFC Bank in order to stand out from the rest:

1. HDFC Facebook Page

The Facebook page of HDFC generates admirable feedback from users which helps them to understand their fans as well as their banking products. They have a money matters section to provide interesting recent financial news of interest.

2. HDFC Twitter

The approach of HDFC on Twitter is to build upon it by sharing relevant and interesting information with their followers and asking them interesting puzzles, sharing new deals and products, etc.

Hdfc1

Read the full case study of HDFC’s success here.

Events for Digital Marketing in Finance

Here are some of the Digital Marketing in finance events and summits for finance that are upcoming.

1. Digital Marketing for Financial Services Summit

The 3rd annual summit for digital marketing in finance is happening on 15th-16th November 2016 in New York at Wyndham New Yorker. Topics like “The State of Marketing in 2020 – Become a Future Leader in Financial Services”, “Balance Digital and Bricks-and-Mortar Banking to Deliver the Optimal Customer Experience” etc will be discussed in the event.

2. Digital Marketing for Financial Services Summit

Another event for Digital Marketing for Finance industry is the 6th annual event happening.

This is one of the largest gatherings of financial digital marketing in Canada. The event is exclusively designed to give Finance Industry the tools to build their business and elevate their digital marketing strategies.

This will take place in Toronto, ON. You can attend this event on May 31st and June 1st, 2017.

3. Winning Digital Marketing Financial Services Conference

Organized by Global Insight Conferences Ltd, the winning digital marketing financial services conference is a one-day event happening on the 21st of march 2017 in London.

The conference will witness senior-level delegates from the biggest financial service organizations.

How Social Media Can Benefit Chartered Accountants and Others:

Conclusion

The major driver in Digital Marketing for Finance Industry is the retention of customers.

Therefore, if you have the resources and opportunity to assist your customers with digital benefits, then you must! Are you still ambiguous about how to boost your ROI with Digital Marketing? Learn digital marketing to offer the best financial services.

Image Credits: sospm.in, entrepreneur.com, flint-group.com

Accelerate Your Career or Business Growth!
Learn & Leverage Digital Marketing
Join Free Live Orientation Session

FAQs

1. Is Digital Marketing useful for Finance?

Yes, Digital marketing for finance industry is very useful in some of the following ways mentioned below –

  • Digital marketing will provide great exposure for the finance industry to be known more and more people.
  • The cost to reach the targeted customers will not be costly.
  • Customer engagement will be improved by using digital marketing for the finance industries.
  • It will also help in building trust with customers.

2. What is Digital marketing for finance Industry?

Digital marketing for finance Industry is a service provided by digital marketers to the financial industries, organizations, companies, or any customers who need the services of digital marketing.

This will help them in getting high exposure to the public, helps in making marketing campaigns digitally to reach the targeted audiences at a cheap cost and every campaign data is trackable by the industries that can analyze those data to track the problematic and beneficial elements for them.

3. What are the 7 Cs of digital marketing?

The 7 C’s of digital marketing are
1. Customer
2. Convenience
3. Content
4. Context
5. Competition
6. Communication
7. Consistency

4. What does digital marketing do for finance?

Digital marketing provides exposure to the financial products offered by finance companies.

They can reach more people through marketing campaigns in a very targeted way and build trust with customers, also helps in converting the audience to leads and then leads to customers and make long relationships by launching a series of campaigns that will create lifetime value for the company.

5. Is Digital Marketing useful for finance students?

Yes, Digital marketing can also be very useful for finance students because it will help them in the future when they do the job or when some students from the finance industry want to become a freelancer then digital marketing will be of great help to them.

Because by the time they do their job, they will already know how to reach their targeted customers and build relationships with them which will be beneficial for the student in long run.

Avatar of sakshi behl
Sakshi Behl
Sakshi is a content marketer during the day and a reader by night. She writes content sprinkled with a twisted imagination. She has done her graduation in psychology from Delhi University and has an insane love for history.

1 thought on “Best Guide of Digital Marketing for Finance Industry in 2024”

  1. Really nicely compiled article. Has demonetization drive in India, paved way for digital marketing to capture the limelight? In your view, will it have a lasting impact on digitization?

Leave a Comment

Your email address will not be published. Required fields are marked *

In-Demand Courses

4-7 months Instructor Led Live Online Training
Starts March 30, 31, 1, 2, 2024
  • Covers all Digital Marketing Techniques

4 months Online
New Batch Dates are not Open
  • Digital Media Mastery (with Paid Media Expertise)
Digital Marketing Webinars
Mar 30
Upcoming
Raj Sharma, Digital Vidya Team 11:00 AM - 12:00 PM (IST)
Apr 28
Completed
Marketing Leaders from Paytm Insider, Cognizant and Digital Vidya 03:00 PM - 04:00 PM (IST)
Mar 24
Completed
Marketing Leaders from Merkle Sokrati, 3M, Uber India and VIP Industries Limited 03:00 PM - 04:00 PM (IST)

Discuss With A Career Advisor

Not Sure, What to learn and how it will help you?

Call Us Live Chat Free MasterClass
Scroll to Top