Banking has been undergoing liberalization policies and technological advancements in the last decade in India. And while those tech-related changes – like most changes in an old industry – have been protested and resisted, for the most part, tech has won. And the banks must accept that fact and move with the trends, or find themselves left behind as their more digitally inclusive competitors plow forward. This is, without doubt, the digital era, and no industry can escape the ongoing and incoming digital trends that now influence all sectors of society.
On that note, here are the current digital marketing trends in banking that India can currently look out for and look forward to:
Big data should be a big deal:
Big data is already used in a number of industries to refine better marketing strategies and to gain more customers. And as of now, banks would profit the most by dipping into the pool of big data. However, it isn’t enough that such relevant and pertinent data is just stored, it should be analysed and used to redefine and refine the existing marketing strategy that banks are using.
Internet banking is all the rage:
Ever since Internet banking facilities were implemented, the number of users/customers availing this facility has been on the rise. Hence, not considering digital banking features as part of a bank’s marketing strategy is simply not feasible anymore. If anything, the more advanced, numerous, accessible, and easy-to-use a bank’s facilities are, the more prominently it should feature in the bank’s promotional activities. For, that is exactly what customers are looking for in banks now.
Innovations are customer-oriented rather than product-oriented:
Innovations (like digital banking innovations especially) that focus on ease of access and use for the bank’s customers are the primary focus right now; everything else is secondary. Mobile banking, internet banking, SMS alerts, banking kiosks, 24/7 ATMs, mobile check deposits and transfers, and any other banking innovation that allows customers to access and make use of their bank accounts and funds without needing to directly visit a branch, are the kinds of innovations that banks currently need to focus on in order to attract and keep customers.
However, this does not in any way mean that retail bank branches will be replaced. Rather, it means that customers have as much independence and self-sufficiency as is securely possible without needing to rely on visiting a bank’s branch.
Risk management and cyber security is of prime importance:
With so many financial functions and transactions taking place in the virtual realm of the Internet, banks are required to ensure that their online servers are duly protected and that their customer data is painstakingly secured. Having hackers on their security team to counteract any cyber threats from malicious hackers and cyber thieves will soon be a norm. In any case, the cyber security of banking websites and portals need to be armed with the latest and most secure cyber security apps and software.
Banks need to have a presence on social media:
Today, every business has a social media presence. And banks cannot escape this necessary marketing trend either. For, whether for information or for aid or bad news, people always check social media for information now. In fact, most of a bank’s youngest adult customers won’t even consider joining a bank if they can’t find good information and references about the bank on social media. And customers aren’t satisfied with a basic account that’s barely logged in to either. They expect their banks to interact with them on social media and also provide them with valuable and relevant content. Hence, social media marketing for banks is turning into a very dominant digital marketing trend. And it doesn’t look like it’s going to fade away any time soon.
Business is as much an aspect of banking now as finance is:
Thanks to the more liberal policies that have been circling and shaping the banking sector in the last decade or so, banks now have a lot more competition than they once did. Hence, business tactics and transparent business policies are now as important as financial knowledge and policies are for banks.
Banking needs to be digitally interactive and a people-oriented business:
Banks that focus on propaganda messages and which are more profit-oriented, rather than customer-oriented, are not going to survive. Customers openly flock to banks that provide them with the best convenience and benefits. And, as banks are available in plenty now, banks need to keep up with the times and provide the same value-added services that their competitors do in order to keep up. Plus, banks need to have a solid presence in the World Wide Web. And they need to interact and engage with existing and potential customers a lot like how other kinds of businesses do online.
Mobile banking is the upcoming rising star:
Among all the current digital trends around the banking sector, the potential for mobile banking is the leading trend. After all, mobile users are only increasing in number (both in India and all over the world). And so, being able to access and transact banking functions via mobile phones, and on a secure mobile-based online platform, is the main focus of banking innovations right now.
Banks that do not focus on mobile banking features to be part of their services are going to lose a major market share of customers if they don’t rethink their marketing strategy. In fact, the more banks cater to being available digitally for their customers, the more they will save on funds and the more marketable they will be in this digital era.
Well, in a nutshell, most digital marketing trends in the banking sector, in India currently revolves around social media, internet banking services, and the availability (and innovations) of mobile banking services. Digital security and working hand in hand with new banking technologies additionally constitute the current trends in the banking sector in India.