Top 6 Ways Banking Industry is Leveraging Digital Content
Changing Consumer behavior, Fluctuating Interest Rates, Evolving Technologies, and so on. The finance Sector is truly dynamic and exciting. And yes, how can we miss the biggest disruption caused by the pandemic. According to Wall Street Journal, 45% of customers now using their mobile banking application more frequently for standard banking activities due to COVID19. As a result, banks are required to design a solid marketing strategy to attract and engage both existing and new digital consumers. How they can beat the cut-throat competition and stand out?
Content is the king and key!
Not just Banks, but also credit unions, alternative lenders, online startups, brokerages, financial advisors, etc. are empowering their websites, digital campaigns, and consumer outreach with content marketing. The customers need financial information instantly and accurately, content marketing has huge scope to meet this demand.
Let’s walk through the top 6 ways the Banking industry is winning at content:
- Product Development
Every day, billions of people interact on social media and share their feelings and opinions about products and services. Such information is a gold mine for the Banks. Additionally, asking questions on social media can serve as the map for a treasure hunt. It not only helps in developing the right product but also engages the customers and shows your care towards them.
- Educate Prospects
Be it app features or online banking, content marketing can educate prospects on what features, functions, and capabilities they can expect either in the form of instructional videos or visuals that can guide their customers through complications and difficult situations with a simple and well informed visual. Sharing such videos on social media can further promote millions of downloads.
Here’s an example of Barclays Bank educating its customers about the new feature in its app, calendar, that can alert the users about upcoming payments.
When you give somebody something, they feel obligated to reciprocate. Giving a prospect free content will not make them feel obligated to buy your product, but also make them inclined to give you a little more of their time and attention than they otherwise might. This is what financial institutions are reaping benefits from. They are packaging relevant content and delivering to their customers in the form of premieres, newsletters, blogs, whitepapers, emails, and so on.
In this picture, Bank of America is allowing its customers to clear their doubts regarding money habits with real-time conversation.
- Customer Loyalty
Winning customer trust is crucial for every business, and for a financial institution like Bank, it is even more imperative. Producing content that customers can relate to and turn to when they need reassurance can improve customer loyalty and trust. What kind of content can develop trust here? Providing in-depth and relevant information about how the Bank is navigating any particular disruption or challenge can help reinforce the confidence of the customers and help them stand out from its competitors.
Here, the Deutsche Bank has posted a video on its Instagram page highlighting what is learned from the crisis and why it is the time for entrepreneurs.
- Customer Engagement
The brand often creates experiences, however, consuming them is in the hands of customers. What’s the way around it? Touching three aspects like personalization, rewards, and returns through content can foster customer engagement and can further boost retention rate. Besides this, the content must be highly value-driven to drive customer engagement. For financial institutions the content has to be very live and interactive, injecting the proper brand tone, voice, and culture has proved to appeal to a large audience.
This post from JP Morgan is educating its visitors with some exciting insights.
Publishing fresh and new content across various digital channels increases the likelihood of new customers finding your Bank, its services, and the value you can bring them. Moreover, it drives the prospects to return to your platform to explore your frequently added fresh content. This fresh content can be through blogs, whitepapers, newsletters, what’s new, and many other ways. The financial institution can publish content on their industry, niche, or area of specialization, this will help them position as a recognized authority in their field, and prospects would rather buy from knowledgeable experts.
Content Marketing in finance is more of education, so it is necessary for content marketers to put themselves in the customer’s shoes and curate the content that involves teaching people about something in a new way. To spark the interest of visitors, content can foster rapport between visitors and your brand. In the banking industry crafting the content with great care is essential, all thanks to strict regulations and norms that the industry needs to follow. A content can tell amazing stories about your financial brand and capture unique value, so counting on experts is a must.