Financial services digital marketing trends [2022 update]
Digital marketing in the financial services industry (FSI) is complicated. Much of the industry is very traditional and compliance is crucial. Meanwhile, savvy digital marketers are developing innovative campaigns to deliver outstanding customer experiences that connect target audiences to their brands.
But in a saturated market like finance, marketing never sits still. To make your brand, products, and services stand out in a digitally transformed vertical, marketers need to be pushing forward into the latest trends.
This post will help you stay competitive in 2022 and beyond by sharing the latest marketing trends for finance.
- A focus on digital
- Content is still crucial
- Data-driven marketing
- Personalize the experience
- Competition force differentiation
- Machine learning and artificial intelligence (AI)
- Chatbots
- Omnichannel marketing
- Brand consistency
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The top nine marketing trends for finance
The digital marketplace demands prioritization and optimization of the customer experience (CX) — even in an industry as regulated and security-focused as the FSI. The following financial marketing trends will help you develop effective campaigns for the coming year and give insights into why these strategies are effective.
1. A focus on digital
Customers want 24/7 access to their finances no matter where they are, what time it is, or which device they use. Many financial institutions have adapted to digital and enabled online access for both desktop and mobile devices. A Vericast report showed that 82% of financial institutions are now investing in online and mobile banking features.
To stay competitive as a brand, being active and engaged on social media is a must. Financial institutions often come off as impersonal, so use social media to interact directly with digital customers and nurture a community around your brand. McKinsey reports that 45% of consumers say social media influences what they buy, so you might consider enlisting the help of relevant social media influencers to humanize your brand and pitch to a broader audience.
Bank of America uses influencer marketing to humanize the brand and reach new target audiences on social media platforms.
2. Content is still crucial
Content marketing has become a primary focus for many financial brands. According to a Content Marketing Institute survey, 71% of B2B marketers say content marketing is more important to them this year — and the trend shows no signs of slowing.
Helpful content can be used to support SEO and email marketing efforts, as well as the sales team. Customers are often confused about core financial concepts or benefits of some services over others. Simple, educational content is engaging and helpful, which builds brand authority and trust. Show your expertise by offering actionable advice while highlighting the benefits of your product to help customers achieve their financial goals.
To stand out further from the competition, add video to your blog posts and landing pages. Wyzol reports that over 87% of marketers said video yielded a positive ROI in their marketing efforts.
3. Data-driven marketing
FSI marketers don’t have time for hunches or best practices. The industry, customer expectations, and digital marketing technology are moving too fast, which is why even financial services institutions are investing in data-driven marketing solutions.
So much so that a recent McKinsey & Company article called data-driven marketing “the next new normal.” And according to the Digital Trends report, organizations that use data to adapt their technology and digital strategy to meet changing customer demands increase annual profits by at least six times more than their industry peers.
Many financial institutions are built on data silos that are especially difficult to break down because of the strict regulations surrounding customers’ personal information. But a more centralized — while still compliant — solution is possible and can help make data-driven marketing efforts like personalization and omnichannel experiences possible.
In addition to their own customer data and analytics platforms, finance marketers are relying more on industry and publicly available data as well. Data-driven marketing for finance might look like tailoring offers to different neighborhoods based on average income. It might be used to inform messaging for various social channels based on user demographics.
4. Personalize the customer experience
Personalization in marketing is crucial in every sector, but especially in a personal industry like finance. The need for personalization was the strongest message from a Capco study, which revealed that 72% of respondents rated personalization as “highly important” in financial services. Personalization in finance can create a greater sense of security. When customers are treated as individuals — rather than anonymous users — they gain confidence in your business.
Financial marketers must createpersonalized customer experiences, and many are in a unique position to offer personalized messaging in the form of financial help and guidance. For instance, if a customer demonstrates interest in long-term investments by reading an article on your site or engaging with a LinkedIn post, you can follow up to recommend the appropriate account, relevant strategies, and perhaps a professional who can help them manage their wealth.
Personalization is only possible with access to large amounts of customer data. Digital personalization tools with artificial intelligence (AI) can automatically collect and unify customer data and then use it to personalize messaging that better resonates with prospects and customers.
5. Competition forcing differentiation
The FSI is saturated with companies offering accounts, services, cards, loans, and more. Many of these companies and brands are already entrenched in the digital landscape. To stay competitive and drive revenue in 2022 and beyond, marketers must create unique value for their audiences in the content they produce and the customer experience (CX) they offer. This effort will require experimentation and non-traditional digital efforts beyond simple ad campaigns.
Successful brands adapt by providing exceptional content, flawless customer service on every channel, and user-friendly experiences that build long-lasting customer relationships. Start moving past personalization into hyper-personalization or consider which social media networks your competitors haven’t tried yet. Data-driven marketing can help by letting you dig into trends and discover new ideas while providing evidence to support them.
6. Machine learning and artificial intelligence
Machine learning (ML) and artificial intelligence (AI) are finally accessible to financial services brands of any size. This technology can optimize data-driven marketing by identifying meaningful trends in customer data, automating marketing tasks and campaigns, unifying customer data from disparate sources, improving personalization, and more.
Many financial institutions already use ML or AI in other parts of the organization, so it’s an easy transition to use this technology for more intelligent marketing insights, forecasts, and even programmatic advertising.
Machine learning and AI is also a big part of what makes personalization at scale possible. As consumers and buyers continue to expect increasing levels of personalization — especially from the companies handling their finances and investments — brands need the capability to scale messaging that feels individual to each user. Smart solutions that use ML and AI are the only way.
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7. Chatbots
Although initially resisted by some as impersonal, AI-powered chatbots are a convenient and effective way to provide customers with the 24/7 support they need and want.
- According to Signifyd, 48% of consumers said a timely resolution was one of the most important factors impacting their customer experience.
- Insider Intelligence reports that 40% of internet users actually prefer interacting with chatbots over virtual agents.
Chatbots are always available and can quickly answer many user questions. They also lower the strain on customer service and tech support staff.
Chatbot ‘personalities’ and troubleshooting complexity are highly-customizable and can integrate with your site to help end-users access solutions. For example, a chatbot can redirect users to a product or FAQ page for more information, generate a support ticket regarding a billing or tech support issue, or even let the user schedule a meeting with an advisor or banker.
8. Omnichannel marketing
Your target audiences spend time on a variety of online platforms, so developing a seamless flow between channels can help strengthen a marketing campaign. An Omnisend report demonstrated that marketers using three or more channels earned a 494% higher order rate than those using a single-channel campaign.
Creating a smooth customer journey across marketing platforms starts by creating a consistent tone and message, and maintaining an active presence on the channels you choose to use.
But true omnichannel marketing requires centralized customer profiles that update in real time so your brand can have a single conversation with each individual. For example, when a customer reaches out for support via social media, the customer services team should know about it when they call later. Or if a lead viewed a product page on your website, they should get relevant follow-up emails quickly.
9. Brand consistency
The financial industry has a reputation for being a little aloof, so it’s essential to create and maintain a brand voice that reminds your audience they’re dealing with people — not a corporate machine. People need a certain level of trust to allow a brand to manage or assist with their money.
Values like authenticity, transparency, and ethics are critical when dealing with someone’s finances. Customers also want to support brands that are positive and make a difference. For example, a report by Vericast showed 54% of banking consumers are more likely to remain loyal to financial institutions that demonstrate both environmental sustainability and ethical business practices.
How to keep up with current marketing trends
It’s especially important for financial services brands to differentiate from the competition and stay on the forefront of digital marketing capabilities and trends. Marketing teams that aren’t keeping up with audience expectations are leaving revenue on the table.
Make sure you know what to expect and how to reach audiences first with the latest Digital Trends report. Every year, Adobe interviews seasoned professionals to learn how they’re reacting, evolving, and succeeding amid significant disruption and opportunity.
Download the Digital Trends report today to learn more about what trends will be driving marketing efforts for finance in 2022 and beyond.