Your money doesn’t grow on trees…But it can surely grow in financial institutions like banks! The banking sector is the backbone of our economy. Thus, the importance of banks cannot be overstated. More Details: http://pixelsutra.com/blog/banking-sector-marketing-tools-that-you-can-bank-upon/

1. BANKING SECTOR
MARKETING TOOLS THAT YOU CAN
BANK UPON
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3. Your money doesn’t grow on trees…But it can surely grow in financial
institutions like banks! The banking sector is the backbone of our economy.
Thus, the importance of banks cannot be overstated. Count the number of
ATMs or banks in your locality and you will quickly get an idea about the
competition in the banking sector. In addition to the government banks, we
also have private and foreign banks.
All these banks are trying to get the largest share of the market. So how
should you differentiate your bank? Of course, with good products and
services…but is that enough? Don’t you need some strategy to attract more
prospects or cultivate a stronger relationship with the existing customers?
Introduction
Banking Sector: Marketing Tools That You Can Bank Upon
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4. Marketing and advertising in banking sector started relatively late.
Earlier, banks used to focus only on their operations. Slowly, they realised
the importance of marketing and today, it has become a necessity. Rather
it’s high time banks update their marketing tools. You might have observed
nowadays, that lesser people walk up to the bank than before. They prefer
mobile banking or go to an ATM for things like cash withdrawal or deposits.
This means you get lesser chance for face-to-face interactions. You need
to find out a way to connect with them on a personal level or you will lose
them to competition.
Go Personal
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The Barclays Way Major banks have unleashed the power of video to stay in touch with their
customers. Barclays understood the need to get up close and personal with the
customers quite early and introduced UK’s first face-to-face video banking service.
And was that enough? Not at all! They came forward to declare the new
development and its benefits.
The future face of banking - Barclays Video Banking
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5. Bank of America decided to be there for its customers on a platform where they
love to spend their time….Facebook! That was one of its kind service until other
banks followed. We cannot stress enough about the importance of social media
presence. J P Morgan also shared a discussion about the social media revolution in
communication.
It is 2017 already! You cannot sit back and wait for the customers to come
to you. Most of them have a fast-paced lifestyle and need all the information on
their fingertips. They search information online, buy things online, invest online and
carry out their transactions online. So you need to meet them there itself….on the
internet. No doubt you have a provision for online banking…but what about
attracting, engaging and enticing them?
Meet Up Online
Do you know that since last few years, the world has got the largest
youth( aged 10 to 24 years) population ever? According to Goldman Sachs, the
Millennial generation( born between 1980’s to 2000) is the largest in US history.
These people are a huge potential market! To deal with this tech-savvy generation,
your customer touch-points has to be mobile phones and the internet, which
means more focus on social media, videos, mobile apps etc.
Mingle with Millennials
Banking Sector: Marketing Tools That You Can Bank Upon
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6. One of the major challenges you face in the banking sector is that most of
the people do not understand your products or services properly. Some of them
may not even know what’s right for them. You need to assess not just their present
but future needs too and inform them that you are ready with the solutions.
Leading banks make it a point to help the society by imparting knowledge. This is
how they gain respect in the community. For instance, Bank of America launched
Better Money Habits, in partnership with the Khan Academy to provide information
on a wide range of topics related to finance. They also included explainer videos
like Kick start to credit, How to know if you need to file a tax return etc.
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Show ‘em Solutions
How Social Media Is Revolutionizing Communication
These banks are neither selling their products directly nor producing
serious videos on complex topics. They are just being good friends. The above
video from Barclays gives you tips on how to save money through social media
because they know that social media is the king of communication and viewers are
closely associated with it.
Knowing your customers is the first step to effective marketing. One size
fits all approach no longer works. Design your strategy according to the market
segments you are targeting. You may focus on a particular income group, age
group, gender etc. Understand what is more important for them, it may be regular
income, education loan, retirement benefits or something else. Tailor your
promotional content according to your target audience. For instance, share
testimonials videos like, a housewife talking about how your bank helps her save,
a senior citizen sharing his experience with your services etc. When your audience see
Know Your Customers
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7. someone like themselves satisfied with your products/services, they feel more
assured and more curious to try-out your services.
Involving in community events gives your brand more visibility and adds a
personal touch to your interactions. Set up booths at trade shows, auto fests,
property shows, etc. Educate people about the various options available to them
and how to make wise decisions. Recently, we came across J.P. Morgan Lounge at
the SXSW 2017. You can also host or sponsor some events. Take some inspiration
from the internationally acclaimed tennis tournament, the BNP Paribas Open and
BNP Paribas International Hackathon.
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Shine in Social Events
Students Write Code to Change the World Code For Good
Banking Sector: Marketing Tools That You Can Bank Upon
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8. It’s time to step out of your glass cabins and meet the people, show them
the human side of your bank. Whether you are running a campaign for a social
cause or just for fun…make sure your prospects get a chance to see what you are
up to.
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Citi Mannequin Challenge - Australia
People trust financial institutions like yours for tips, updates, advice and
insights. So publish useful and updated content on your website, Pinterest,
Linkedin, Facebook, Twitter, Youtube etc. Do not forget to use relevant hashtags on
twitter (See how Deutsche Bank and BNP Paribas do it). Your customers need
convenience…and, it’s your duty to offer help.
Offer Help
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9. Regularly update your website and apps. They should be really interesting
and easy to navigate. Provide interactive tools like an EMI calculator, branch
locator etc. Videos are captivating, so they make your website-visitors stay longer
and also increase your bank’s google ranking. Do we need to mention that all this
should be compatible for mobile viewing?
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Bank of America ATM with Teller Assist more Hours, More Choices
Bank of America helped its customers by providing ATMs with a teller-
assist during the extended business hours. Since that was just not enough, they
came up with this pleasant video to explain how Bank of America understands that
each customer is different and thus, gives them the liberty to make their own
choices.
Your employees are as important for your bank as your customers. They
should know your products/services thoroughly. Train them using the most
effective tools i.e. videos, apps and gamification. Teach them how to be the face of
the company. This way they will be better equipped to attend your customers.
Happy employees are your best advocates and here is how you can take their help
to draw more talent
Employees are
a Great Asset
Banking Sector: Marketing Tools That You Can Bank Upon
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10. Your bank has to be a lot more than its products/services, employees and
target audience…it is a brand! It has built its own personality with its history, values,
diversity, capabilities, social initiatives etc. Use corporate films to provide an overall
picture of your institution in a classy and professional manner.
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We are J.P.Morgan Corporate & Investment Bank
Start Here Start Something
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11. h t t p s : / /
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Banks that embrace new technologies always stand out and Virtual
reality(VR) is a promising and fascinating technology. BNP Paribas predicts that
this technology will reinvent customer relations in banking. The bank also thinks
that sooner or later customers would meet employee-avatars during their virtual
bank visits! This technology is already in use in the banking sector, especially for
marketing purpose.
Technology Reinvents
Citi Insights 360 - Degree Treasury Centralization in Asia
Citibank uploaded a 360-degree video for adding a new dimension to the “Citi
Expert Panel discussion on Treasury Centralization.” As a result, the viewers got to
experience something new..they felt like they are actually sitting in the audience!
Similarly, Lloyds Bank is using VR to attract talent. A couple of years back, Wells
Fargo had introduced people to VR as a part of its brand awareness drive.
Since you are reading this, you definitely want to take your bank to new
heights. So, come forward with the new generation of marketing tools, virtual
reality(VR) and augmented reality(AR). Let’s see how you can use AR:
Banking Sector: Marketing Tools That You Can Bank Upon
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12. Standard Chartered China had introduced Breeze Living long back. Axis
Bank’s Near me section also leverages AR in a similar way. AR and VR are not
being used much for banking operations, rather they are being utilized for
increasing the brand awareness. WAVE by BNP Paribas is a mobile app that
“enables users to explore the exhibition in a playful and lyrical way by bringing the
poster and photos to life on their smartphones.”
So what are you bringing for your prospects? Some education content or
promotional videos? Virtual reality or augmented reality? Or something even more
innovative! Marketing alone cannot guarantee success and loyal customers, you
need to deliver what you promise. These brilliant marketing tools paired with good
service will surely establish you as a renowned bank. All the best!
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NBO Augmented Reality App
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Madhapur, Hyderabad, India, 500081.
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