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Top Tactics Used by Financial Institutions for Growth

2 Mins read

A recent survey showed that around 30 percent of banking consumers want to change to financial institutions with better services and features like mobile credit and debit card apps. All financial institutions must center their marketing strategies around consumer needs in our digital age. Utilizing digital tools will allow financial institutions to maintain better user engagement. From enhanced data security to social media, here are some tips that can help financial institutions grow.

Data Security Enhancement

According to research, security remains a top factor for consumers before choosing a financial institution. Financial institutions solidify trust with present and future consumers through digital tools to monitor consumer behavior and find potential fraud. Many businesses now use cloud technology to detect suspicious behavior and encryption to keep stored data safe. Trust requires a good relationship with a user and the financial institution to find and adopt their services. Assure new users that you have resources to keep their data and money safe.

Personalization

An estimate from consulting firm BCG reveals that for every $100 billion in assets a bank has, it can get as much as $300 million in revenue growth through the personalization of its users. From customizing landing page experiences for users to customizing messaging via data collected from interactions and browsing history, personalization in banking will ramp up user acquisition. Top banks can deliver customized banking experiences through user data and predictive analytics.

By assessing the interests and habits of a specific demographic, banks can expect to gain more consumers in that demographic by answering their specific needs. After consumers are acquired, the tool keeps them engaged as the technology evolves based on user activities, providing personalized financial features, customized spending, and actionable alerts.

Be Proactive with Online Reviews

Giving your users the ability and incentive to provide reviews gives you extra leverage. Statistics show that 84 percent of people trust online reviews like personal recommendations. Financial institutions need to find ways to make online reviews work to their advantage.

Financial institutions should thank the reviewer for their feedback when responding to a negative review. Sympathizeand make things right. For irate clients, it may be enough to share improvements or changes thanks to their feedback. Unhappy users should also be invited to return.

Social Media Presence

While user acquisition for financial institutions usually relies on referrals from friends and family, digital strategies are now effectively influential, like social media marketing. Figuring out how financial institutions should spend on social media annually varies across the board, but what’s good is that user acquisition costs via social media are lower than traditional advertising marketing campaigns.

From referrals who post positively about their experience with financial institutions and direct ads on social media platforms, social media marketing drives user acquisition via more visibility. A local search study revealed that 53 percent of users usually visit a business within two days of a search. Beyond adsand reviews, which may be outside a financial institution’s control, regular social media posting and sharing value-driven industry content keeps customers engaged and turns leads into clients.

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