Step into the metaverse

While it might sound intimidating, the definition of metaverse is pretty simple. Basically, it’s a generic term to describe an online 3D space where every user has their own unique avatar. If you’ve seen or read Ready Player One, it’s a little bit like that: an entire world set in an online location (just without the wild dystopian vibes).

What are some examples of the metaverse?

The biggest name in the metaverse is Meta (formerly Facebook). They’ve pumped serious money into their Horizon Worlds project, which has more than 300,000 users exploring a virtual world through VR headsets. Here, you can interact with others from all over the globe, check out brand activations and host events.

Another project, which is more about blending existing ways of working with the metaverse, is Mesh for Microsoft Teams. In this tool (where VR goggles are optional), users from all over can join together and collaborate. Whether it’s having a meeting, working together on shared documents, or exploring the virtual world, Mesh is a versatile tool that can add a new level to your Microsoft Teams experience.

Interestingly, some of the other companies putting money into metaverses are a bit more unexpected. These include Epic (who make the incredibly popular Fortnite video game) as well as Roblox Corporation, developers of the Roblox phenomenon – an online world where users can create, program and play games online. Although these might seem like typical videogames to the uninitiated, they’re actually incredibly rich online metaverses featuring concerts, one-time events, celebrity appearances, and virtual currency that users can spend in-game.

Such things might not be where your brand would usually advertise, but they’re a clue into where we might be headed in the future – a truly interconnected world.

How B2B brands can benefit from the metaverse

Whether it’s a custom space or media-grabbing activation, there are plenty of opportunities for B2C companies to make their mark on the metaverse – which is why brands like Coca-Cola, Samsung, Adidas, and fast-food chain Wendy’s have all gotten involved.

“It has always been those businesses that have been early adopters and pioneers who have often benefitted the most and become leaders in new products and services that customers have migrated to,” says The Dubs social media director, Andrew Frith.

“Financial companies need to be present and active in new media if they hope to keep engaged with younger generations who will mature and become their next main customer persona.”

In the financial sector, businesses have also gone about setting up in the metaverse. Pakistan’s Allied Bank opened a virtual branch where users can conduct transactions, meet with staff and learn more about services, while HSBC bought up land in The Sandbox metaverse so they can engage with a younger audience. Also of note: JP Morgan Chase entered the Decentraland metaverse with a locale where visitors can learn about how the bank is getting involved in blockchain and other emergent technologies.

While these are exciting developments in the B2C space, opportunities also await for B2B companies. Why not try one of the following:

Level up your marketing materials: Studies have shown that people remember information better when it’s presented in a virtual environment – and that’s precisely what you get when you have a presence in the metaverse. Forget overwhelming clients with an avalanche of old-fashioned documents or static infographics. Instead, use the interactivity and tactile nature of the metaverse to your benefit. Once you’re hooked in, you can present your marketing materials like a physical book, play brand videos in a virtual movie theatre, or create a bespoke explorable space that shows off what makes your brand memorable.

Take client calls into the 21st century: The metaverse is a great way for B2B businesses to keep in touch with clients from Alaska to Zimbabwe. It’s easier than an email and more personal than an everyday video call. Just throw on some VR goggles and suddenly you’re sharing virtual space with clients and communicating like you’re side by side. Once you’re in, sales pitches become more streamlined, collaboration is stronger, presentations take on a new level and you can hold meetings that blur the line between virtual reality and reality.

Elevate your event: For an example of a virtual event done well, take a look at iHeart Media’s virtual Billie Eilish concert, where the company invited hundreds of advertisers and branding head honchos to attend a concert and catch up in a custom 3D space. Instead of a generic avatar, the guests were represented by a live webcam feed of themselves, so they could recognise other concertgoers and chat between songs.

Now, your company might not have the budget to have Ms. Eilish perform, but imagine what your next event or expo could look like if you decided to get away from the traditional physical space and blaze new trails in the metaverse.

So, is switching to meta for the better?

There’s no doubt that metaverses are still in their infancy, but it does seem like they’re going to – in some capacity – be the future of the internet.

The trick is finding a way to interact with them that feels authentic to your brand and gets you value for money. For a B2B finance brand, the real opportunities come in how you communicate with clients, host industry events, and display your marketing materials in a way that stands out from the competition.

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Content marketing was our response to that disenchantment. It was how we were going to get our customers’ attention and loyalty back. We would deliver useful and/or entertaining content, making it relevant and valuable. We would ensure it addressed a need or a problem. And it would not be all about the SELL.

Some of us are doing a good job of that. But in some corners of the financial sector, content marketing feels like the advertising it was intended to replace.

Here’s a quick reminder of what we’re here to do, with financial content marketing.

1. Build relationships through human-centred stories

Some of your content will be product or service focused, for sure. People will want to understand exactly what you offer that your competitors don’t. This type of content falls under the ‘Help’ stream, where you provide tools and resources that the audience will be searching for to help fix their problem or meet their need.

However, Act content should only ever be one part of your content strategy, delivered primarily when consumers are at the pointy end of the funnel. Many won’t be interested in this information when they first meet you. They’ll want to get to know you first, find out what you stand for.

That’s why every content strategy should have its quota of ‘Hero’ content, capturing attention and building brand awareness by appealing to audience interests. Complemented by regular ‘Hub’ content designed to do the ‘heavy lifting’ with informational and educational pieces relevant to your offering.

That’s where the real storytelling happens – when you use your brand voice, letting the reader or viewer or listener imagine the person or people at the other end.

When you’ve done a good job of setting up that human relationship, then you can ask for something in return, whether that’s a sign-up or a purchase. That’s when the salesy messages feel right.

2. Know who you’re talking to and speak to their problems

By tracking the movement of customers through all your owned channels, and through social media or other third-party sites, you can learn from their behaviours and choices. From polling them, you can get into specific attitudes and emotions.

The benefit of personalising content based on these learnings is you don’t have to try and reach everyone with every communication. You can tell better, more targeted stories because your audience is more clearly defined. You understand their goals and needs more clearly.

3. Surprise them

Finance brands are risk averse for the most part, and that is understandable. They have a lot to lose if they get it wrong.

So the tendency is to play it safe, blend in. Look at what everyone else is doing and do the same, but with your branding on it. But there are non-risky ways to not blend in.

Like, using imagery that is memorable, that doesn’t look like stock imagery. Create it from scratch if you have budget.

Tell stories your audience doesn’t expect from you. For a wealth manager, that might mean revealing something about a principal’s past that has led them to the job they do today – helping people invest their money.

For a retail bank, that might be publishing research about consumer spending habits and tying it into stories about fashion, pets, gardening, mental health – any areas of interest identified.

4. Make it read-worthy

If you want your audience to devote the minutes it takes to read your blog, listen to your podcast or watch your video, then make it quality. Make it good storytelling. Make the most of language, metaphor, voice.

Legal disclaimers must often accompany content, but that doesn’t mean the stories should be similarly formal or dry. Use the language of your audience, in a subtle way. Good writers and producers know how to do that.

5. Make it more readable

Does your blog feel like every other webpage on your site? Or does it feel like a magazine?

Take your cues from traditional publishers online. Look at how they arrange information in columns, insert photographs, add pulled quotes and sidebars. Listen to how popular podcasts are produced, how they maintain interest. Watch the work of professional video makers – what are their tricks for luring people in and keeping them watching?

Then look at your own content. If it’s not doing its job of informing and entertaining, before it starts selling, then it might need a shake-up.

If you don’t have the resource inhouse to make better content, then look outside your organisation for quality writers, podcast producers and video producers. People with the skills and ideas.

And if you’re already doing all of that, congratulations: you’re delivering on the promise of financial content marketing.

The post How to talk to people tired of the sell appeared first on Financial Marketer.

In either case, a sophisticated program of content marketing can help manage change by reassuring clients and investors, educating and inspiring them.

Downward pressure to lower costs

When clients are shopping around for better rates, and rates are expected to correlate with market performance, margins naturally come under pressure. The response is often to find ways to cut operating costs. But differentiation is also key here, primarily in the quality and relevance of advice, and in the value proposition overall.

Content can support this. A combination of blogs, video content and social, even podcasts, can make clients feel like they’re in good hands, that they have a special advantage. Content can reinforce the human face of the firm, spotlight the personalities involved and help create personal connections that are harder to break than pure investor/firm relationships.

Calls for greater transparency

In turbulent times, many investors become anxious about how secure their investments are. They want greater transparency into where their money is being invested, how it’s performing and what the risks are. Asset managers are responding with automated reporting, data analytics tools and data visualisations.

In times of high anxiety, content marketing plays a critical role. Use it to specifically address pain points causing anxiety, to give an extra layer of reassurance, beyond the data.

Even more diversification, requiring more education

Investors are looking to rebalance their portfolios with more investments in private markets. While these carry higher risks, they can also deliver higher returns with longer investment horizons.

Investors need to understand these asset classes and products better. This is another opportunity for differentiation – being a reliable provider of quality information on these asset classes. And with the mass affluent a growing segment, there’s more demand for content that speaks to them in plain language, rather than jargon.

Younger investors expecting different things

With many trillions of dollars expected to be transferred to heirs globally over coming decades, we’ll see serious multi-generational wealth transfer benefiting Generations Y and Z. These younger investors will switch wealth managers if their high expectations for tech tools and personalised client experience aren’t met.

Next-gen investors also want information distributed on the platforms they already use and presented in formats they prefer. When creating content marketing strategies, firms should re-consider the traditional ‘expert-in-a-suit-talking’ videos and remember that future generations have grown up with TikTok.

The ESG imperative

Younger investors are helping push up the demand for environmental, social and governance investing (as are women – see below). The US is on track to have one-third of all investments in ESG within the next couple of years. See our recent blog for more information on creating ESG content that investors want.

Inclusivity on everyone’s radar

Today, women represent a much greater share of high-net-worth individuals globally, as HNW husbands and baby boomer parents die out, as cultural attitudes to women participating in society change, and more women head up businesses. Finally the AWN sector is seeing the potential for revenue growth and looking at how they can attract and retain women as clients.

Women’s goals often differ from men’s, and women aren’t a homogenous segment – there’s no one-size-fits-all solution. To reach the many microsegments of women, we need digital platforms that offer relevant content and personalised CX.

Content must address women’s need for connection, and target life stages and goals intelligently. Information must be delivered in an empathetic way, focusing on pain points, to help earn trust. If a firm doesn’t have the knowledge and diversity inhouse, consider a third-party content provider.

Telling the mergers & acquisitions story

One continuing trend is M&A – firms looking to gain competitive advantage by scaling products, services and systems and re-orienting business models.

Targeted storytelling can help support a business and its salespeople if they’re looking to sell. Content marketing can also support your ‘Announcement Day’ to help shape how investors and employees respond over the weeks and months that follow the initial comms campaign. Content marketing can help you round out that story ongoing and continue to give certainty.

Digital assets not going away

Clients are still interested in the potential of cryptocurrencies and indirect crypto to help diversify their portfolios. In fact, the global cryptocurrency asset management market is expected to reach $9.36 billion by 2030 according to market research.

However, falls in prices have undermined trust in this asset class. Firms can use content marketing to educate their clients about the intricacies and risks of these digital assets and ecosystems, will full transparency, to help restore confidence.

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Best Podcast: UTI International

Podcasts are an ideal platform to distill complex information in an easy-to-understand format. The best podcast produced by an asset management firm in 2022 was the Inside India podcast by UTI International.

What did it do right?

Hosted by Ben Hayward, Inside India is a podcast that explores the new and modern India through conversations with global economic and business leaders. With each episode around 30 minutes long, this podcast provides expert insights into the growth opportunity that is India.

Here’s why this podcast won the top spot:

• Delivered insightful information from experts in the industry
• A well-produced and highly professional podcast production
• A charismatic and intelligent host that audiences can connect with
• Provide easy-to-understand educational content on complex subject matters
• Released on a consistent schedule that enabled audiences to look forward to each new episode released each month

Best Blog: Momentum Global Investment Management

Momentum Global Investment Management delivers a diverse range of editorial content for every type of investor and client. It offers a specialised section of materials designed for professional investors, that covers the more complex side of investment management. Conversely, it also offers a diverse range of editorial, video and audio content tailored towards the everyday investor.

Overall, Momentum Global Investment Management’s blog series is so successful because of the well-produced and insightful content that’s published weekly. The wide variety of topics, expert economists and business leaders, and diversity of content make its blog series one of the best out there. By dividing its content between the different type of investors it caters to a broader client base and ensures content remains relevant to everyone.

Here are the top five reasons why Momentum Global Investment Management’s blog series is so successful:

• Its site is easy to navigate and content is clearly divided between more experienced investors and the everyday investor, making it user-friendly and accessible
• Prioritises educational and timely content that’s easy to understand for all types of clients and investors
• Provides a diverse variety of content ensuring information is always presented in a fresh and innovative manner
• A mixture of long-form and short-form content is incorporated (alongside audio and visual content) to cater to all types of users
• Each piece of content is written and produced by a team of industry experts

Best Website: AXA Investment Managers

This year, AXA Investment Managers won the best website in the asset managers’ marketing campaigns awards. With accessibility at the forefront, AXA Investment Managers has created a dynamic and innovative website that helps nurture and convert leads.

What did it do right?

Utilising stunning visuals and an easy navigation bar, AXA Investment Managers’ website enables a simple user journey that pushes investors down the customer acquisition funnel.

Here are the top five reasons why this website won the top spot:

• Visually appealing with strong branding across the site
• Optimised for mobile use
• A strong SEO strategy across the site that prioritises critical keywords
• Incorporates a mixture of content mediums, from video to editorial content, catering to a wide variety of investors and clients
• Information is easy to find with a functional design and clear call to action throughout

What the top three asset managers’ marketing campaigns got right

Overall, what these top three asset managers’ marketing campaigns got right was prioritising highly professional and well-produced educational content. All marketing materials were easy-to-understand and catered for a variety of investors and clients.

Simple-to-navigate designs alongside fresh and interesting content, made these campaigns stand out from the crowd and win the top spot in the 2022 Investment Marketing Innovation Awards.

The post Top 3 asset managers’ marketing campaigns 2022 appeared first on Financial Marketer.

Artificial intelligence: time to get techy

AI technology has been in the news for the past few years, but until now it’s never been seen as a critical component of any financial marketer’s strategy. Currently, it’s estimated that by 2026 the share of AI in FinTech will triple, reaching $26.67 billion. To remain competitive in 2023 and beyond and continue to maintain forward momentum in your digital marketing, AI technology is a crucial component financial marketers should look to adopt.

AI technology is ideal for the curation, automation, optimisation and personalisation of financial marketing strategies. As clients continue to demand better, more personalised digital experiences, AI is what can ensure you deliver.

There are several areas AI technology can help with, including the:

• Visualisation of the customer journey
• Improvement of data collection
• Identification of trends in data
• Enhanced understanding of current customers
• Ability to deliver a convenient and positive customer experience

Web3: the new age of the internet

Touted as the “future of the internet”, Web3 is set to change how data and clients operate online. This new, third edition of the internet is set to give individuals greater control over their data and privacy settings. Some characteristics of this new dawn include the decentralisation of data, blockchain and the metaverse. We’ve already seen these updates occur in the iOS 15 and 16 updates.

To keep up, financial marketers will need to begin focusing and building strategies around zero-party data; data that your clients offer to you voluntarily. Gaining and accessing zero-party data will prove essential to building successful marketing strategies in 2023 and beyond. Building relationships, transparency and open communication between clients and your asset management firm will be critical to gaining trust and data.

Purpose-driven branding: clients demand authenticity

In 2023, asset manager marketing will continue to move away from data-driven marketing and instead focus more on purpose-driven branding. While data-driven marketing is of course not going away entirely, a stronger focus on building meaningful connections with clients will be a core component of any asset manager’s marketing strategy.

Clients want to work with brands that have a greater purpose than profit maximisation and products. Research by PwC found 83% of consumers think companies should be actively shaping ESG best practices. Additionally, the same report identified 76% of consumers reported that they will stop buying from companies that treat the environment, employees, or the community in which they operate poorly.

To lead and form a purpose-driven strategy your asset management firm should focus on marketing with:

• Authenticity
• Empathy
• Inclusivity
• Self-awareness
• Your brand’s story

By focusing on these five areas your asset management firm can build a solid foundation with clients, supporting your acquisition and retention strategies.

Asset manager marketing trends: final thoughts

In 2023, big changes to client data and privacy will be occurring. Being prepared and focusing on building client relationships and gaining zero-party data will help ensure your asset management firm remains ahead of the competition. Adopting purpose-driven branding and AI technology will ensure you continue to be competitive in an oversaturated industry.

As the new year approaches, it’s time to reconsider and optimise your asset manager marketing strategies.

The post Asset Manager Marketing Trends for 2023 appeared first on Financial Marketer.

What are the iOS updates?

Apple’s iOS updates have significantly impacted data sharing by enabling users greater control of their privacy settings and data. These changes to privacy settings and data sharing limit your finance brand’s ability to reach and engage prospective clients on both mobile devices and the web. Owing to this, as a financial marketer, you may have already noticed a decrease in ad performance and personalisation. This is particularly true for email and social media marketing campaigns.

Andrew Frith, Research and Social Media Director at The Dubs explains, “With the loss of granular detail in the user data these changes created, it meant that the usual reliance on specific analytics criteria to help shape marketing and advertising strategies had to be re-considered.”

For email marketing, Apple has placed numerous roadblocks to prevent marketers from accessing important data such as:

• Email open rates
• Ability to track online activity and location
• Finding a user’s email address

“Certainly email campaigns have been affected. Apple Mail and Apple mobile devices make up over 50% of the global email provider market share,” shares Andrew. “With the loss of the ability to access granular user data, it becomes more problematic to segment email campaigns based on important criteria such as location-based targeting, and gender/age segmentation and reduces the ability to A/B test things such as subject lines for marketing emails, and importantly the ability to understand email open rates which have always been an important KPI for email campaigns.”

Social media marketing has also been affected by the increase in privacy settings. Andrew states. “Likewise, social media campaigns on platforms like Meta and X have been more difficult to target specific target audiences for the same reasons.”

He adds, “Additionally, common targeting strategies on social media campaigns such as building remarketing and lookalike audiences become more unreliable when the user data is more restrictive.”

How does this affect B2C and B2B marketers differently?

The increase in privacy changes affects B2C and B2B marketers differently and each financial marketer should adjust their strategies accordingly.

“There is a distinction here between financial marketers operating B2C campaigns versus B2B,” explains Andrew. “B2C campaigns are more heavily reliant on mobile users as a target audience and so the iOS 15 and 16 privacy changes impact them to a greater extent. However, B2B audiences are still more desktop-based in their computer usage and so they are not as impacted as much.”

For B2C marketers it’s especially important to understand what the changes mean for them. So, how can financial marketers prepare and adjust their marketing strategies?

How can financial marketers adjust?

Andrew shares what he recommends financial marketers do to limit the impact of these iOS updates on social media campaigns.

He continues, “For financial marketers using a platform like LinkedIn offers the ability to target audiences by a rich dataset of on-platform user profile criteria which is not affected by the iOS 15 and 16 changes.”

“On social channels, financial marketers, especially B2B marketers can restrict their targeting to desktop only and avoid the user-data analytics problems caused by ios 15 and 16,” shares Andrew.

“Also, relying more on first-party data collected through other owned marketing channels that can be then used on social channels to create matched audiences that can be reliably communicated to is another option financial marketers should be looking at.” He adds, “Building first-party databases should always be a conversion goal for effective marketing campaigns.”

To limit the impact these iOS updates will have on email marketing campaigns there are also several things financial marketers can do to adjust their strategies for success. “For email marketers, prioritising different KPIs is a good way to lessen the impact of the iOS 15 and 16 changes.” He continues, “KPIs like click through rates (CTR) and click tracking is a good way to track engagement without relying on open rate data.”

To gauge the success of email campaigns Andrew suggests that “Website traffic analytics can be used to determine email traffic visits to important campaign landing pages or content destinations.”

In addition, he shares, “Unsubscribe rates is also another KPI that financial email marketers can still use to gauge the impact of specific content. High unsubscribe rates indicate a review of content might be in order whilst low unsubscribe rates indicate that the email content is hitting the mark.”

Final advice about the iOS updates

At the end of the day, these iOS updates were inevitable. Data breaches are almost a daily news occurrence and users have been crying out for greater control over their personal data for a while. In good news, these updates don’t spell the end for marketing campaigns entirely.

Andrew shares some final advice for financial marketers, “iOS 15 and 16 changes and other major internet policy changes like GDPR are here to stay and will be constantly evolving.” He continues, “Financial marketers need to be in for the long haul, keeping up with the latest technology changes and data policy changes.”

“Likewise, marketing and advertising strategies will always be constantly evolving and so financial marketers will need to stay on top of their game in responding to changes.” Andrews notes, “For every new obstacle in implementing effective communication campaigns, there are always new opportunities to explore.”

The post What financial marketers need to know about iOS updates appeared first on Financial Marketer.

Digital marketing trends for APAC finance brands

In the report by Adobe and Econsultancy, there are three key digital marketing trends in the APAC region that finance brands should understand.

• CX design as a priority – One in five (19%) of organisations in the APAC region said that CX is the most exciting opportunity for them. With 73% of consumers saying a good CX design is key in influencing their brand loyalties, creating a great digital customer experience should be a strategic priority for APAC finance brands.
• CX design maturity – APAC organisations are lagging behind their global counterparts when it comes to CX design and the overall customer experience. In fact, only 7% of businesses in the APAC region said that they consider themselves ‘mature’ in customer experience, compared to 12% in North America and 11% globally. With 75% of customer loyalty driven by CX, improving your finance brand’s CX design offers an opportunity to gain a competitive edge.
• CX design investment – Investment in CX technology is set to increase significantly across the next few years in the APAC region in an effort to catch up to global counterpart. In fact, 57% of organisations in the region reveal they are likely to increase their investment in CX-related technology, compared to 47% of companies across the rest of the world. If your finance brand hasn’t yet created a plan to improve CX design, it’s time to start.

How to create a great CX design

CX design is all about catering to what your customers want. Understanding the customer journey is vital to getting your CX right. There are five key areas that are important to get right, if you want to nail your finance brand’s CX:

• Reachability – It should be easy to find and interact with your finance brand, whether that’s your website or social media channels. If leads can’t find you, how do you expect to convert them?
• Convenience – It should be easy and convenient to not only purchase from your site or mobile app but to also get in contact with your customer service team.
• Personalisation – Consumers want personalisation. Ensuring your website, digital app and all communications are personalised with tailored product offerings, insights and key information.
• Ease-of-use – At the heart of great CX design is that every channel you have, whether it’s a website or digital app, is easy to use. This means ensuring your website is not only accessible on a desktop but it’s also mobile-friendly.
• Omnichannel approach – Key customer data should be transferable across all digital channels. This means the customer journey shouldn’t get lost if they transfer from your digital app to the desktop website.

Key takeaways for APAC finance brands

At the end of the day, these digital marketing trends indicate a clear need for APAC finance brands to focus on creating a great CX design. With CX design becoming a key area of competition for finance brands, there’s never been a better time to improve it.

The post Digital marketing trends in the APAC region appeared first on Financial Marketer.

What you need to know about digital financial marketing

Digital financial marketing is all about the content you produce to not only attract an interested audience but to make real and authentic connections with potential clients. Creating a content marketing strategy that places our audience at the forefront should always be the aim.

The content you produce can’t be an afterthought. Instead, it must be strategically created in line with your audience’s needs while being appropriate for the platform it’s housed on. For finance brands, educational and transparent content alongside company insights generally perform the best for all types of finance brands.

Prioritise your SEO to improve your digital financial marketing

While paid advertising and other digital content have a time limit, SEO doesn’t, making it an extremely important part of any digital financial marketing strategy.

Personalisation is your friend

Your customers want personalisation – there are no ifs, ands, or buts about it. Personalised content, tailored to your target audience should be the basis of almost all your communications with clients. In fact, 72% of consumers say they only engage with personalised messaging.

According to research by McKinsey, there are five key areas your finance brand should work on personalising. These include:

• 75% of consumers want personalisation to make it easier to navigate in-store and online purchasing
• 67% of consumers want relevant and tailored product/service recommendations
• 66% of consumers want messaging tailored to their needs
• 65% of consumers want targeted promotions
• 61% of consumers want brands to celebrate their key milestones

Don’t forget about mobile

With people engaging with brands on their mobile like never before, it’s important your finance brand prioritises not only mobile content but also your web design.

If you’re doing digital financial marketing well, you should be generating more and more leads to your website. This is why your website must be mobile-friendly. According to SEMrush, 71.76% of domains change rankings by one place on mobile compared to desktop. To ensure your website is mobile-friendly there are three key things you can do:

• Utilise responsive web design
• Ensure your site has fast loading speeds
• Ensure your SEO strategy is strong by implementing structured data

The post 5 Stats about digital financial marketing you need to know appeared first on Financial Marketer.

Banking trends: what consumers want

The banking trends for 2022 are focused on two key areas; cryptocurrency and channel transformations.

More consumers are asking that cryptocurrency become an accepted payment option, yet 78% of banks have no plans to do this. If your bank isn’t yet ready to incorporate crypto as part of your services, it’s worthwhile including it in your content marketing strategy. Research by The Dubs and Dianomi found while cryptocurrency made up 18.25% of investors’ global search volumes, only 2.96% of global asset managers published content about it.

While cryptocurrency used to be only for Reddit forums or X threads, it’s now something the everyday investor wants to learn more about. This information gap offers a prime opportunity for your finance brand to provide reliable and trustful content consumers are demanding, helping you to form meaningful connections with interested investors.

How consumers are interacting with your finance brand is also changing. BAI has noted that banks are experiencing a channel transformation, where consumers are reducing their preference for in-person experiences for online ones. In fact, branch channel usage dropped from 20% to 19% between 2020 and 2021 with this trend continuing into 2022.

What this means is that your online and digital presence must continue to improve to ensure your clients remain satisfied. Ensure every interaction a consumer has with your brand on any channel is a positive one. This means employing customer service and chatbots across your social channels to help provide quick fixes to clients’ everyday problems. Additionally, providing relevant content that provides value to your target audience can help you to generate and nurture leads, pushing clients through the customer acquisition funnel.

Banking challenges: what isn’t working

Overall, banks are finding it challenging to meet customer expectations and improve the overall customer experience. According to BAI, there remains a mismatch in priorities when it comes to what consumers want and what banks are prioritising. By focusing on providing what consumers are demanding, your finance brand has more opportunities to deliver an exceptional overall customer experience both in-store and digitally.

Here are the top three areas finance brands should improve to meet consumers’ expectations, according to the report by BAI:

• Improve the omnichannel experience – The goal of an omnichannel strategy should be for customers to be able to flick between platforms without fear that the financial institution will lose their journey and have a positive interaction at every touchpoint. Providing exceptional customer service and relevant content across all social channels will improve your omnichannel marketing.
• Provide customisable solutions to consumers’ problems – It’s the era of personalisation and it’s time your finance brand jumped on board. Not every solution is appropriate for every consumer, and it’s important your finance brand can deliver relevant and personalised solutions to everyday customer problems.
• Provide financial education – Consumers want educational content from their finance brands. With most consumers today feeling financially stressed, delivering educational content can build loyalty and trust by helping them build better money management tools. In fact, 47% of consumers believe it’s their bank’s duty to help them make better financial decisions.

As BAI reports, “Improving the customer digital experience is the top business challenge
for financial services organisations, and their top investment priority, too”.

What can your finance brand learn from this?

Identifying the challenges and trends in banking can not only benefit banks but all finance brands. Delivering content that provides value on topics your clients want is a clear way to build meaningful connections with interested consumers. Identify what topics you’re not delivering content on that your target audience is demanding.

With the continued digitisation of financial services in addition to the habit changes COVID created, it’s never been more important to prioritise your digital services. Building a great omnichannel marketing experience alongside personalised solutions and educational content can ensure your brand effectively generates and nurtures leads.

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How technology is key to personalisation

Research performed by Bain & Company and Salesforce revealed that while technology has made the digital experience of finance brands easy and convenient, it lacked personalisation and a human connection. A report from Accenture showed that 91% of those polled said they’re more likely to purchase from a brand that knows them and provides them with relevant recommendations and offers.

While it’s easy to understand why personalisation is a must-have part of any finance brand’s marketing strategy, how you achieve it isn’t as straightforward. So, what technology can help ensure you nail the personalised customer experience?

Cloud-based software

Cloud computing software can help deliver personalised services by creating an open banking environment, where customer data can be shared between finance organisations. An open banking system enables your finance brand to better understand your target audience, as you have access to the financial habits and customer journeys of a wide range of consumers. This means you can create better, more personalised content that effectively nurtures leads helping to convert more consumers.

AI-powered technology

AI-powered technology is changing the way brands are interacting with their customers. AI technology can be utilised in many ways to provide a personalised customer experience. AI analyses your customer data to identify behavioural patterns. This means you can not only tailor your ads to the consumer, but also deliver the right content at the right time, helping to nurture leads and convert customers.

Here are a few ways you can implement AI to deliver personalisation:

• Chatbots
• Tailored ads and product recommendations
• Personalised messaging
• Provide educational materials tailored to their needs

Analytics

Analytics can help empower your finance brand create appropriate next best action approaches across the entire customer journey. A next best action approach uses your customers’ analytics to understand what your consumer will most likely engage with at the time.

Rather than focusing your marketing spend on large outbound campaigns, you can instead focus on providing tailored product offerings to individual consumers already interested in your finance brand. Analytics can see where the consumer dropped off in the customer journey and provide personalised messaging and services to nurture and convert the lead.

The best thing about a next best action approach? It works. A study by Deloitte, in which they empowered a UK retail bank with a next best action approach, saw a 30% uplift during the pilot.

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