The internet is becoming the town square for the global village of tomorrow
——–Bill Gates
Introduction
The financial industry has historically benefited greatly from financial innovation, which takes the shape of new institutions (like mutual funds and venture capitalists) and new products (like new securities), as well as new technology (like credit scoring, ATMs, and ticket machines) (Tufano 2013). Specific technological advancements, such as distributed ledger technology (DLT), artificial intelligence (AI) big data technology, smartphone technology, the Internet, and application programming interfaces (APIs), are supporting the current wave of financial innovation (Allen et al. 2021).
The way banks create and provide financial services to their clients is being impacted by these new technologies, which are also pushing large tech businesses and new fintechs into the service delivery and production space. The current wave of financial innovation, which is based on the opportunities presented by digitalization, has mostly come from outside the incumbent banking system in the form of new financial service providers, who compete with or partner with other financial institutions (Cornelli et al. 2020).
Financial institutions have a plethora of options to capitalise on and succeed as a result of digitalization when it comes to marketing their goods and services to prospective clients or upselling current ones. It is possible to investigate and optimise a variety of digital marketing techniques to achieve long-term growth that will improve financial performance.
- Create, explore and maximize the website to improve customer service
The website of a bank functions as a virtual branch. Banks must make the most of this channel to provide client support all year long, twenty-four hours a day. There is always room for improvement, regardless of how the bank feels about the current website. Pay attention to what clients need, such as assistance with online banking, locating your routing number, obtaining current rates, locating a branch or ATM close by, or posing general inquiries.
These can be done through:
- Investment in online chat
Today, digital consumers expect to talk on the Internet. They know that it can help them get quick and effective answers to their questions. Banks should consider how service representatives consistently talk to people one-on-one over the phone and compare their use of online chat platforms where they can receive questions from multiple people
- Create or update FAQs
A large FAQ page can answer many common questions asked by members and customers. This needs to be updated as soon as banks don’t have it on their website. Customer service is the ideal place for you to understand useful information contained within a website can lead to fewer unwanted requests and easier support procedures To ensure accurate, complete and up-to-date content if banks already have this information on their websites, they must update it
- Provision of a simple contact form
It’s surprising how many financial institutions don’t do this. To ensure the service team receives requests quickly and efficiently, it provides visitors with an easy way to contact the organization. Saving submitted forms to a database will allow you to periodically analyze queries and look for popular topics, giving you an objective,data-driven way to improve your website.
- Present integrated service options
Banks may have added self-service options over time. However, from the traveller’s perspective, it is important to present all service options together to give them the choice of a true “omnichannel buffet”. Your help button, contact link, and/or on-page section should contain a call centre number, contact form, FAQ, chat, knowledgebase, social networks, and any other customer service options. Being organized will help visitors feel that your website is clear and useful, and will create a positive impression of your brand.
- Explore and maximize content marketing to connect with customers
Content is king in digital marketing and is essential for keeping people engaged and positioning the organization as a knowledgeable resource and provider of continuing financial education It also helps keep your website fresh and interesting, something a professional search engine like Google would be proud of Some content marketing strategies include:
- Blogging
If the bank has a blog, the content needs to be planned strategically. With a little research, you can find out what people are searching for, what people are asking for at your branch, and what the hottest trends are.
If you don’t have a blog, you should seriously consider investing in one. Don’t create a new, separate stand-alone website. Make sure your blog is hosted on your domain to maximize its SEO value, and be sure to mix up the type of content you provide, from articles to videos to infographics. Once your blog provides quality content, use channels like email and social media to increase traffic
- Third-Party Content
This can be a useful way to add your exclusive content and a way to easily expand your library with useful content, especially if the provider allows your organization to “label white” for the document Always look for ways to personalize content for your organization
References
About the Writer
Ebenezer ASUMANG, ||Development Communicator|Green/Sustainable Finance|Digital Banking||
