The financial sector has been taking slow and measured steps towards adopting digital marketing in the last decade. With the sector already moving towards a digitized environment, banking, finance and insurance brands are looking out to build a digital ecosystem for themselves to grow big.
And now, in times of COVID-19, the importance of digital marketing for the sector can hardly be undermined. As an aftermath of the pandemic, everything is going to hinge completely on digital for a long time and those who leverage its power will be the biggest brands in the coming times.
Social media and digital marketing can not only help Banking, Financial Services and Insurance (BFSI) sector brands find new customers but it can let them connect with their existing customers better and keep them happy.
Feel the pulse of customers, existing and potential, with Social Listening
Through digital marketing, an incredible amount of information can be acquired about consumers who can become potential customers for the brand. Social listening can also help brands know how they are being perceived by customers. Bryan Clayton, CEO of GreenPal, says he was surprised to discover that 84% of people trust an online review as much as a recommendation from a friend.
Using social listening, Visa searched through their forum profiles and twitter conversations to learn how specific customers want to hear from Visa. Adopting this strategy led to a positive sentiment growth of 50-60% for Visa.
With comprehensive social listening, BFSI sector brands can build a stronghold of faith for customers such that they can count on the brands for their future needs. For instance, a global brand like Visa uses social intelligence to understand what’s next in digital payments. Learnings from social listening have also made them focus their marketing efforts on smaller segments of audience – like SMB owners. By searching Twitter bios for terms like ‘I manage’, ‘I run’, ‘I own’ Visa was able to create a sizable database of SMB users.
Quicker response times with AI & ML Powered Chatbots
With word of mouth still being a big influencer on purchase behavior, even in the BFSI sector, it is imperative to create a community of customers who later can become ambassadors for BFSI sector brands, creating a positive persona around them. However, with lives becoming fast-paced, everyone wishes to get answers for their queries quickly.
And to create that kind of a speedy and prompt response system, it is important to deploy Artificial Intelligence (AI) and Machine Learning (ML) based Chatbots as first level communication between brands and customers. The ways in which chatbots can help a brand’s digital marketing strategy are manifold:
Axis Bank partnered with Active Intelligence Pte (Active.ai), a Singapore based fintech platform, to launch an intelligent banking chatbot. It was conceived to bring mobile banking services to Axis Bank customers in the form of a conversational interface. This enabled users to chat through the Axis Bank mobile banking app and messaging platforms like Facebook Messenger.
They call it ‘Axis Aha!’ It combines AI and ML to provide a seamless and highly interactive banking platform for Axis bank customers. As a chatbot based platform, ‘Axis Aha!’ also enabled ‘voice banking’ to help its customers place requests and make transactions without the hassle of navigating through pages.
For banking, insurance, finance and investing firms, it pays to have a conversational chatbot assistant, powered by AI and ML, apart from the regular ‘flesh & blood’ relationship managers.
Keep it sharper with Whatsapp Marketing
Currently, WhatsApp user base is estimated to be around 250-300 million people, in India. Making it the undisputed messenger-marketing leader. On an average, a user checks his or her WhatsApp more than 23 times per day. 58% of users access WhatsApp several times a day. Given the staggering numbers, it goes without saying that a capable WhatsApp
Marketing program is a powerful tool that every BFSI sector firm needs to have in its digital marketing repertoire.
WhatsApp marketing positively impacts a brand and makes it more appealing to customers in the following ways:
ITC, for one of its well-known biscuit brands, Sunfeast Marie Light, created a WhatsApp led promotional campaign. They invited users to click a selfie with the pack and send it to the brand’s WhatsApp number to win a 42-inch LED TV. The WhatsApp campaign gave ITC’s Sunfeast Marie Light a significant sales boost.
Reliance Brands, which handles luxury brands like Diesel, Kenneth Cole and Zegna in India, offered customers the choice of remaining engaged with the brand via WhatsApp. Consumers lapped it up, finding out about promotions, new launches and getting brand information like pictures and videos. In some cases the conversion rate of consumers who were on the brands’ WhatsApp list was as high as 80%.
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