Marketing has seen a major paradigm shift over the last decade. As a discipline, it has moved from being perceived as an art to a focused and measurable science. This new wave of marketing is being shaped by new-age technologies that are powered by artificial intelligence (AI), internet of things (IoT), tremendously high levels of personalization and real-time communication. Needless to say, for a BFSI brand that aims to score big digitally among its consumers, adopting new-age marketing tools into its digital ecosystem is a sine qua non for success.
Tech-powered mobile marketing for financial services
Mobile marketing is evolving rapidly. Adapting to its changing face and implementing it speedily is a marketing trend that BFSI brands cannot afford to ignore. Mobile marketing now has become way more differentiated than just being about traditional mobile apps and mobile-friendly websites. It had now moved into geo-location based services, in-app notifications and rewards, and, support tools like voice based search.
For a BFSI brand, its website needs to work on mobile phones just as smoothly as on a PC. A brand cannot afford to burden a customer with the inconvenience of having to go home or walk into the bank, to access his/her account.
In a bid to adapt to the changing face of mobile marketing, JP Morgan are trying to harness the potential of Amazon’s AI based virtual assistant - Alexa. They are creating Alexa specific tools, enabling customers to ask questions about their finances and get more details on products & services, through Alexa.
Geo-location services allow banks, financial institutions, insurance companies to collect data based on the branches most frequented and locations where money spends are highest. And eventually, make use of automation to predict more such locations.
Welcome to the world of ‘hyper personalized’ videos
It would be a little unwise for a brand, a BFSI brand even more so, to assume that all customers understand all the ‘Hows’ of a product or a service. They’re not going to wait and ‘screen’ through a brand’s website at leisure, to understand what they are looking for. Which is why, the solution lies in making use of video marketing to capture their attention and provide faster solutions.
Allianz UK, back in 2016, launched #MyCarStory campaign which went on to garner lot of attention and was a major success. The idea was simple. Capture families driving in their cars on film, as they tell amusing and relatable anecdotes about how once they ran into a situation that would have needed insurance. However, the catch was, nowhere in these films word ‘insurance’ was mentioned. These hyper personalized films were aimed at car insurance customers. The objective was to engage them with relatable and endearing stories. The campaign received 4.45 million impressions and led to over 48,000 engagements.
Unleashing the power of new-age creativity
At the heart of every great marketing campaign lies creativity. Only through a big, creative idea can a BFSI brand pull at the heartstrings of its customers and create a positive influence for the brand, product or a service it seeks to promote.
In recent times, TikTok has emerged as a gargantuan creative platform where millennials and Gen Z participate actively. It is one of the best platforms to engage with the young audience and make them financially aware. Some of the TikTok influencers are already leveraging this platform to create content that talks about financial planning.
For instance, Cole Kelly, a financial literacy teacher from Salt Lake City, USA is using TikTok as a medium to propagate financial awareness. His most popular TikTok video was the one where he explained to his younger audience, why real estate can be a very savvy investment opportunity. The video garnered approximately 400,000 views. His take-down of a furniture store’s 21% APR financing offer got more than 250,000 views. For a BFSI brand finding such influencers and unlocking their potential could mean the world in gaining a solid reach to a younger, financially active audience.
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