4 successful digital marketing strategies for banks 2024

Vero Wiedemann28 December

What are the most effective digital marketing strategies for banks?

In an era marked by technology and data, banks face unique challenges. The digital evolution has significantly altered the financial landscape, making innovation in digital marketing not only desirable, but essential.

Banks must adapt quickly to remain relevant and competitive. This change involves not only adopting new technologies, but also understanding and responding to changing customer expectations. In this article, we will explore proven and successful digital marketing strategies that have helped banks stand out and thrive in this dynamic environment.

The importance of having a solid digital marketing strategy

A well-established digital marketing strategy is vital for any bank seeking success and growth in today’s financial environment. This need arises from growing customer demand for personalized and efficient digital services. At the core of a good digital strategy is a deep understanding of the customer journey and the creation of experiences that not only meet, but exceed their expectations.

Banks should focus on developing a multi-channel approach, ranging from social media to mobile banking, to interact with customers at different points in their financial lives. In addition, the digital strategy must include the analysis of large volumes of data to anticipate needs and optimize campaigns. This not only improves customer relationships, but also boosts operational efficiency and the return on marketing investments.

In a world where digital innovation is advancing by leaps and bounds, banks that fail to invest in a robust digital strategy risk being left behind.

Strategy 1: Data Science for Banking

• Make sure you have tracking, attribution and data science capabilities within your marketing area.

For more than 10 years, in order to succeed in digital communication, it has been vital to take full advantage of the potential of the algorithms and machine learning with which the main communication tools work. Google, Meta, TikTok, and all the companies that end up controlling what people see on their screen, use automated dynamics, called “algorithms”.

The first and essential part of any digital strategy in your bank is to have data science capabilities within your marketing area. You can add the capabilities of an agency if you don’t have that in-house talent, but you can’t overlook this. These data science capabilities will enable you to:

• Build an interconnected and efficient marketing architecture.
• Obtain real-time information on how the Bank is acquiring its customers.
• Feed the platforms that use Machine Learning, with quality data.

Today, for any of your campaigns to be effective, you must feed the platform (Google, Meta, TikTok, and whatever you are using) with quality, real-time data streams. This will allow these platforms to understand where your customers truly are, who they are, what message to show them and how to find them.

If you achieve this as a Bank, you will be in the top 10 of the most competitive banks in the region.

Strategy 2: Focus on mobile banking and apps

• Develops a mobile App that allows the bank to acquire customers
• Implement a performance-based advertising strategy to accelerate growth.
• Join an MMP.

The development of mobile banking and other applications are fundamental to a modern bank’s digital strategy. These platforms offer customers convenient and secure access to their accounts, transactions and banking services from anywhere.

We are not saying anything new if we mention that screen time on mobile devices is growing year by year. Therefore, as a Bank you cannot miss this opportunity to get in touch with your customers. Advertising in the mobile environment is key to acquire customers, and often even to retain them.

A well-designed mobile application should be intuitive, easy to use and provide key functionalities that meet users’ everyday banking needs. In addition, it must include robust security features to protect the customer’s financial information. In addition, integrating features such as support chat, financial management tools and personalized notifications can significantly improve the user experience.

We recommend that you have an App that allows new people to apply for products from the bank, even if they are not yet customers. Making a mobile App one of your customer acquisition channels in an automated way is one of the main points you should focus on.

Make the Onboarding process intuitive, frictionless and clear.

Integrate your app with mobile measurement tools (MMP’s) to be able to monitor in real time how people who download your App react during the onboarding process.

By focusing on mobile banking, banks are not only staying on the cutting edge of technology, but also demonstrating their commitment to the convenience and changing needs of their customers.

If you require support in this area, you can write to us.

Strategy 3: Closeness between Product, IT and Marketing teams

In a digital customer acquisition and retention strategy for a bank, leveraging the technology capabilities of the entire Product and Marketing ecosystem is the difference between success and failure.

Within your strategy we recommend that you include the design of efficient communication processes between these three areas:

Make sure you have the right prioritization in terms of developing integrations with marketing tools, new product features needed for marketing, or custom developments to enable measurement.

Having an agile and consistent operation in terms of these capabilities will be a considerable competitive advantage in your business.

If you need help with this, you can write to us.

Strategy 4: Specialized advertising campaigns for banking

For banks, it is crucial to develop an advertising and growth marketing strategy that complements that complements their content and generates a solid base of quality users. This approach is fundamental to establish the initial baseline costs and define the KPIs that will underpin the long-term sustainability of the strategy.

The financial sector has specific limitations and regulations, which must be taken into account to ensure results. We recommend you to have a team specialized in banking and fintech advertising.

At Boomit, we have a team of experts in over 40 advertising technologies, all meticulously tested and optimized for the financial sector. We understand how to maximize the potential of machine learning in advertising platforms to significantly improve Return on Ad Spend (RoAS) and impact on results.

Some of the results we achieve with this type of pubicitarian technology:

• Acquisition of new savings account customers
• Increase in first anchor
• Credit card application
• Consumer loans
• Insurance policies
• Loans in general

In addition, advertising campaigns that use creative storytelling, interactive content and personalized messages can generate significant impact. Inviting someone to open a bank account is not the same as trying to get them to buy a pair of shoes. The marketing team driving this strategy must consider the psychological aspects that come into play in the decision process.

Our experience allows us to implement advertising campaigns that not only capture attention, but also convert, ensuring superior effectiveness in reaching and converting potential customers.

Develop your bank’s Growth Marketing strategy with Boomit

In conclusion, digital marketing strategies for banks are vital to remain relevant and competitive in a constantly evolving financial world.

At Boomit, we understand these challenges and offer customized solutions that are proven to be effective. If your bank is looking to innovate in its digital marketing approach, we invite you to explore how our strategies and expertise can help you achieve your goals.

Contact us to find out how we can transform your bank’s digital experience together.