Behaviour and mode of communication have changed with the development of information and communication technologies. Banking and financial services are at the heart of this revolution. In fact, the banking structure has had to adapt to integrate new technologies into their systems. The idea is to meet the needs of their customers and remain competitive.
What is banking marketing?
Banking marketing is marketing tailored to banking products and services. It is subject to the nature of the services related to the bank. Therefore, to get out of the institutional framework generally attributed to this sector, it increasingly adopts techniques from mass consumption.
The creation of online banking, the services associated with the web and the rise of social media have helped to change the marketing techniques used by banks. Banking marketing increasingly relies on the analysis of customer data and its lifecycles. It is also more focused on event management.
Although the Internet has an essential place in banking marketing, multichannel remains an important dimension.
To what extent has technology impacted banking marketing?
In fact, the bank’s relationship with its customers has changed in the face of the technological revolution. Here are some examples: means of electronic transmission and payment, the opening up of telecommunications, the exploitation of richer databases, etc.
Technology is proving to be strategic opportunities for this sector. They have, for example, contributed to a significant reduction in transaction costs. Banking offers can be adapted to the profile of customers. New customer segments are becoming accessible.
New technologies lead to a diversification of supply and increased competition. From now on, the comparison between the different offers is direct and immediate. In addition, the emergence of new players leads banks to develop specificities. Thus, banking institutions can offer both cost-effective and qualitative services for their customers.
Technology in Banking Marketing
To meet both customer needs and competitive pressures, banks are adopting new channels. Traditional marketing is thus complemented by e-marketing. In this context, banks are positioning themselves on new audience hubs via social networks and the virtual world. These channels are integrated into communication strategies.
Remote banking services
With the standardization of Internet technology, a global network has developed. The fall in the price of network access equipment has multiplied the number of users. This has led to the emergence of e-commerce, the online transactional system, and counterless network banks. Remote banking is not limited to the Internet. Telephones and ATMs are included in this type of service. Thus, multiple channels are made available to customers to carry out remote banking operations. The customer becomes an actor in the operations he performs.
The Internet both favors the customer and strengthens institutions. Indeed, these operations allow the bank to collect and store information that it can then process in order to define the customer profile. She can then carry out individualized marketing that improves her relationship with the customer. In addition, overall, there has been a reduction in counter work. In fact, routine operations are mostly carried out online. The use of these channels has eliminated several physical and spatial constraints. In addition, the latter are used together and in addition to traditional means of communication.
In order to practice » proximity politics » in banking marketing, social media is a considerable resource. Thus, customers are on their own territory and can be reached more easily. Social media marketing develops the bank’s relationship with a younger population. Moreover, the interactivity that characterizes social media makes it possible to establish a link with this customer segment.
Social media is not limited to sharing information, but it contributes to the development of business strategies.
New communication strategies
The messages conveyed by banks have evolved with the development of technology. Banks would like to highlight a commitment and further support of their customers. More than an institution, banks want to position themselves as a brand. To do this, they want to honor values in line with customer expectations. This translates into the adoption of slogans associated with solidarity, responsibility and sharing.
This type of communication plan requires consistency and consistency in the overall management within the bank.
Anticipate risks and malfunctions
The development of technology generates risks that must be taken into account.
Financial risk requires a stable functioning of the international financial system. Electronic banking that transcends borders implies cooperation between different authorities. Internal controls, the security of operations and the monitoring of money laundering should be put in place. This allows for better management of operational risks. In addition, the management of legal certainty in order to authenticate transactions is a crucial point.
Technical malfunctions in online transactions harm banks and alter their image with customers. In fact, having secure systems is essential. To be effective, solutions must have an international dimension.
Risks fluctuate in parallel with technological innovations. A constant effort of adaptation is necessary to stay in the rhythm. The banking sector must have the capacity to respond to new challenges.
Banking marketing focuses on creativity and interactivity. This will include remaining competitive in the face of fierce competition. Finally, the advent of digital and technological tools have led to better opportunities to get closer to the customer.