With the emergence of so many new FinTech companies, financial institutions must refocus their energy on new (and old) marketing strategies. While these 4 approaches to marketing aren’t groundbreaking, they are now necessary to stay competitive and credible in a crowded market:
Follow the Rules
According to a 2018 Deloitte study regulatory compliance is one of the major banking industry trends this year. This is likely because global institutions must now comply with the EU’s General Data Protection Regulation (GDPR) which has changed the way customer consent is captured and recorded. Companies and organizations who choose not comply with the new GDPR standards face the risk of large fines. While prioritizing compliance is absolutely integral to any company’s success, the fees associated with breaching the EU’s new regulations are financially prohibitive for companies that typically feel that they are “above the law”.
Another way email marketers address the obvious issue of compliance is by staying abreast of emerging FinTech and RegTech related to compliance issues. For example, some organizations use apps to automate compliance processes related to marketing content. With the addition of new regulations, compliance must become a more central part of Financial Institutions’ business plans.
Adopt a Data-Driven Approach
Financial Institution marketers have turned to a data-focused approach to dissect and understand users and their behavior on a much deeper level. The insights gained are used to finely tune or hyper-personalize financial offerings, education, and even search results to each customer. Data that is helpful to FinTech email marketers include communication channel preference, geo-location, bill payment behavior, and life events deduced using social media insight.
Keep Your Finger on the Pulse of Design
Just as clothing styles change so too do the prevailing conventions of graphic design. Customers are savvy at identifying which financial institutions are on the cutting of design and which are stuck in 2005. Using stylish designs on a website as well as in advertisements and email marketing not only give a company the “cool factor” but also can help to bolster the company’s credibility.
Be an Educator
Trust is always a big issue for the consumer but especially between consumers their banks. Educating customers through helpful content can help financial institutions maintain credibility within their vertical. For instance, Chase has a knowledge base on their site to address customer concerns about security and educate them on the topic.
Traditional financial institutions can apply these strategies to remain relevant in an industry that has been disrupted by technology.