By Ryma Chikhoune on December 20, 2020 Then came the pandemic, closing many branches practically overnight and limiting most customers to online banking. 2020 Marketing Trends for the Financial Services Industry February 17, 2020 / 0 Comments / in Growth Hacking / by Judy Caroll We always talk about the constant change and evolution of marketing trends and strategies that this time, we also want to highlight how equally important it is to keep up with the rising financial marketing … Lastly, never underestimate the impact of emotional and relatable video testimonials and the power of storytelling. In the video below, poets Maria Ferguson and Matt Abbott recorded themselves performing a poem at home, noting things that matter for their wedding day in six months’ time. Here are seven of the top trends to keep tabs of through 2020 … Four Marketing Trends to Prepare for in 2021 on December 15, 2020 Featured, Retail and Marketing. Payments trends 2020: Mastering a dynamic market The dynamic payments industry continues to expand and evolve, with digital payment vehicles and transaction volumes growing across the globe. ... experienced commercial success during the 2007 Global Financial Crisis. Another type of video can be testimonials with current clients who are happy with your products or services. Pierre-Loïc Assayag of Traackr Shares Standout Influencer Marketing Trends of 2020 The executive says COVID-19 accelerated trends that were already under way. 2020 Marketing Trends for the Financial Services Industry. The aim of this video is to allow Nationwide to highlight how they are helping their members during the pandemic to secure their futures. One of the critical things to remember is to stay true to your brand and message. It is to help shift from a product mindset to a customer-centric one by providing them with a ‘voice’ that answers their queries. With a new year and the start of a decade some trends will clearly dominate the world of marketing in 2020 and … Conclusion I know a lot of the stuff I mentioned above isn’t talked about a lot and they aren’t popular marketing topics that everyone wants to hear… but it is the future. For example, since 2016, British bank Nationwide has been running financial, Nationwide’s strategy connects with audiences because these, Financial advisor company Crediful consistently publishes articles on their blog, offering a. on money advice from credit to loans and debt. We always talk about the constant change and evolution of marketing … It’s all about connecting your prospects to your marketing department for more personalized questions. © Business 2 Community. that created a “Back to School” survey in 2019. Single. This data can also be beneficial for building marketing campaigns in multiple ways, from using data to deliver information to customers but also to target specific types of customers with the data collected about them. These fintech trends … The second blog of our digital marketing trends in 2020 series examines another all-important aspect of your marketing – the audience! However, this allows Deloitte to connect with American families on a sympathetic level, building that vital brand trust. 5 Big Trends Impacting Financial Marketing Strategies in 2020. The trick to omnichannel marketing is to offer something unique to a service or task that is not as exciting or difficult for people to engage with. The post-crisis regulatory frameworks have been gradually settling into place, and financial institutions have been adjusting their business models accordingly. This will give your customers a different avenue and way of experiencing your services. Always make sure that your content is thoroughly researched before you put it out into the world and keep track of who is engaging with your content. You guessed it! The Financial Forecasting Software market report, added by Market Study Report, LLC, descriptively covers the present & future growth trends, in addition to highlighting the global expanse of this industry and elaborating the regional share and contribution of each region of the Financial … Judy Caroll February 21, 2020. In 2020, we can see the huge impact that digital marketing has had over the last decade, and more. The 2020 Election Also Plays A Role. A cup of coffee. So, if our virtual assistants on our phones can help us with our groceries and random researches, why not also with financial operations? While these features are essential, it’s all too easy to forget about developing your offline methods of marketing. Content Marketing You have a greater chance of attracting prospects to your website by combining videos into your marketing as users frequently spend 88% more time on websites with video content than those that don’t. Back in December 2019, Alex Stedman, or as she is known by her Instagram handle, The Frugality, did a paid ad Money Diary with British bank, Natwest. While these are similar to your explainer videos, how-to videos go more in-depth with step by step instructions. Thankfully, many banks have developed their own user-friendly apps and optimized their websites so that their customers can actively engage without having to physically go to the bank. For example, since 2016, British bank Nationwide has been running financial advertising campaigns featuring poets from multiple backgrounds. All Rights Reserved. Live streaming technical analysis on your platforms can engage your audience in real-time of maybe a BTS of something you are working on or for them to tune in into a seminar/conference you are holding. The best way that you can enhance your customers’ experience nowadays is by putting out video content, and the Finance industry is not exempted from this. Capital One, for example, has developed two Capital One Cafes allowing people to sit and charge their devices and manage their finances over a cup of coffee. Try integrating the power of segmenting customers (banking, savings, investments, etc.) Video marketing could be considered a luxury back in the days since not many companies saw the value in spending a good chunk of their resources for a 30-second to 2-minute video. In Q2, most media use remained level with slight rises or falls here or there. Data Analytics in the Financial Services Industry report. Time wasted is money wasted and a prospect lost. As a finance company, it helps if you tweak your marketing accordingly to find out more about your customers’ emotional motivations for their financial transactions. If our hands are too full, that’s not a problem anymore. On the other hand, some banking companies have taken several steps more forward and truly thought out of the box. Working on a few campaigns that adopt some of these current trends can easily change the course of your business and how customers engage with you. ... Let’s review a few key lessons from 2020. And if that wasn’t shocking enough, did you know that 58% of younger audiences don’t mind advertising that comes from or features their favorite personalities? No bank or credit union marketer has the luxury of ignoring these landscape-altering trends … For Natwest, this was extremely beneficial. This will make predictions easier and quicker, enabling institutions to make smarter decisions. The good news is that’s exactly what chatbots have been created for. , a free finance personal assistant app that currently has over 2k followers. You’ll see a big push for this in 2020. It's imperative to adapt and evolve with new marketing trends to stay competitive and … Screenshot from PwC Data Analytics in the Financial Services Industry report. Most banks welcomed 2020 with a familiar strategy: Continue to ramp up digital banking solutions to meet growing consumer expectations, while competing with traditional and fintech banks for customer loyalty. Chatbots have been around for some time already and with better versions constantly popping up, you can now include conversational banking into your bots to give your customers a personalized experience at every financial stage. So, the best solution here is to use video marketing to capture their attention and provide faster solutions. The key thing for financial businesses is to remember that building trusting relationships takes time and a lot of work, but creating robust campaigns with innovative ideas that put the customer at the forefront will make you the popular choice. Because they dug deeper and found out what was really … Often businesses use articles and blogs to provide audiences with their knowledge. And if that wasn’t shocking enough. It’s always best to take inspiration from your competitors but never outright copy. It is yet to be seen the duration of these changes, but each deserves a careful review. Overall, AI-enabled real-time audience insights can help lower and even prevent you from wasting valuable advertising and marketing resources for financial companies all while allowing them to engage and interact with your customers in an efficient, proactive, and accurate way. Chatbots enhance the user’s experience with your brand and that will encourage them to keep coming back. Launching a blog section on your website showcasing your business’s expert knowledge is one way of making content work for you. However, other methods aren’t to be overlooked, including white papers, reports, eBooks, even questionnaires that can be a form of content marketing. Digital channels, social platforms and targeting capabilities are growing at a … Her task was to write down everything she spent over 12 days during the Christmas period to track her spending. Considering millennials are a significantly large proportion of the current workforce, that’s a lot of people to need to get onside. We look at the three financial content marketing trends you need to master by 2020. It’s completely different from everything else other banks are doing. Everything has to be instant now. For example, the Capital One Cafes target people who usually might find it hard to track their finances are encouraged to take hold of their finances in a dedicated space, making them feel more comfortable and confident to check their spending. Banks and credit unions will … It’s an exciting topic for an organization like Deloitte to focus on. You can even get inspired by Deloitte that created a “Back to School” survey in 2019. Siri and Alexa are the most famous voice-search enabled virtual assistants that we have today among many others. … There are multiple ways of using video to connect with your audience, starting with explainer videos. That’s where digital marketing for financial services come into play. This content does not necessarily need to advertise what you do, but it can highlight what you do. This article can help other businesses create strategic ways to build connection effectively and engage more with their audience by learning from what big companies are currently doing. Another type of video can be testimonials with current clients who are happy with your products or services. Amazon has created an Alexa skill for the Amazon Store Card in which users can interact with this product by adding the ability to their Amazon devices and allowing users to manage their accounts simply by using their voice. just for small businesses, provides its audience with tips and insights on how to grow their client list and better engage with their consumers. Now that 2020 is around the corner, we’ve identified the top five digital marketing trends to watch: Higher expectations from a brand’s human connection; More competitive digital space, … These types of videos can inspire your audience as well as encourage them to engage with you. Our comments are moderated. Working with influencers isn’t all that different and can open up an avenue for financial businesses to connect with younger and harder to reach audiences. This site uses Akismet to reduce spam. Twitter Facebook LinkedIn Flipboard 0. For financial services, you might be wondering how this could work, but there are loads of ideas out there, you just need to be bold. Discover how emerging trends are set to impact the financial services landscape in 2020. After all, offline interaction with customers is just as imperative for building trust and excellent customer experiences. In fact, many financial companies have already jumped on to this already. UK based bank, Natwest, has a full catalog of helpful tutorial videos on their YouTube channel from explaining how to open up an account to connecting with younger audiences through their MoneySense Mondays, a series of videos that explain money matters to children as young as five years old. The report even includes the contact details for Rodney Sides, the Vice-chairman of Deloitte, and Stephen Rogers, Executive director. What’s more, is that your voice-enabled VAs can double as analytical agents and elicit valuable inputs that help you build a stronger business strategy. This article originally posted at The Savvy Marketer. Digital bank, Starling, launched its #FeelGoodAboutMoney hashtag to get people to think about their attitudes towards money and spending. Considering millennials are a significantly large proportion of the current workforce, that’s a lot of people to need to get onside. In fact, businesses are already using voice-powered search to allow customers to conduct searches. Press release - Wise Guy Research Consultants Pvt Ltd - Personal Financial Management Tools Market 2020 Global Trends, Share, Growth, Analysis, Opportunities And Forecast To 2026 - … Data Analytics in the Financial Services Industry. If Finance Companies start going more and more virtual while still having that human touch and look out for your customer’s financial needs and wants, that’s when innovation starts. ... so investors must stay on top of these trends. Upon launching this campaign, Sara Bennison, CMO of marketing agency VCCP Media, said that “The voices of ordinary people are rarely heard within financial services advertising today. In doing so, you can stay current and get in front of the right people. Did you know that 84% of millennials don’t trust ads from traditional media campaigns? AI in data analysis can be used by finance businesses to make credit decisions, manage risk, offer personalized banking, cybersecurity, and fraud prevention. Your comment may not appear immediately. Consumers are already using VAs to conduct random searches and populate shopping lists, so using VAs as a solution for financial operations is a solution that isn’t too far away. From long-form copy to articles and studies, financial content marketing is adaptable and can be used no matter the products and services you offer. Aside from just posting them onto your website, you can also opt to send exclusive contents of that sort to your customers’ email. In 2016, CoinTelegraph reported that 92% of millennials don’t trust banks. “How-to” videos are a great avenue to show your investors how they can use their products and/or services or how to use it to create webinars for their consumers. Every. Here are some of the current trends financial services and advisors should be paying attention to. This addition to the report strengthens the message that Deloitte cares and is there to listen. Top Trends in Technology Selling for 2021, Cyber Security Lead Generation: Where and How to Look for New Leads in 2021, 3 Content Marketing Tips from Top Tech Companies, Image: Positioning: 5 Strategies to Stand Out From Your Competitors, Image: Key Personality Types That Work Well Together, Image: Reply Email Samples for Different Situations (Several Examples), Image: Key Activities and Your Business Model, Image: 10 Employee Feedback Examples and How to Use Them. Implementing your own financial content marketing strategy can work in multiple ways. Not being afraid to stand out, goes a long way in digital marketing, especially in financial marketing services, where connecting with audiences is hard. ^ The Ultimate Guide to Marketing Trends in 2020 ^ Q3 2018 Digital Advertising Benchmark Report ^ 10 Undeniable Reasons Customer Service Is Important to Your Business ^ Chatbot Market Size Worth $1.25 Billion By 2025 ^ 80% of businesses want chatbots by 2020 ^ What is Influencer Marketing: An in Depth Look at Marketing… From increased accessibility to broadening … Live video has been growing in popularity in the financial … For this campaign, they worked with blogger. By working with My Frugal Year, they can make use of her 60.5k followers who are already interested in financial content. To make use of analytical data, firms are now turning to artificial intelligence to leverage and filter data. Our global report Financial services technology 2020 and beyond: Embracing disruption examines the forces that are disrupting the role, structure, and competitive environment for financial institutions and the markets and societies in which they operate. October 21, 2020. With this data, you can easily segment customers to improve products and services and target audiences with personalized messaging that will produce better success rates. Artificial intelligence can garner data around topics, conversations, and areas of your business that your customers are interested in. Content marketing trend 1: Live video. The data looks at where families shop and how much they spend. You might even decide to create some how-to videos which illustrate how customers can use your services. Not only does Alex have a 255k following, but she also engages regularly with her followers about money and spending. In the midst of it all, keeping up to date with trends should also be part of your agenda. 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