“Too big to fail” doesn’t exist any more. The banking sector has woken up, with challenger banks threatening the status quo and demanding a higher standard of customer journey, personalisation and messaging appropriate to them. The old ways of marketing a bank are no longer effective in the face of this new dynamic.
With this change brings opportunity, but also considerable risk.
Neobanks can take control of market share through sophisticated use of data and targeting to wield digital channel in a more cost effective way than was ever possible. Through speaking to their target audience via social and digital PR, they can build the credibility and trust that is so vital when competing with established institutions.
Big household traditional brands can use these same channels alongside their considerable authority to win the digital marketing race, with the right digital marketing agency. Traditional banks can use digital marketing to showcase their competitive interest rates, highlight their savings account features such as no-fee accounts, convenient mobile and online access, and tools.
Few institutions are as regulated as banks however. Your agency needs to understand those constraints and how to work with them to mitigate risk and draw out opportunities missed by competitors.
A privacy first approach to using data, a cost effective approach to using paid channels, and a collaborative consultative style make Balance the best choice for Banks looking to really make digital marketing work.