This year’s boom of the fintech IPO market led companies across financial, insurance, and mortgage sectors to shift more focus towards digitizing their offers.
A recent World Retail Banking Report showed over 57% of consumers prefer online banking to traditional brand banking and 55% of consumers now prefer mobile apps to keep track of their finances.
While the rise of digital transformation has been around for years, the recent increase in competition from newcomers and neobanks paired with a higher demand for personalized service creates added pressure for marketers to deliver digital experiences.
As the financial industry continues to transform, corporations are rushing to explore new ways to connect with their consumers. In recent months, Rakuten Advertising has seen more financial clients shift spend towards digital inclusive strategies featuring affiliate marketing and some are even exploring new areas like connected TV.
Customers are looking for service that goes beyond AI responses and chat functionality. They want to feel connected to their brands and know that their data is being used to provide them with more valuable experiences.
As more advertisers strive to connect with customers in new ways, here are some ways they’re tackling industry specific hurdles:
Building personalized experiences for the masses
A customized experience in which you’re able to provide your client with the right product exactly when they need it most takes time (and data). Consumers across all industries are concerned about privacy and how companies use their personal data, especially their bank. With so many customers in their database, financial companies often struggle to build personalized experiences for clients that align with their ever changing behaviors and needs.
While getting to know audiences throughout their buying lifecycles can take a significant amount of time, the ROI of building more personalized experiences will be higher in the long-run. Tapping into a diverse publisher network can create opportunities for companies to target a variety of verticals and customers in an authentic way.
Understanding the new customer journey
Today, customers can bank on-the-go and apply for mortgages from their living rooms. The pandemic only accelerated this need for everyday finances to be available online and many companies are still struggling to find their place in providing digital services.
While credit card companies are known for building brand loyalty through cashback, Rakuten Advertising is now seeing more companies outside the card space incorporate cashback into their marketing plans. Customers already expect to see financial services in the digital space so seeing their bank’s presence as they’re making purchases online creates a seamless connection and builds awareness for the brand.
For more information on how to digitize your marketing strategy visit rakutenadvertising.com and speak to an expert.