The ‘post pandemic’ digital economy is now fully upon us. The speed of development of new forms of exchanging value through digital payments (be they Fiat or Crypto) is exponential.
Financial institutions around the world are experiencing massive growth in customer acquisition, and in the volumes of transactions flowing through their technical systems.
The battle for market share of deposits and transactions is hotter than ever and with new regulation and new ‘fintech’ operators invading the traditional banking space, there will inevitably be winners and losers.
Customers’ expectations are now very different from what they were pre pandemic (just 5 years ago). Customers can now send and receive value instantaneously in a mobile device and this includes both domestically and internationally.
Customers want access to instant credit on demand and they expect instant customer support when they run into issues.
Those institutions that took action early and who are already highly digitized are winning hearts and minds at scale. Those who have lagged behind in their digital transformation roadmap are now playing catchup.
Putting technology aside for a moment, we have observed that many institutions continue to struggle with how to win new-to-bank customers, and how to engage their existing customers in this age of TikTok.
Too many bank sales and marketing departments have little or no experience with social media marketing and lack ideas about how to communicate their message effectively to differentiate themselves from the myriad of competitors in the market.
I had a discussion myself with a CEO this past weekend who told me that he is buying billboards on the highways (very expensive and unmeasurable as far as ROI is concerned). I asked him if he is also using social media influencers to get the message out, he told me that he thought that is a waste of time and that he feels it is important for people to see his brand name up on the billboards.
The reality is that everybody has a mobile device in their hand almost all day and this is a very personalized channel through which to directly interface with prospective and actual customers in a uniquely relevant and measurable manner.
Imagine for a moment that I have 500,000 retail customers enrolled in my mobile banking application. Each one of these persons is uniquely identified and I have a plethora of data about this individual, their age, their employment status, their spending habits and, and,… This is a marketer’s dream.
Imagine if I had a digital marketing platform embedded in my banking platform that would allow my marketing and sales team to send tailored messages and special offers to my customers to ensure that they are receiving highly relevant information about the products and services that I can provide.
Imagine if my customer who receives my offer in their mobile device could click on a button and immediately sign up for the offer and instantly pay in a frictionless manner. How powerful would that be to ensure that my customers remain loyal to my brand whilst optimizing revenue opportunities.
The Geniusto [GO] Digital Banking Suite provides all of this and more. [GO] Engage marketing allows an institution to build unlimited campaigns and ensure that those campaigns are targeted to the right customers at the right time.
Everything is trackable and powerful dashboards show you your win rate in real time.
You can run banner and video banner campaigns and unlimited offers such as loans, time deposits, and partner offers such as special discounts at your favorite coffee shop when paying with your payment app.
The possibilities are unlimited.
Building a digital strategy to transform your financial institution is not just about selecting the cheapest technology provider to build a mobile App. It is about fully understanding your current and future customers financial needs and then ensuring that those needs are met in an efficient and compelling manner that will ensure that you stay ahead of your competition by delighting your customers day in and day out.
To learn more about Engage Marketing and the Geniusto [GO] Digital Banking Suite – Contact us today.
