In the comprehensive framework outlined in the latest report by Maveric Systems, titled: Optimizing Client Retention: Digital Marketing Blueprint for Banks. Content marketing emerges as a constant within the channel mix for retail, corporate, and wealth management sectors, ranking high in budget allocations. Additionally, influencer marketing is particularly dominant in the retail sector. For each of these channels, beyond the prioritization within the channel mix and the budget allocation, there is an additional consideration to be worked out:
- For Content Marketing, it is whether to opt for own platform, 3rd party platform, or both, and
- For Influencer Marketing, it is whether to opt for Micro Influencers, Affiliates, or both.
These considerations do have an impact on budgeting and prioritization. Following considerations will help you build the right channels strategy and budgeting
Content Marketing
Content marketing continues to play a pivotal role in educating and engaging customers. Following insights will help you decide between using own platforms or third-party platforms:
- Own Platforms: Utilizing own platforms offers control and customization, enabling banks to align content closely with their brand messaging and provide personalized experiences through direct engagement with customers. This approach also ensures data ownership, allowing banks to collect and analyze customer data to refine future content.
- Third-Party Platforms: Third-party platforms provide extended reach by tapping into established audiences, enhancing the visibility of content among potential customers who might not visit the bank’s own sites. Publishing on reputable third-party platforms can boost credibility and trust, leveraging the platform’s authority to enhance the perceived reliability of the content.
A balanced strategy leveraging both can maximize reach, credibility, and engagement. Sharing the top few banking industry forums that could be leveraged as third-party platforms:
- BankersOnline.com (North America): A comprehensive resource for banking professionals, offering forums, articles, and tools.[1]
- The Financial Services Forum (Europe, UK): Dedicated to marketing and business development within the financial services industry.[2]
- Finextra (Global): A leading independent newswire and information source for the worldwide financial technology community.[3]
- Banking Technology (Europe, UK): Provides news, analysis, and insights into the latest technological advancements in the banking sector.[4]
- BAI Community (North America): Offers forums and resources for financial services leaders to exchange ideas and share solutions.[5]
Influencer Marketing
Influencer marketing is increasingly important for reaching and retaining customers, particularly among younger demographics. Key considerations include:
- Micro-Influencers: Financial brands are collaborating with micro-influencers who have high engagement rates, especially on platforms like TikTok and Instagram. Micro-influencers provide authentic and relatable content that resonates well with niche audiences.
- Affiliate Partnerships: Influencers often work through affiliates, promoting products and offers indirectly to ensure compliance and maximize reach. Affiliates can significantly boost the reach and credibility of banking sector campaigns by leveraging their established audiences and trust within the financial community.
Here are a few micro-influencers and affiliates that can be leveraged by banks:
Micro-Influencers
- Humphrey Yang (NA): Known for simplifying complex financial concepts on TikTok and YouTube.
- Graham Stephan (NA): Shares insights on banking, investments, and saving strategies on YouTube and Instagram.[6]
- Patricia Bright (UK): Covers personal finance topics, including banking and investments, with a focus on financial literacy for women.[7]
Affiliates
By leveraging both content marketing and influencer marketing strategically, banks can enhance their customer engagement and retention efforts. A well-balanced approach utilizing the strengths of own and third-party platforms, as well as micro-influencers and affiliates, will ensure maximum reach, credibility, and effectiveness.
References
[1] BankersOnline
[2] The Financial Services Forum
[3] Finextra
[5] BAI Community
[7] Patricia Bright on YouTube
[8] NerdWallet
[9] The Points Guy
[10] MoneySavingExpert
Co-authored by Ashutosh Karandikar, and Venkatesh Padmanabhachari
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Established in 2000, Maveric Systems is a niche, domain-led, BankTech specialist, transforming digital ecosystems across retail, corporate, wealth management, cards & payments and lending domains. Our 2600+ specialists use proven solutions and frameworks to address formidable CXO challenges across Customer Experience, Assurance, Regulatory Compliance, Process Excellence and New age AMS.
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