As banks shutter bricks-and-mortar locations, they need new marketing approaches, says Maria Ostberg at Kepler. For our finance & utilities focus, she asks, can this help them fend off tech-savvy challengers?
As the banking industry shifts away from physical branches, the emphasis on digital banking increases. With that, consumer expectations for convenience, transparency, and personalization have reached an all-time high.
Marketing teams have had shift focus to driving awareness of how their brands navigate these evolving demands by, unsurprisingly, leveraging digital means. Amid stringent marketing regulations and increased competition, they are also faced with significant challenges.
Driving brand awareness becomes increasingly important as those everyday signposts of a brand (like storefronts) dwindle.
Some banks are still in the nascence of this digital marketing journey, with awareness strategies underpinned by educating customers on the bank’s digital features.
However, a combination of more digital savvy audiences and the new-to-market, digital-first challenger banks means that convenience and ease on digital platforms are now nothing less than expected by consumers. …