Omni-Channel Marketing Powers Customer Engagement for Banks and Financial Institutions Post COVID
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One of the most productive ways financial institutions have adapted is with omnichannel marketing automation, and many of these changes seem to be here to stay. Let’s take a closer look at the impact of COVID-19 on the bank and financial industry and how marketing automation, including our CRM system in Hong Kong, have allowed the industry to respond.
How the COVID-19 Pandemic Impacted the Bank and Financial Industry
Changes in How Business is Done
The most immediate and clear change brought on by the pandemic was the wave of lockdowns. For banks and financial institutions and branches that often handled business in person, their typical operations were suddenly unavailable and doing business remotely was their only option. Many institutions quickly found themselves with long wait times on customer service phone lines and were forced to adopt an omnichannel model of customer service to handle the increased demand.
Currently 18% of Hong Kong adults have digital banking access, which is expected to jump to 32% by 2026. Digital options should mitigate hindrances like long phone wait times and the suspension of normal operations.
A Shift in Marketing Strategies for Banks and Financial Institutions
Many types of marketing financial institutions relied on were no longer available. Banks and financial institutions were forced to transition almost entirely to online marketing channels, such as electronic direct mail or EDM email marketing, social media marketing, and digital advertising.
An Emphasis on Saving
Adaptations to Consumer Habits
Benefits of Marketing Automation for Banks & Financial Institutions
Gain a Competitive Edge
Bridging the gaps throughout the entire customer journey allows banks and financial institutions to create more meaningful, authentic connections. Authentic customer engagement helps to maximize trust, retention, and brand loyalty, allowing you to overcome the competition at scale.
Provide Real-Time Personalized Marketing
For instance, new checking account customers might not be interested in upgrading their accounts, but a long-standing customer might see more value in this. You can also personalize real-time messages related to each customer’s credit limits, statement summaries, and payment due dates. Reaching out via multiple channels, such as Whatsapp, email, and SMS texting allows you to connect with customers in their preferred format.
Take Advantage of Advanced Tracking Across the Entire Customer Journey
Data tracking is instrumental in marketing because it allows you to gauge your performance and make adjustments to make your strategy or execution more effective. Managing marketing manually across several channels makes it impractical and nearly impossible to track data accurately and comprehensively for a better user experience. Omni-channel marketing automation, however, tracks your data from multiple channels together so you can see at a glance which channels are effective and which aren’t.
Improved Customer Experience
Multiple Customer Touch Points
Omni-channel marketing automation allows you to appeal to more customers by making multiple touchpoints available. They can interact in ways they prefer, leading to higher engagement. In addition, automation allowS for more customer exposure, accelerating your sales funnel and driving more conversions.
Examples of How Financial Institutions Are Using Omnichannel Marketing Automation
Continuous Engagement for New Banking Customers
When a new customer receives their welcome onboarding email, you can set up your email automation to trigger a series of emails over the coming weeks, each one introducing them to other features or products that could enhance their experience. This same process could include an NPS survey sent to the customer three months after their onboarding email. If the customer scores your institution a 9 or 10 on the NPS survey, it can trigger a referral email inviting them to refer a friend or post a review.
Multiple Touch Points to Nurture Financial Leads
For example, you may have a customer who Googles a question about credit card products and comes upon your blog. You can set up your omnichannel marketing automation to recognize a new visitor and display social media sponsored posts on their feed or display Google Ads in their future relevant searches. Once the lead has reached the point of signing up for your mailing list, you can take it a step further by sending them a follow-up email promotion from one of your financial advisors or account executives offering to schedule a call to walk them through their options.
Cater to Every Stage of the Customer Journey
Studies show it costs 5-25 times less to sell to existing customers than to acquire new ones. Your financial customers already know and trust your brand and will be more likely to explore other products and services. You can automate this process by connecting with customers based on their activities. For example, a customer that routinely carries a high checking account balance might be interested in savings or investment options. Use automated omnichannel marketing to connect with them at scale and personalize your offers.
The Future of Omni-channel Marketing Automation for Banks and FIs
Long-Lasting Changes to Banking Habits
While the pandemic threw the world into more digital, remote experiences, the fact is that these types of experiences were already trending upward. That’s the case with remote work as well as online banking and other digital experiences. Many of these changes in consumer habits are expected to remain as they are post-pandemic.
This means that financial institutions should continue to lean into omni-channel communications and marketing automation. You’re likely to always see more customers opting to do business online than you did before 2020, and these marketing and communications strategies allow you to work with those customers in a way that benefits everyone.
Cost-Saving and ROI-Optimizing Benefits That Last
Putting Omnichannel Marketing Automation to Use for Your Financial Institution with a CRM System in Hong Kong
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RADICA is a Hong Kong leading email marketing solution provider dedicated to accelerating revenue and maximizing customer connection with customer engagement solution in B2B, B2C and E-commerce industries. With RADICA’s advanced onmichannel marketing automation platform RI+, it is much easier and effective to spread out cross-channel messages with automated and personalised journey, even with high volume within short period of time. Our clients ranging from luxury, banking and insurance to food and beverage like Chanel, BEA, LEVI’s, Chow Sang Sang and Starbucks. Since 2000, RADICA as the leading email marketing and CRM agency in Hong Kong have focused on growing the value of their customer database by making wise use of data analytics in direct marketing. Learn more Radica Systems Limited at www.radicasys.com.