The rapidly evolving digitization of financial services is the primary force behind the fintech industry's rapid and disruptive expansion. The rivalry in the fintech industry is more intense than ever as customers increasingly rely on digital platforms for their financial needs. Fintech organizations must constantly improve their tactics for generating digital sales if they want to succeed in this changing environment. The goal of this endeavor is to develop seamless, personalized, and captivating digital experiences that appeal to today's tech-savvy consumers rather than just increase income.
In this article, we explore the tactics, perceptions, and cutting-edge methods that Fintech businesses are using to boost their online sales and gain a firm presence in the online market. We unearth the strategies for success that are influencing the future of digital sales in Fintech, from utilizing data analytics and user-centric design to exploiting artificial intelligence.
Read more: Impact of Artificial Intelligence (AI) on Marketing for Retail Banking
AI and Machine Learning in Bank Marketing
Artificial intelligence and machine learning have become integral to banking operations, facilitating seamless integration of applications, chatbots, and personalized segmentation. Leveraging machine learning is a strategic approach to harness the voluminous data accessible to most banks. For instance, AI can comprehensively track user interactions spanning websites, social media, and mobile apps. By analyzing user searches through cookies, AI constructs tailored customer journeys. It adeptly presents relevant information and products, connects customers with support agents when required, and anticipates customer preferences based on behavioral cues.
Moving Toward Omnichannel
Before considering visiting a branch or establishing an account, the majority of customers will learn about a bank through a variety of sources, including social media and a website. Some people will first download and test the app. To adapt to this omnichannel experience, one must try to create a smooth customer journey across all platforms, ensuring that customers see the same branding. Cookies can be used in this situation to track consumer origin, allowing you to customize the user experience and satisfy expectations.
Read more: How is Artificial Intelligence Shaping the Future of the BFSI Sector?
Diverse Applications of the Technology: Exploring Business Use Cases
Citibank: Using Personalized Marketing
The first step in Citibank's data-driven journey was their adoption of targeted marketing in 2015 to boost their online sales. They customized marketing efforts based on spending habits, tastes, and life events by looking at consumer transaction histories. The outcome? Within the first year of deployment, there was a startling 70% rise in digital engagement and a noticeable 25% gain in digital sales.
Integrated User Experience Bank of America
With its focus on providing a seamless user experience, Chase Bank made headlines in 2016. They improved their mobile app by studying user interaction data, making it more logical and user-friendly. Impressive results included a 40% rise in mobile app downloads and a 15% increase in digital sales made possible by the app.
Virtual assistants powered by AI - Bank of America
In order to introduce virtual assistants, Bank of America used artificial intelligence (AI) in 2018. They trained their AI to offer tailored financial advice and help through chatbots by examining consumer questions and behavior. A spectacular 60% decrease in customer support response times and a subsequent 20% rise in digital product transactions were the results of this invention.
Read more: Five Personal Finance Startups that are Revolutionizing Fintech
Conclusion
As the banking landscape undergoes a transformative shift, traditional customer interactions at bank branches are diminishing, accelerated by the pandemic. To remain relevant, banks must reach potential customers wherever they are, necessitating the adoption of digital solutions. Digital marketing has emerged as a pivotal avenue, constituting a significant portion of bank marketing expenditures. While smaller banks may struggle to keep up with the evolving digital marketing trends due to budget constraints, these trends hold the key to success.
Personalization, enhanced customer experiences, strategic customer outreach, and refined audience segmentation are vital strategies that emphasize quality over quantity, even in the realm of paid advertisements. Central among these trends is the integration of artificial intelligence and machine learning, enabling seamless application integration, chatbot utilization, and personalized customer engagement.
This leverages the abundance of data accessible to banks and delivers tailored customer journeys while predicting preferences through behavioral cues. Additionally, adapting to an omnichannel approach, where customers engage through various platforms, is crucial for creating a consistent brand experience. The shift towards a digitally driven future demands banks to embrace these trends for sustained growth and relevance.
With a presence in New York, San Francisco, Austin, Seattle, Toronto, London, Zurich, Pune, Bengaluru, and Hyderabad, SG Analytics, a pioneer in Research and Analytics, offers tailor-made services to enterprises worldwide.
A leader in Market Research services, SG Analytics enables organizations to achieve actionable insights into products, technology, customers, competition, and the marketplace to make insight-driven decisions. Contact us today if you are an enterprise looking to make critical data-driven decisions to prompt accelerated growth and breakthrough performance.
