AKRITI PATIL

TY-BMS - 74
TOPIC : DIGITAL MARKETING ADOPTED BT BANKING
SECTOR

INTRODUCTION :

Digital banking is a new concept in the area of electronic banking,

which aims to enrich standard online and mobile banking services by
integrating digital technologies. For example strategic analytics tools,
social media interactions, innovative payment solutions, mobile
technology focus on user experience. Marketing is the essential
connection between banks and customers, no banks can expect to

succeed without putting substantial investments in its marketing

efforts. Banks nowadays are coming up with surprising and

impressing ways to attract the customers and retaining their customer
base thereby gaining new customers. In recent days banks are
concentrating
on building long term relationships with their customers. Digital mark
eting helped to assess whatkinds of service are provided, when the
service was provided, in what way customer get their service and to
find expectation and feedback. The digital marketing techniques and
strategies are
used to induce the customer to do business with the particular bank.
According to Google’s year
search report, more than 61% of customers are getting personal loan
queries and 72% of customer getting mutual fund queries by seeing
online advertisement. This statistical report shows the growth of
digital marketing in banking sector

DIGITAL MARKETING IN BANKING SECTOR :

Marketing plays a pivotal role in reaching the customers in a wider

scale. The era of
technology boosted the marketing field with the involvement of tech
nology. Digital marketing has becomethe order of the day. The
advancement of digitalization has quickened the banking sector.
Marketing technology effectively engage their customers with their
digital driven products. Statistical data reveals the status of internet
users. There are 2.14 billion internet users, where80.5 of products
and services are purchased through online. This shows the
importance of digital marketing for banks. Digital market helps
customer to reach large number of business transaction within a
short time with minimum expenses

CHANNELS OF DIGITAL MARKETING :

There are many digital marketing tools that are used in our day to
day life. Some of the channels are searching marketing, e-commerce
and e-banking, e-branding, advertising on the web, online
applications and Mobile Marketing and affiliate marketing

a) SEARCH ENGINE OPTIMIZATION :

SEO helps to maximize the visibility of bank website by ranking high
in the search results of search engine. When the pages get high rank
ultimately it gets more traffic which means high chances to convert
visitors of website into customers.
SEO is more valuable marketing strategy for banking sector. SEO
helps to make customer aware about their new banking services. For
example When the customer search on google or bing about low
interest rate loan polices, high interest on saving policies, with help
of SEO, the bank website will comes on top ranking on search
engines for banking services

 
b) OMNI CHANNEL MARKETING :

Omni channel provides the set of services that are available in both
digital and offline. Customers can access the same banking operations
through website, mobile app, call center, and bank branch. Most of
the customer before walking into a bank branch by using omnichannel
they can experience the operation through social media and they can
download the app and can access the operation before doing so. Omni
channel helps to improve the marketing performance. It simplifies the
on boarding processes and boost the customer retention rates. Various
studies shows that customers are prefer digital service.
 c) PAY – PER – CLICK ADVERTISEMENT :

Pay Per Click is a powerful tool for any digital marketing

strategy and PPC advertising is a kind of paid marketing which
can display on search engines, social media and other digital
platforms .It is one of the cost effective advertising strategy
which allow bankers to interact with right customer at the right
time. PPC helps the banker to display their ad in advertising
platform such as (Google, bing, Facebook, Linkeln etc). Banker
need to pay directly to advertisement channel whenever
someone clicks on advertisement for each click if not so no need
to pay. PPC advertisement helps the bank to reach their targeted
customer through search engines who are actively searching for
related product and services. On other hand banks can target
competitors through PPC ads and can win customers from their
competition. Banks can reach new customer who may not even
searching for bank by display relevant ads on website. PPC
helps the banker to reach their existing customer through mobile
apps to make them to aware about new product and services

d) CONTENT MARKETING :
Content marketing is the exact strategy to create brand awareness
through online, attract the new visitor of website, keep hold their
existing customers. Content marketing stimulate a interest
on product and services through posting regular blogs which give tips 
on save money andinvestment patterns. While posting free advices,
infographics, E books, new product & services etc, these information
helps to take good decision in their financial management and create
trust on bank. Posting videos is one of the effective forms of content
marketing which help the customers to find the answer for their
financial question. At the end of the video banker ask them to provide
their suggestion about video while they give their suggestion the bank
reach the email address then bank can advertise their product and

service personally. An effective content improve brand

awareness and gain trust of the customers.

 
e) EMAIL MARKETING :
 
E- marketing are essential for interacting with their customer
directly and it is measurable marketing tool in banking sector since
we get the right customer as already have qualified leads. There are
more number of opportunities to encourage people to sign up for news
letter and can collect their email id. After collecting the email id
banker have email list and then banker need create a valuable content
and information for their email newsletters. Now the banker can send
out regular newsletters to stay people informative and engaged with
bank about new product &services, useful articles, announcement
about vacancies, events in branches, new polices. Valuable newsletter
helps to build the brand loyalty and up sell their product and services.

  f) SOCIAL MEDIA MARKETING :

Social media marketing is one of the most effective ways to increase
brand awareness
and promote brand authenticity. Now a days 90% of people spent thei
r time on social networkswhich lead to increase importance of
marketing in social media channel such as (Facebook,Twitter,
LinkedIn, Instagram).

CONCLUSION:

As we all are moving towards digitalization the consumers are

looking and searching for internet to find the best deal from the sellers
around the world. Digital marketing takes various forms like Search
engine optimization (SEO), Search engine marketing (SEM), E-
commerce, E-books, e-mail etc plays predominant role in marketing
the products. In this technology driven world we all are connected
with whatapp, face book and other social media. The enlarge use of
digital application has widen the horizon of marketing through
actively involving them through digital mode. The banks are
optimizing this digital media to reach their present as well as
prospective customers through their innovative products via Digital
ads. In this competitive world banks are competing with each other by
providing valuable and more value added services to its customers.
So digital marketing is really a boon for the banks to increase
their penetration level by widening their scope to reach more
prospective customers.

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