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Growth in Online Marketing by Banks in the Last 5 Years

We are living in the generation which is indeed, a World Wide Web now, where a market is just one click away. Online marketing captures 80% of the marketing industry. It is pretty evident that the internet is also used for matchmaking today. So when we can get our soul mate online, then why not our target customers. Online marketing is an everlasting play, when you want to win you keep on playing, new trends; the quick changes in the trend is what makes it more and more interesting. Advancements in online marketing technology are paving the way for better, more engaging online experiences. It is fruitful to all the sectors right from stationary to automobile; including banks and financial institutions as well.

Though they were slow to change yet since last 5 years they became adaptive and now using these online marketing techniques such as email marketing, SEO, Mobile Marketing, Social media, content marketing, PPC and so on to target more customers online. They are appreciating the results which they are getting from online marketing tools and framing their policies now to engage the prospects more through online media and turn a maximum number of conversions.

Below we have summarised some outstanding results of online marketing that are giving a continuous boost to the banking sector.

1. Knowing the pie-share

With the help of online marketing analytics, banks are now able to find out the pie-share of different financial products and services such as debit cards, credit cards, salary accounts, loans and much more. Management can also get further details about the type of subjects are being discussed by online users under various product type. On the basis of this information, banks can easily categorise visitors into separate target groups to design customised solutions to hunt target audience.

2. Finding out potential customers

These days online marketing is the best way to hunt the potential customers because there is a sea of conversations available online. People often put their queries and problems online on the websites of the banks or on a different related post. In this way, banks can easily get the leads and take call-to-action for those people who need their services or products actually. In this way, banks save time instead of sending emails and doing cold calls they can pitch the prospects directly and turn them into conversion easily.

3. Analyzing the competition

Banks since few years are striving hard to beat each other out in wooing the customers with different offers. This is the reason why a huge amount of money is spent by banks in tracking the activities of the customers online on different media. Online marketing is not just to trace what financial products prospects prefer but also work as a monitoring gauge to keep an eye on competitors. This would help them to frame their offers in a more lucrative way to persuade each and every online visitor.

4. Browser Push Notifications

Banks made and are still making a lot by employing browser push notification for business development. Unlike mobile push notifications, the browser push notifications required opt-in and it was noticed that more people opted for them than the number of people who responded for the emails directed to them by the marketing teams. So, banks saw a great profit there, making use of it for their benefit. Browser Push Notifications provided user engagement outside the website too and that helped the banks to stay atop their customers mind all the time.

5. On-site notifications

These are the personalised ads that contain dynamic text that work as good as pop-up Internet ads. These notifications kept the customers on tune about various developments made by banks and reflected all the new offers banks came up with, adding more to the business. The texts in these notifications was written based on the users they were directed to and the sites that hosted them so that they can blend in precisely and bring about better conversion.

6. Personalised Banner

Banks went up to modify their own sites too by using personalised banners that included using dynamic texts to personalise the home page banners as per the attributes of the users to match their persona and to develop a better relation with them. This was well responded as people loved personalised things directed towards them and that helped the banks to grow their business better.

7. Notification Bots

It is a channel which enables marketers to serve up multiple different yet personalized offers to their users even before they log in. It is a complimentary channel on the website with Banner Personalization and Onsite Notification. Banks made a great use of these bots to give away various personalised offers that brought them in a lot of business that no other marketing techniques could have done.

Online marketing has brought a revolutionary change in the working pattern of banks since few years. Earlier they hardly bother about the marketing but now they are a customer-centric bank. They understood that online marketing is a need of an hour to flourish. They can earn good profits in this online era only when they have a strong online presence.

Lewis Khan

Lewis Khan is a freelance content writer, currently associated with the firm Masterclip. He is a writer by passion and a sports person by heart. He enjoys regular swimming and jogging. He even opts to teach swimming to kids. He has a puppy named Max and prefers to spend his weekends at home playing with it and catching up on current affairs in the world.