TOP 10 MARKETING TRICKSFOR THE BANKING INDUSTRY

“You’ve got to start with the customer experience and

work backwards to the technology.”-Steve Jobs

10_Top_Tricks_part1.ai10_Top_Tricks_part2.ai10_Top_Tricks.pdf20151002_Prototype_Finance_Slideshare.pptxRene Bieder - Choplin Bold.otfRene Bieder - Choplin Light.otf

10_Top_Tricks_part1.ai10_Top_Tricks_part2.ai10_Top_Tricks.pdf20151002_Prototype_Finance_Slideshare.pptxRene Bieder - Choplin Bold.otfRene Bieder - Choplin Light.otf

OVERVIEWBanking Industry: Banks innovate slower Financial services is one of the top disrupted industries today Pressure through shrinking margins

“Innovation is the key to growth and competitive differentiation.“

BUT HOW TO INNOVATE?

“It is processes, rather than a breakthrough product, that

are innovating financial services,adding significant value by way

of cost saving and improved productivity”

AIMS OF THIS PRESENTATION

Offer innovative ways for banks to transform their marketing strategy Refer to case study examples of financial companies leading the way with revolutionary marketing strategies Provide workable tasks to start using today

TIP 01

COLLECT DATA

Data is the key to understanding your audience and user so you can better cater to their needs The main task is to collect data and information about your current digital state and user Understanding your users can help you to create an innovative marketing strategy that meets your users ‘in the moment’ they need their banking services

Understanding your users can help you to create an innovative marketing strategy that meets your users ‘in the moment’ they need their banking services

Content personalization should be a key priority for banks - zooming in on each individual consumer

“Mobile has forever changed what we expect of brands. It's fractured the consumer journey into hundreds

of real-time, intent-driven micro-moments.Each on is a critical opportunity for brands

to shape our decisions and preferences.”

- Google

TIP 02

GET STAKEHOLDERBUY IN

Get stakeholders to support you.It’s important to get buy-in from all stakeholders andhave top management support you to avoid dead ends and speed bumps.

Hold Stakeholder interviews:One way to gain and understanding of the marketing potential withinyour organization can be to interview each department head, ask them what systems they use ad if they have have products/services that are market-able. You should also ask them what their main business goals are and what their main business goals are and what they hope a marketing effort would produce for their team.

TIP 03

ASSESS YOUR INVENTORY AND PRIORITIZE NEW ASSETS

Create Inventory.“Content is still King” and you need excellent assets to execute a successful marketing campaign. The best way to start is with a simple inventory and add to it as more data about your user becomes available.

Examples of inventory:

Existing products Services Valuable content - blogs, white papers, webinars etc.

Inventory and prioritization of assets.The inventory is a simple register of all assets that can be used in a marketing effort.

Create a plan for the creation of new assets and stick to a timeline.Make sure each asset has:

A KPI, a purpose for its creation - what will it do to help the marketing campaign You have all the resources necessary to create good content - design, UX and content creator

TIP 04

DEFINE KPIS FOR EACH ASSET

Key performance indicators (KPIs) help to measure the performance of each asset or individual components.KPIs can also be aligned to business objectives - for example:Reduce call centre calls by implementing FAQ module (KPI: Reduction of calls). The best way to define a KPI is to think of what is the impact to the business the component has. KPIs need to be measurable and the measurement must be actionable.

TIP 05

ALIGN WITH BUSINESS GOALS

One common mistake in marketing is to forgetthe business objective. Compile your business objectives.This part only comes now, since it is important to understand any existing goals before planning new ones. Take the business objectives of your company, the ones taken from the business heads and match them with your digital marketing strategies where possible. This will give further insights on how each marketing strategy contributes to your overall business strategy or which effort are missing.

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TIP 06

FOCUS ON CONTENTPERSONALIZATIONAND MICRO-MOMENTS

We know more about our customers and can go beyond age and income to include consumer lifestyle, education, hobbies, profession and brands.

Personalized marketing efforts are 10% to 30% more effective.

Personalized marketing inspired by events, lifestyle or trait mapping makes the recipient feel a stronger connection.

Banks and credit unions need to make use of more of their available data and get better at micro-targeting ads and promotions. Banks also need to ask their customers how they can better serve them - customers know best and can spot gaps in the market you may not have considered.

Personalized cross-channel experiences for customers.

This entails collecting data about customers, includes their behavior, preferences and patterns, in order to create content that best works for them. For example, if your data sug- gests that a customer has just started a family, you could send them information to help with financial planning for the future.

Benefits of personalization are:

Examples can include tailored offers based on interest, up-selling or cross selling products based on customer profile, and products that fit the life stage of a customer.

Cost reduction in marketing efforts Higher closing ratio

Requires:

A solid CRM and data strategy Seamless integration between different online channels

Less staff required to create personal experiences

TIP 07

DEVELOPNEW PRODUCTS

Financial marketers have discovered that they are fully capable of developing their own technical solutions. Examples include how CBD developed their own interactive Facebook App.

Institutions are finding that by developing innovative products, they are controlling the experience while also creating intellectual property that will help in the future.This not only has product implications, but marketing and branding ones as well.

VISIT CASE STUDY: http://prototype-interactive.com/our-work/cbd-facebook-branch

TIP 08

MOBILE FIRST

0%

Number of Mobile-Only Internet Users Now Exceeds Desktop-Only in the U.S.

Single Platform Users’ Share of Total Digital PopulationSource: comScore Media Metrix Multi-Platform, U.S., Age 18+, Mar 2014 - Mar 2015

Mar 2014

Apr 2014

May 2014Jun 2014

Jul 2014

Aug 2014Sep 2014

Oct 2014

Nov 2014Dec 2

014Jan 2015Feb 2015Mar 2

015

5%

10%

15%

20%

25%

Desktop Only % Mobile Only %

TIP 09

OMNI-CHANNELMARKETING

As we have seen with the mention of micro-moments, banks need to be available for their consumers at any point of the day on any device.

In the morning, on the way to work. On their laptop at work. On their iPad in front of the TV.

Each experience your user has across each platform needs to be the same offering users an omni-channel experience on all devices and platforms.

Making banking services more accessible gives banks access to new or under banked customers.

Create better customer segmentation and personalization. Buys into this concept of “Everyday banking”.Extending the ecosystem with multichannel marketing tools.

TIP 10

HOW TO USE NEW(AND OLD) TECHNOLOGY

Technology for Convenience - make life more efficient for your user

Internet of Things/Wearable Devices - smart watches capable of paying your bill?

Digital Payment Channels

Social Banking - pay friends with ease of social banking apps such as Venmo

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