Your ultimate marketing survival strategy for the Banking and Finance sector- Part 2

With more uncertainty coming in the next couple of months, service providers in the banking and finance sector may have to make major changes and adjust to their customer's needs. Here’s how you can make this transition easier.
by Zapriana Atanassova
07. 16. 2020

The current global financial crisis, following on the heels of the COVID-19 pandemic, has shaken up the personal as well as business finances of millions of people. With more instability predicted to follow in the coming months, service providers in the banking and finance sector have been called to adjust and adapt quickly to their customers’ new needs. Here’s our advice on how to make this transition easier. 

Prepare your socials

COVID-19 has changed many people’s banking habits, with an understandable shift toward embracing more online tools. While you’d ideally want your customers to make use of your app and online banking, if they find these tools confusing or unhelpful, they’re likely to take their questions, comments and concerns to your social media. Because customers airing their criticisms on your public pages can leave a bad impression on other visitors, it’s vital that you have a dedicated team to handle your community management in a timely, professional manner. Your team needs to be prepared for an influx of new engagement, and have a plan of action in response to negative feedback.

Update your clients frequently 

Many of your clients are feeling uncertainty around the latest COVID-19 lockdown regulations. To avoid confusion and subsequent frustration at your physical locations, be sure to update your clients frequently via social media, e-mail and SMS around the latest regulations they should know about (eg. wearing a mask in store is mandatory, etc.). Of course, in-store signs and messaging note these things, however having this information available digitally helps your clients prepare accordingly before leaving their homes. If the COVID-19 pandemic is delaying or has completely halted some of your services (for example, the production of physical cash), be sure to prepare your clients to expect delays or limitations. This cushions the feeling of being inconvenienced, and most customers are understanding as long as they’re kept in the loop and are informed of the reasoning behind the changes.

Listen and adapt

In addition to the comments your audience shares on your social profiles, there’s a plethora of data you can access for free using listening tools, which can help inform your online strategy. Having a team of community and marketing managers can greatly assist you in interpreting the data, and understanding which direction to take your content in. 

Offer value and support

Money has become a large stressor for many of your customers, meaning that they may not feel as positive or receptive to your messaging as they usually are. This means that your messaging should shift to offer added value, information and support to your clients during this time. Make essential contact information easily accessible on all of your pages, and post relevant, value-added content that will resonate with your customers during this time. Keep in mind that this messaging should be genuine, and not come across as overly forced or “preachy”. A post regarding COVID-19 may be topical, but unless it directly adds value for your customers or fits into your marketing efforts, it’s good to think twice before sharing it. 

Offer education around online banking

Focus on education around online banking for the small market who haven't yet embraced this. This specifically speaks to the silent generation, the baby boomers and those that either aren't sure or aren't confident in online banking. Your digital marketing message, pushed through Facebook, SMS and e-mail for example, should cover basic education on utilising online banking in an easy-to-understand style (such as infographics).

Let us help you take your banking and finance institution to the next level by being your trusted advisor in these times of need. This will retain your clients long after all lockdown stages have been lifted. 

If the thought of these new updates feels overwhelming, it may be time to hire a full-service digital marketing agency capable of implementing these changes quickly, professionally and according to best practice. Thankfully, you don’t need to look further than Arc Interactive. We’ll take care of every aspect of your digital presence, freeing your time up to focus on what you do best. Sound good? Send us an e-mail on hello@arcinteractive.co and consider your marketing stress a thing of the past.

For more information, visit www.arcinteractive.co. You can also follow Arc Interactive on Facebook, Twitter or on Instagram.