Why Financial Institutions Should Embrace Mobile Marketing
- Last Updated: January 31, 2024
In This Article
Banks and credit unions are at an exciting and intimidating crossroads — facing down industry-wide digital transformation that includes a proliferation of mobile banking products and services, all competing for the attention of billions of customers.
How can banks differentiate themselves in order to reach an ever-growing digital audience?
As financial marketing pros, we’ve been asking and answering questions like these for a while, and we like sharing what we know.
With that in mind…
Here are a few reasons why banks should get excited about a mobile-first approach to marketing and advertising :
Reason 1 : Smartphones are where people spend their time.
At RAIN, we’ve found that at least 80% and up to 96% of our clicks are coming from phones, not desktop or laptop computers.
Other studies show that adults use their phones for 3-4 hours a day for a variety of purposes — many of which can be meaningfully leveraged for advertising and marketing.
Marketing with a mobile-first approach means reaching these users with phone-specific tactics such as in-app advertisements, engaging banner ads, and content designed specifically for social media platforms.
These methods are especially critical for capturing the attention of tech-native millennial and gen-Z audiences whose online activities are an extension of their daily lives. To these users, mobile banking and digital financial tools are an expectation, not a novelty.
Advertising on preferred mobile platforms enhances user experiences and develops loyal, lifelong customers and members. Plus, it positions your financial institution as forward-thinking, future-proof, and attuned to your clients’ needs.
Reason 2 : Phones connect people to their communities.
This one’s a little counterintuitive — if people are on their phones, aren’t they disconnected from the physical world?
More and more, the answer is no.
Mobile technology offers innumerable ways to engage with local communities, from reviewing local businesses, to getting information about news and events, to connecting with community-based groups.
Geotargeting and other location-based services built into mobile technologies let you market to banking customers within a specific physical radius.
Geofenced marketing campaigns can deliver helpful, relevant messages directly to people in your area, aligned with both their immediate needs and their proximity.
And when digital marketing to your local community is helpful and relevant, offline interactions follow — like increased foot traffic to physical branch locations, and a stronger sense of community belonging for your customers and members.
People want to feel invested in their cities and neighborhoods, and- however ironic it may be – mobile marketing can help take them there.
Reason 3 : Mobile marketing strategies are both highly customizable and highly trackable.
We’re all aware (and, OK, a little afraid) of the massive heaps of consumer data available to businesses and advertisers.
Regardless of how we feel about this data, one thing remains true:
if used well, it’s facilitating the most customizable, testable, and efficient financial marketing efforts of all time.
With insights derived from fintech marketing analytics tools, your financial institution can make incredibly precise marketing decisions — and for far less capital than traditional ad campaigns.
We’re talking ad spend matched to your budgets and needs, targeting the exact customers you want to reach — based not only on demographics, but also on user preferences and behaviors.
Data insights can go far beyond where people live and what they do, to what their specific financial goals are and who has previously shown interest in your FI’s products or competing financial services.
By predicting with high accuracy which messages, personalized offers and recommendations will resonate, you’ll increase trust and connection with your audience, leading to new conversions and improving customer retention rates.
Plus, the same analytics tools can tell us with stunning accuracy how well your campaigns are working.
If they miss the mark, you’ll know right away and can pivot — making the most efficient use of every dollar you spend on advertising.
Simply Put :
There’s no better way to track ROI, iterate and improve marketing than with the data-driven insights today’s mobile technology provides.
Reason 4 : Mobile marketing offers unique avenues for meaningful, personalized connection with clients.
Anyone who has ever run an online ad campaign knows that clicks don’t magically transform into customers.
The beauty of mobile marketing is that by pinpointing the right confluence of message, audience, and timing. You won’t end up with a whole bunch of clicks and no conversions.
Most of the time, people walking into a financial institution interact with brand representatives for a few minutes.
But if they’re carrying your brand messaging, your interactive campaigns, your banking apps and financial tools around with them in their pocket?
That’s the stuff long-term relationships are made of — as long as you can capture their attention.
Interactive advertising formats, including videos, quizzes, gamification, and more, can go a long way toward winning customers’ attention and encouraging active participation with your brand.
And the more customers interact, the more connected they’ll feel- increasing both their satisfaction and their loyalty.
The Bottom Line
Mobile marketing strategies offer a direct path to generating new leads, acquiring new customers and members, building relationships, and driving meaningful engagement with your client base.
Plus, it costs less and works better than traditional financial industry advertising — a classic win-win.
Want to learn which mobile marketing and advertising strategies will work best to reach your audience and elevate your financial institution?
Visit www.rainlocal.com to learn more.