Banks. “Give us your money, and we’ll store it for you.” Is it that simple? NO!
Banks are financial institutions that accept deposits from the public and create credits. Lending activities can be performed either directly or indirectly through capital markets. Most nations have institutionalized a system known as fractional reserve banking under which banks hold liquid assets equal to only a portion of their current liabilities. Due to their importance in the financial stability of a country, banks are highly regulated in most countries.
Banking in its modern sense evolved in the fourteenth century to the general sense that it gives today; an industry that handles cash, credit, and other financial transactions. Banks offer savings accounts, certificates of deposit, and checking accounts. They provide a safe place to store extra cash and credit. So basically it is “Give us your money, and we’ll store it for you.” ; but a blog requires more content!
We are familiar with the saying that “Health is Wealth” but truthfully, the two things people value the most are health and wealth. Health is the concern of doctors, and Wealth can be our concern if we play our cards right. Don’t get us wrong, we aren’t planning a “Money Heist” it is just about understanding the emotions of our customers.
People tend to be very protective or the money they’ve earned, and they have every right to be. So, it is difficult to get people to invest in your bank as today, people have all the choices as to “Which bank to store all my money in?” The schemes that we make should be based on what the people need. There are 27 Class-A (Commercial) Banks in our country so we need to understand what the people need to get them to invest with us rather than the other 26. (considering just Class-A)
Emotional Intelligence or EQ is defined as the ability to identify emotions, both of oneself and others, distinguish between them, and use them to guide one’s actions. EQ for marketing has everything to do with delivering the right message at the right time in the right way, so that inspires the other person to take action. And we intend to make our customers feel this way and open an account in our bank today. So, banks are required to emotionally manipulate the people to show them why they’d need the services provided by the respective bank rather than doing a straight forward pitch for the schemes.
You might be thinking “Why Digital Marketing for Banks? I mean, our bank puts in a huge amount to get advertisements in the paper every day. Full Page Advertisements in the daily!” Let us ask you one thing. In the modern age of technology, do you think more people read the newspaper or the newsfeed? (a little wordplay) People prefer to see the things that come in their social media every morning and every evening in their session of scrolls and taps rather than sitting with a cup of tea and paper in the dusk and dawn; it is not 1980 anymore.
Similarly, banks have video ads coming on in TV advertisements, in cinema halls during movie intervals and such. Let us ask you a question: How many leads are being generated via the ads being played at the cinema hall ABC? How many people have opened their account via the ads that showed up while watching TV?
Wouldn’t it be wonderful if you could know the people who could be potential clients?
There is a way you could know this! Costing way less than displaying them on the TV or Theatres, you can get them to display in the cell phones of the people via social media; who might just be the right people to try out your schemes. You can identify the people who were interested in the content and would want to look further into it. People can subscribe to one of your schemes via the magic of the bank’s digital marketing. You can identify new targets as new customers will sign up for your scheme if they are interested and we can get in touch with them and try our best to convince them that they need the scheme we are offering. This is a possibility! (But you know what’s not a possibility? A person taking out his phone in the cinema hall and calling your bank to understand a certain scheme.)
No pressure but it is a sign of professionalism that a bank’s website is good from the inside and outside as in as much as the server needs to be active at any cost, the look of the website should be uniform, tidy, and attractive. After all the social media accounts that people scroll through and the search engines (especially Google) for regular inquiries, it might be the next thing people intend to check out. The initial steps to digital marketing plan for banks include making its website easily accessible and easy on the eye as well. It is just something that all banks have and must have as well.
A website is only as perfect as the amount of information it provides about its schemes on it. The schemes should be properly described and properly enlisted with suitable categorization to make sure that people don’t get confused. Outlook matters for the first touch of the website, but what matters the most is the information it provides.
Social Media Marketing for Banks is an absolute essential. According to the most recent reports, there are 27 Class-A Banks, 22 Class-B Banks, 23 Class-C Banks, and 92 Class-D Banks in Nepal. So, there are multiple schemes and services in every bank which are unique in their way, but how do you become the stand out one? How can you make the people (the right people) notified about your schemes so that, the next time a person comes to the bank is to claim his checkbook for his new account? Through Social Media Marketing for banks!
By advertising about the scheme on various social media platforms such as Facebook, Instagram, Twitter or Linkedin following a quality digital marketing strategy for banks, you can let people know of the unique schemes and services that you have today, or the services you intend to start from the next day. If you’d do proper Digital Marketing for Banks, then gaining customer loyalty also becomes much easier because this is the digital age and the technology doesn’t take a step backward. So, it is necessary to adapt to the changes, and this is the age of Digital Marketing for Banks.
People need to be informed properly about all the schemes and services that they are getting because banking is exactly the opposite of buying any other product. When we buy a certain product in any other sector, we splash the cash once and be done with it but banking schemes involve storing the cash we have, to buy stuff in the future. So, Digital Marketing for Banks is very vital, and providing informative videos that inform every other person about the schemes is essential as well.
People become extra-possessive and extra-conscious when it comes to their hard-earned money and they have every right to do so. So, the audience should be well-informed and enlightened about the schemes so interactive videos with text information and animations can be one way to go. Or actual video shots of the banks with audio information with a mellow voice-over. Whatever be it, people ought to be properly informed about the schemes and services. It can be extremely vital to gain customer loyalty in the future.
Before we throw out an informative video on the internet, we should think about the ad from the perspective of every set of people. Would every one of the groups be able to gather the information required for them? Would the older folks be lost due to fast animation? Would the younger ones think the voice-over was too slow? If the content is good enough for all to gather the information intended, then it is good to go.
This is something that most banks are already doing and it is vital to gain the trust of the customers. Radio Ads are the least of our problems because the last thing people do these days is listening to FM. Video Ads of the bank giving the people an insight into how the bank works, the length of time it takes to do various banking activities, quality assurance and customer satisfaction are the main things an advertisement of a bank should focus on.
To gain more trust from potential clients and customers, banks should use original footage of the bank on the run rather than a compilation of random videos off the internet for their advertisement. And as much as an animated video would be good for informative content, we believe that it is best suited to those limits. For creating a proper advertisement, honesty is key. The advertisement should show actual employees and workers of the bank and the actual work environment to show the people what they’d see daily rather than a make-believe situation.
With genuine digital marketing ideas for banks and a proper advertisement video for the promotion of the bank itself rather than its schemes on various online platforms, it is a possibility to gain your customer’s loyalty through these online channels.
Did you happen to read the second paragraph of the blog? Of course, you skipped, go back and read it, we’ll wait. Do you wanna know where we got the definitions and information about? Off three websites; Wikipedia, The Balance, and Investopedia. Why? They were the first three links on Google when we googled the keyword “banks”. See where We’re going with this?
SEO stands for Search Engine Optimization, where the keywords are identified for google searches and various techniques are used to bring our website atop amongst other content based on the searches. People are known to make Google Searches for everything else they need from food to jewelry, so why wouldn’t they do it when it comes to keeping hold of all their hard-earned money.
So, yes, it would be very impressive when someone makes a google search with the keyword “Best Bank in Nepal” and the first link is to your bank’s website. Wouldn’t that be great to see Google giving you top priority when there are many other competitors below you? Wouldn’t that be cool?
Are you now certain about starting digital marketing? Was the content of any help? Hopefully, all the reading didn’t bore you. Now, there are many choices for you if you want to initiate digital marketing for your bank but Elance Digital Media is the best digital marketing agency in Nepal because we are here to tell you that Digital Marketing has won over the traditional style. We promise to deliver results in the right amount of time and reach out to more and more people about the products and services.
If you’d rather do these activities by yourself, there is Elance Academy, a wing of Elance Digital Media where you can learn Certified Digital Marketing Courses for SMM and SEO; certified by Google, Hubspot, and Elance itself.
Digital Marketing for Banks is close to mandatory these days as people prefer going through social media sites, YouTube, and Google rather than going out for newspapers. This is the age of Digital Marketing and adaptation to changes in technologies is a requirement. Anyways, it is very vital that a Bank has a well-performing website, is active on social media with informative videos about the schemes, has authentic YouTube adverts to reach out to more people every day.