Despite the public’s growing interest in the digital channel and personalized service, not all banks are prepared to meet these emerging customer demands. The recent survey in 2012 found that
- Less than half (41 percent) have strong customer data and analytics.
- Only 26 percent have integrated multichannel distribution.
- Just 12 percent have mastered the use of innovative technology.
Although the opportunities in this digital world are virtually limitless, banks are working with finite marketing budgets. The challenge is to balance the use of digital and traditional channels in a way that maximizes brand impact and returns on marketing investments. Effective digital marketing is critical to success.
In addition to leveraging analytics and interactive marketing, banks must listen to customer voices—in branches and across all digital channels, including social media. As more people turn to online and mobile banking, the digital channel is quickly replacing retail branches as the primary battleground for customer choice.
- 80% of households with Internet access do their banking online.
- 12% households pay their bills online now than in 2009.
- At least half of the adults with Internet access have researched financial services online.
- Between 34 percent and 62 percent of those Internet researchers applied for services online.
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There has been an inexorable growth in online banking around the world, with penetration rates reaching over 80% of adults in some countries using online banking regularly. Social media is also now a significant part of the consideration in any digital marketing strategy. With fewer customers visiting branches, banks have to come up with better ways of marketing through digital channels.