The development of customer buying behavior and general attitudes has sparked a marketing revolution across various industries, including the financial sector. In this article, we delve into the evolution of marketing within the Financial Services and Products (FSP) industry, exploring how it has shaped the landscape we see today.
Transparency as a Key Factor:
Understanding the importance of transparency is crucial when reviewing today’s average consumer in the market. Financial customers now approach their financial decisions more seriously than ever before. Factors such as the recent pandemic, societal turbulence, and the increasing accessibility of alternative investment options have led individuals to become savvier with their finances and more open to exploring various options.
This has created a potential client base that needs to be won over, convinced, and nurtured into the right banking portfolio. As customers now have access to limitless information at their fingertips, the banking sector is no longer the sole authority in the finance market. Even YouTube financial pioneers have gained credibility and influence.
While the idea of being open and available to scrutiny may seem daunting, embracing transparency is a logical choice when your client base is exploring alternatives.
The Rise of Fintech and Technological Advancements:
The rapid growth of technology has paved the way for the emergence of Financial Technology (Fintech). Fintech has become a blessing and a curse for the banking sector, with clients benefiting immensely. Traditional banking practices such as waiting in queues, handling cheques, and dealing with cash are now becoming obsolete. Today, banking applications and entire financial firms are accessible through smartphones and web browsers.
Driven by customer demand for convenience, FSPs have been forced to transition from their brick-and-mortar business models to the digital sphere. Fintech offers quick, extensive, and easy-to-access services that literally put a bank in your pocket. The customer’s desire for a seamless and convenient experience has fuelled this technological transformation.
The Ever-Changing Marketing Landscape:
Clients are becoming more discerning, and competition within the financial sector is intensifying. The advent of numerous online FSPs and their innovative offerings has caused growing pains for the industry. Marketing a service is no longer limited to placing a sign outside with the bank’s name on it.
To stand out in this competitive landscape, FSPs must embrace innovation and build profiles of their target audience. Understanding their customers’ needs and aspirations is imperative for building a customer base that goes beyond merely offering a service. Today’s customers seek a supportive and growth-minded service provider that has their best interests in mind.
Differentiating oneself from the competition lies in effectively communicating these unique qualities to the target audience.
If you’re looking for a partner to directly innovate the marketing efforts at your FSP, get in touch with us.