Boosting marketing in the world of Banking & Finance industry (2024)

The Banking & Finance industrybegan with the early stage of human civilization, when people learned to exchange commoditieswhich led to the concept of money.Today Banking & financialcomprises of several organizations such as investment & commercial banks, insurance companies, credit card companies, hedge funds, accounting agencies, consumer finance firms, brokerage firms, & various professionals in each of these sectors. The services of these organizations in the industry are mainly related toinsurance & banking services, investments, accounting, and foreign exchange.

But how it all came to be & how marketers of today’s fast paced business world can reach the decision makers of this sector with ease?

OriginsofBanking & Finance industry

It is said that the history of banking & finance industry began withthe prototype banks of ancient merchants who made grain loans to traders & farmers who carried goods. Historians have found evidence regarding thisin India,Sumeria&Assyria. Later in ancient Greece & roman Empires, moneylenders who were based from temples gave loans to citizens while accepting deposits.

The crucial development in banking systems is considered to have happened inmedieval and Renaissance Italy, especially in the cities of Genoa, Venice & Florence. The oldest bank in existenceisBanca Monte dei Paschi di Siena,located in Siena, Italy, operating since 1472. The system of banking spread around Italy & to northern Europe in the 15thand 16thcenturyand finally reached London by the 18thcentury. The developments in telecommunications & computingresulted inmajor improvementsof the operations which let banks dramatically increase in geographic spread & size.

Differencebetween banking & Finance

Most often, the terms banking & Finance are used together even though they differ in the way they works.Banking services aid in managing day to day transactions like accepting demand, term deposits & offering loans while Finance sector is basically about insurance, pensions, stocks, venture capitalists, mutual funds, hedge funds etc.

The main distinguishing factor is that finance services accept deposits while finance services don’t eventhough the motto is same – aid customers (both individuals & firms) manage wealth, lower risks & get better returns.

Banking & Finance industryA.I& Digitalization

Artificial Intelligence has become a major factor in theBanking & Finance industry& it is set to disrupt even further. Consumers of today can use facial recognition & use voice commands to check their banking details using financial apps. Even half of the tasks of customer service is taken over by Artificial Intelligence. Majority of the banks have already tried with Artificial Intelligence and the rest are onitswayin identifying what the technology can do for them.

Digitalization has also proved its worth in theBanking & Finance industry. Majority of the big banks have already enhanced their customer facing & front end operations with the solutions f digital. Technologists have forecasted that the old brick & mortar banking alone will no longer work in the future.

Reaching the professionals of theBanking & Finance industry

TheBanking & Finance industryhas changed a lot with time. This has also resulted in the way to market to the professionals of this field. The executives of this field are busy individuals who are busy with completing the tasks that are assigned to them. This actually makes it difficult for the modern marketers to officially send across their marketing messages for the promotion of their products & services.

The executives in this field will know the inside out of the businesses, which means they will expect quality information for the marketers who approach them rather than flashy graphics. This makes it necessary to send out targeted messages on how the products & services can actually benefit them.

EnterBanking & Finance industryemail lists. Email marketing is one marketing medium that actually delivers quality results. By acquiring qualitythat is cleansed & verified. You can easily segment your target audience and execute campaigns that delivers results.

By attainingBanking & Finance industry email listsyou can:

  • Effectively keep customers informed
  • Easily reach mobile customers
  • Customize & integrateinto other marketing tactics
  • Easilyfind SIC code, NAICS codes, revenue, and other information
  • Effectively market with minimum investment

Boost yourcampaigns withBanking & Finance industryemail lists

CampaignLake’sBanking & Finance industryemail lists let youpushyourmarketing messages toconnect decision makers of theBanking & FinanceIndustryto ease sales. Our datascientistswhohave years of experiencein this field havecraftedthisdatabase with the utmost care to ensurethat our clients do not find any difficulty in acquiring clients. Attain ourBanking & Finance industryemail lists &startcampaigns to make positive impacts for promoting your products, services, & your brand.

Boosting marketing in the world of Banking & Finance industry (2024)

FAQs

What are the strategies in marketing of banks and financial services? ›

Top banking marketing strategies in 2024 include:

Segmenting customers based on unique needs. Publishing targeted Google Ads. Focusing on customer retention. Investing in CRM systems.

Why is marketing important in the banking industry? ›

Brand Building: Bank marketing helps build a brand that resonates with customers' values and needs, boosting a bank's reputation and credibility. Product Promotion: Bank marketing must showcase a bank's products and inform customers as to their benefits and why they would be a good fit.

What type of marketing is used in the bank? ›

Bank marketing is the process of getting a brand in front of potential customers, increasing customer engagement, and acquiring leads through targeted campaigns and trends, recently through digital channels. Solid bank marketing strategies need to include digital elements.

Why is advertising important in the marketing of banking services? ›

Banks often tailor their advertising messages to specific customer segments. Banks may use competitive offers, such as special interest rates, cashback rewards, or promotional packages, to attract customers and stand out from the competition.

What are the 4 P's of marketing in financial services? ›

Marketing mix of financial services analyses the activities which covers 4Ps (Product, Price, Place, Promotion) and explains marketing strategy. As of the last decade, there are several marketing strategies like product/service innovation, marketing investment, customer experience etc.

What is the best marketing strategy for financial services? ›

There are two main strategies for marketing financial services: digital marketing, which uses both inbound and outbound channels, such as blogs and PPC advertisem*nts, and traditional marketing, which uses TV, radio, and print. The majority of financial services firms combine traditional and digital marketing methods.

What is the relationship between marketing and banking? ›

With increasing scrutiny and a competitive market, banks must prioritize trust to attract and keep customers. Marketing plays a crucial role in this, not just in promoting services but also in displaying the values and reliability that customers seek.

What are the main objectives of bank marketing? ›

Bank Marketing – A whole different ballgame

Banks mainly run promotions for three reasons: to acquire new customers, to activate a dormant customer who has not transacted in a while, and to engage their existing customers (HNI, NRI or entry level).

How is marketing important to finance? ›

Marketing is one of the main drivers of earnings, growth, and valuation. Finance is about measuring the effects of marketing—from the decisions to operate in specific markets and serve specific customers to pricing, basic advertising and messaging, product design, and the scope of product lines.

How to attract new customers to your bank? ›

  1. Focus on the Future Investor.
  2. Market Your Bank on LinkedIn.
  3. Offer a Referrals-Based Rewards Program.
  4. Revisit Your SEO Strategy.
  5. Make Banking Approachable.
  6. Build a Community-Centered Story.
  7. Prioritize Good Customer Service.
May 10, 2021

How to increase sales in banking? ›

What is the best sales strategy for a new banking product?
  1. Know your customer.
  2. Choose your sales channels.
  3. Craft your sales pitch.
  4. Measure and optimize your sales performance. Be the first to add your personal experience.
  5. Here's what else to consider.
Oct 31, 2023

Who is the market leader in banking industry? ›

By market capitalization
RankBank nameMarket cap (US$ billion)
1JPMorgan Chase491.76
2Bank of America266.45
3Industrial and Commercial Bank of China219.45
4Wells Fargo178.74
6 more rows

What is marketing of financial services? ›

What is Financial Services Marketing? Financial service marketing is all about how companies in the financial industry promote and sell their products and services to prospective customers. It's distinct from other types of marketing too.

How does advertising help the customers? ›

Using advertising can help remind your customers about your brand and may encourage them to continue buying your product. A customer who once used your product may see an advertisem*nt and remember their positive experience. This can motivate them to purchase that product again or try other services from your company.

What are market entry strategies for banks? ›

Main forms of entry on a foreign market are greenfield investiments and achisition of a control position from a local institution. Both forms, Greenfield and acquisition entry strategies, are specific to CEE. In selecting the entry mode, one bank's objective is to maximize its risk-adjusted rate of return.

What strategies do banks use? ›

10 growth strategies for banks and credit unions
  • Embrace digital transformation & fintech. ...
  • Collaborate & build relationships. ...
  • Build trust with customers. ...
  • Improve the customer experience. ...
  • Increase productivity using modular utilities. ...
  • Upgrade in-branch messaging with digital signage. ...
  • Utilize multiple distribution channels.

What are the strategies used by banking and financial institutions to retain their customers? ›

Some of the main factors that drive customers to stay at a bank include: 🤩 Customer experience: Customers value a seamless and personalized experience when interacting with their bank. This includes easy-to-use digital platforms, friendly and knowledgeable staff, and timely issue resolution.

What strategy do banks use? ›

Customer-Centric Approach: Finally, a successful banking strategy puts the customer at its core. Understanding and meeting customer needs is what ultimately drives growth. Banks must continuously seek to enhance the customer experience.

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