Behavior and mode of communication have changed with the development of information and communication technologies. Banking and financial services are at the heart of this revolution . In fact, the banking structure has had to adapt to integrate new technologies into their systems. The idea is to meet the needs of their customers and remain competitive.
What is banking marketing?
Banking marketing is marketing adapted to banking products and services . It is subject to the nature of the services linked to the bank. Consequently, to escape the institutional framework generally attributed to this sector, it is increasingly adopting techniques from mass consumption.
The creation of online banking , services associated with the web and the rise of social media have contributed to modifying the marketing techniques used by banks. Bank marketing relies more and more on the analysis of customer data and their life cycles. It is also more focused on event management .
Although the Internet has an essential place in banking marketing, multichannel remains an important dimension.
How has technology impacted banking marketing?
In fact, the bank's relationship with its customers has changed in the face of the technological revolution . Here are some examples: means of transmission and electronic payment , the opening of telecommunications , richer databases
Technologies are proving to be strategic opportunities for this sector. They have, for example, helped to significantly reduce transaction costs. Banking offers can be adapted to customer profiles . New customer segments become accessible .
New technologies lead to a diversification of the offer and an increase in competition . From now on, the comparison between the different offers is direct and immediate. In addition, the emergence of new players leads banks to develop specific features . Thus, banking institutions can offer services that are both profitable and qualitative for their customers.
Technology in banking marketing
To meet both customer needs and competitive pressure, banking establishments are adopting new channels . Traditional marketing is thus supplemented by e-marketing. In this context, banks are positioning themselves on new audience hubs via social networks and the virtual world. These channels are integrated into communication strategies.
Remote banking services
With the standardization of Internet technology, a global network has developed. There drop in the price of network access equipment multiplied the number of users. This led to the appearance of e-commerce, THE online transaction system, And branchless network banks. THE remote banking services are not limited to the Internet. Telephones And ATMs are included in this type of service. Thus, multiple channels are made available to customers to carry out remote banking operations. The customer becomes an actor in the operations he carries out.
The Internet both favors the customer and strengthens institutions. In fact, these operations allow the bank to collect and then store information which it can then process in order to define the customer profile . She can then carry out individualized marketing which improves her relationship with the customer. In addition, overall, we can see a reduction in work at the counter . In fact, routine operations are mostly carried out online . The use of these channels allowed the elimination of several physical and spatial constraints. In addition, the latter are used jointly and in addition to traditional means of communication.
Social media
With a view to practicing “ proximity policy ” in banking marketing, social media constitute considerable resources . This way, customers are on their own territory and can be reached more easily. Marketing through social media develops the bank's relationship with a younger population . Moreover, the interactivity that characterizes social media makes it possible to establish a link with this customer segment .
Social media is not limited to sharing information, but it contributes to the development of business strategies.
New communication strategies
The messages conveyed by banks have evolved with the development of technology. Banks are keen to emphasize greater commitment and support for their customers . More than an institution, banking establishments want to position themselves as a brand . To do this, they want to honor values in line with customer expectations. This results in the adoption of slogans associated with solidarity, responsibility and sharing .
This type of communication plan requires consistency and uniformity in general management within the bank.
Anticipate risks and malfunctions
The development of technology generates risks that must be taken into account.
THE financial risk requires stable functioning of the international financial system. Electronic banking that transcends borders involves cooperation between different authorities. There is a need to put in place internal controls, there securing operations and the money laundering monitoring. This makes it possible to better manage operational risks. In addition, the management of legal security in order to to authenticate operations is a crucial point.
Technical malfunctions that occur in the context of online operations harm banks and alter their images with customers . In reality, having secure systems is essential. Solutions, to be effective, must have an international dimension .
Risks fluctuate in parallel with technological innovations . A constant effort of adaptation is necessary to stay in the rhythm. The banking sector must have the capacity to address new challenges .
THE banking marketing put on the creativity and interactivity. This will include remaining competitive in the face of heightened competition.. Finally, the advent of digital technology and technological tools led to better opportunities to get closer to the customer.
