As we approach the one-year mark of COVID-19 restrictions, the economy as a whole is still navigating the effects of the pandemic.
As for the financial services industry, banks and credit unions will continue to deal with lobby access restrictions and the unusual situation of high deposits but not enough loans and possibly high delinquencies, which impacts both interest and non-interest income.
With these challenges, the importance of digital channels is clear. But what about your other channels? For many banks and credit unions, the lines tend to blur when we talk about virtual, in-person and in-branch...
Why financial institutions can’t afford to ignore omnichannel marketing
Whatever your 2021 strategy, it's clear that it must include omnichannel marketing.
Omnichannel marketing is a strategy that integrates all channels, both digital and traditional, into one seamless experience with the customer at the center of it. Instead of the channels working in parallel, they act as extensions of one another so, no matter where a viewer is consuming content or interacting with a brand, they will receive a seamless and consistent experience based on their behavior.
By leveraging data, financial institutions can run cohesive omnichannel marketing campaigns with unified messaging that meet customers where they are (on their preferred channels).
Introducing the 2021 guide to omnichannel marketing
In our latest ebook titled The 2021 guide to omnichannel marketing for financial institutions, we explore:
- The critical difference between omnichannel and multichannel strategy
- The benefits and challenges of implementing omnichannel marketing
- How choosing the right martech can help a financial institution's omnichannel strategy
- The four omnichannel marketing trends that your financial institution can't afford to ignore in 2021
The ebook also includes a printable matrix to help you consider how you’re positioning your resources across your channels in order to provide a customer-centric experience by addressing these questions:
- How could your brick-and-mortar branch adapt to changing usage trends? Are there ways to merge digital with in-person experiences?
- Are you attributing all of your customer touchpoints across channels? Which ones are you not accurately attributing?
- Are you using demographic and psychographic data to send predictive personalized messaging? If not, is there a quick win, one element of data that you can access and that would introduce an incipient level of personalization to your messages?
- How can you better leverage AI to increase efficiency without losing out on strong customer service and emotional connections? Even if AI seems far away for you, start making your case by collecting scenarios that could improve the customer experience.
We’re still navigating uncharted territory but, by being aware of the four omnichannel marketing trends we cover in this ebook, you’ll have a major leg up in helping your FI prepare for the shifting atmosphere. A large part of this will include implementing omnichannel campaigns so you can create a smoother, more personalized customer experience.
Today’s consumers expect a thoroughly connected experience with their bank, no matter where they’re interacting with them—and an omnichannel strategy is key to achieving this. Wherever 2021 takes us, customer loyalty, brand visibility, and improved analytics will be essential to your FI’s success and an omnichannel marketing platform is the perfect place to start improving these things.
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Prisma Campaigns leverages your data to send personalized, omnichannel marketing campaigns that boost loyalty and share of wallet. Click here to schedule a demo.
Image credits: Adobe Stock, Prisma Campaigns