How to Use Marketing Automation in the Financial and Banking Services?

Marketing automation is a powerful tool in all industries, including banking. It can help you build customer engagement, automate lead generation, conduct large-scale campaigns with minimal effort and even streamline your compliance checks. Do you want to find out more? Then keep reading!

Marketing Automation for Banks and Other Financial Services: 3 Use Cases

Marketing automation has a plethora of uses in finance. It is mainly due to its benefits, including:

• Better-targeted marketing.
• Improved efficiency.
• Behaviour- and data-driven campaigns.
• Potential to carry out large-scale marketing campaigns seamlessly.

How can you use it to your advantage? Should you base your systems on machine learning, or generative artificial intelligence, or rather select the parameters and create an email copy yourself? Let’s look at this in more detail.

Large-Scale Email Campaigns

E-mail marketing remains a powerful tool for acquiring clients and boosting the engagement of those already in your organisation. However, carrying out such campaigns manually is practically impossible, considering how many clients banks and other financial organisations have. That’s where marketing automation comes into play.

With the right system, you can seamlessly create and send emails based on templates. What is more, you can incorporate data into such campaigns and use AI (also gen AI), namely:

• Use data to segment the target audience.
• Utilise generative AI to create the content of the e-mails to each segment based on templates provided by your marketing team.
• Personalise the content using customer data.
• Gather information about the interactions with your emails to improve future campaigns.

Marketing automation for banks makes it simple to send 100 or 100,000 emails.

Testing Campaign Effectiveness

Imagine you have two or three ideas for a campaign. Perhaps you want to change the format of your ads or e-mails? How do you know which one will work best? You can discover that with A/B tests.

Marketing automation enables you to conduct such tests quickly. Your platform will randomly present half of the users with your idea A and half with idea B and then collect data on the interactions (including impressions, clicks, and conversions). This way, you can test your ideas and base your campaigns on real knowledge rather than predictions.

WhatsApp, SMS and Push Notifications in Your App

Notifications drive customer engagement, especially in finance, where the open rates can reach up to 5.46% [1] (visibly more than in other industries). This is why you need to have marketing automation in place that will send such notifications to your clients.

You can start by creating automated notifications about appointments with your employees (you can integrate your marketing automation platform with our appointment manager). Later, you might add other notifications, like:

• reminders about recurring payments in your banking app,
• info on new offers and discounts (use the data from your customer engagement platform to personalise such offers),
• account updates,
• news alerts (on the topics that this particular user is interested in),
• communications triggered by specific actions (e.g., balance changes).

This way, your customers can stay informed about their services, and you build both satisfaction and engagement. All this is done with automated triggers and minimum effort on the part of your marketing team: they just need to craft the notification copy.

The Takeaway

With marketing automation, you can improve the quality of your promotional efforts in finance (by testing and using data) and accelerate the process, giving your team more time to focus on strategizing rather than delivery. This way, you can improve your marketing effectiveness significantly. 

At the same time, remember that this is just a start; to acquire clients fruitfully, you still need to offer them products and solutions that match their needs and are intuitive. Even the best campaign won’t stop clients from giving up on an overly complex onboarding process or an offer without the UVP. Hence, it’s a joint effort: you need to both embrace marketing automation and ensure that your processes are intuitive and convenient for your potential clients.

You may also read: From Reactive To Proactive Bank: 5 Tips To Better Serve Your Clients

References:

1. https://wisernotify.com/blog/push-notification-stats/

Ailleron

Ailleron Marketing team includes digital marketers and content creators who provide insights and expertise from across the organization, including #AilleronExperts. For media queries, please get in touch with us via our contact form.