The advent of digital neo banks, insurtech, and mobile-only financial services have made a seismic change in the financial sector across the world. Digital banks are reaching out to their target audience through social media and content channels. They are connecting to millennials via influencers and endorsements, and are speaking in the language millennials understand.
Writing for MoneyControl, iQuanti’s Aditya Saxena (SVP, APAC) states, “Data is a crucial value driver. Digital-only financial products and platforms thrive on real-time availability of data. The strength of available data becomes a great enabler in driving value for both customers and marketers.”
Marketers can target the digital native prospects that constitute the primary target group via
- Personalized messages and offers based on historic demand signals on digital channels
- Cross-selling and localized offers for existing clients
- Real-time investment recommendations and spending alerts etc.
All these measures lead to a higher degree of customer engagement and loyalty.
In the absence of physical branch experience, marketers can leverage site/app analytics data to continually enhance the customer experience. With right measurement techniques, well-defined KPIs, and seamless UX across devices, marketers can bring success to the digital finance sector as well.
According to a study by McKinsey Global Institute, digital accounts are 90% cheaper than conventional accounts. Riding on increased mobile and internet penetration, digital-only banks and financial products can ensure financial inclusion while onboarding lower-income customers in emerging economies like India.
The burgeoning ecosystem of digital-only players will, on the one hand, bring greater financial inclusion for customers and also increase competition in an already competitive market. Marketers need to realize this as an opportunity to fine-tune the online messaging of their core product offerings and advertise in a multi-layered targeted approach depending on demography, device and predicted psychography, to co-create value for both businesses and customers.
Read the complete article, as it appears on MoneyControl, here.