So, you’re a manager or marketer for a banking institution. You’ve implemented all the traditional marketing strategies.
Yet, you’re not getting the results you want, and you notice your competitors are doing better.
That’s a good sign that it may be time to give your banking marketing efforts a better return on investment. But how?
Making your bank stand out can be difficult. With the growing number of data breaches, consumers will only work with trusted financial institutions.
Plus, there are plenty of other banks out there competing for consumers’ attention.
Not to mention the fact that there are a slew of new technologies and marketing ideas available, which means making the right choice is a tough call.
The good news is that we’ve compiled a list of the top 9 banking marketing trends and ideas to help you save yourself time, money, and a headache.
You’ll find tips on how to integrate these trends into your marketing efforts plus real examples of how they look in action.
Need to refresh your banking marketing and PR strategy?
Let us help. Simply book a free consultation with one of our PR and marketing experts. We will take a look at your current strategies to see where they could benefit from a boost.
Our 9 Top Banking Marketing Trends for 2024
- Public Relations
- Thought Leadership
- Bank Branches
- Digital Banking
- Customer Data
- Video Marketing
- Augmented Reality
1. Banks Can Manage Their Reputations with Public Relations
Banking comes with the challenge of cultivating trust and transparency with customers. And that is the reason why public relations (PR) is one of the most important banking marketing trends.
PR shapes how the public perceives banks. And good PR can provide your customers with the evidence that your bank is reliable, secure, and ethical when handling their assets.
Plus, a robust PR strategy should also have a built-in crisis management strategy. Crisis management is one of the most important aspects of a good banking PR strategy as security breaches and financial crises directly impact your bank’s reputation.
To make PR work for you, emphasize transparency in all communications. Regularly provide updates and reports on your banking services and performance.
Also, use transparent communication to address concerns regarding a crisis. Address issues head-on with clear facts and steps for resolution. Be sure to maintain open lines of communication, even after the issue has been resolved.
Here is an example from Capital One on how PR can help mitigate a crisis for banks after a security breach:
Pro Tip: When building your PR strategy, take the time to plan ahead. Identify your target audience and determine how you’ll develop the right messaging. Also, having a crisis management plan in place can help you respond to public concerns quickly.
For more information on how to use PR, see our guide: How to Write an Effective PR Plan [Tips + Examples]
2. Thought Leadership Can Position Your Bank as an Industry Authority
Content marketing alone doesn’t create long-term trust in banking. Instead, you should consider thought leadership. You can gain many benefits by creating well-researched thought leadership content.
Plus, thought leadership content aligns with Google’s preference for authoritative content written by experts with experience. That’s what makes it one of the top banking marketing trends.
Original, research-based thought leadership content attracts readers, backlinks, and social shares, boosting visibility.
Being a thought leader can help you connect with people and can help your brand gain credibility. It’s a great way to showcase your research, ideas, knowledge, and expertise in the industry. This, in turn, fosters trust and engagement with the audience.
To be successful in thought leadership, combine content marketing and research strategies. Stay updated on banking trends and changes.
To conduct effective research for thought leadership:
- Understand who your audience is.
- Find topics that haven’t been covered enough.
- Plan thorough fieldwork.
- Use various content formats, such as articles, reports, infographics, videos, and charticles.
This article from Forbes is an example of how thought leadership looks in the banking industry:
Pro Tip: Always back up your thought leadership content with data. Using data visualization is an excellent way to do this. This provides credibility and evidence-based insights into your thought leadership content.
Need some insight into how thought leadership works? Check out our guide: Unlocking the Power of Thought Leadership Marketing (Benefits + Best Practices)
3. Bank Branches Are Making a Comeback
With all the digital progress, traditional bank branches might seem old-fashioned. Online banking and mobile apps have become more popular. People are visiting physical branches less often.
But things are changing. Bank branches are making a comeback and becoming one of the most important banking marketing trends. How? You can turn your branch into a fun place to hang out, with lots of digital services.
Gone are the days when a bank branch was merely a place to deposit or withdraw money. The modern branch is changing to become a versatile place for customers. It has interactive kiosks, digital financial education modules, and much more.
The changes are making branches better and more important for banking marketing strategies. They highlight the importance of in-person or on-site marketing. It provides a personalized face-to-face customer experience unmatched by digital strategies.
To adopt the trend for your branch, assist your customers by engaging with them. Suggest personalized solutions that match each customer’s financial needs.
Also, provide personalized financial education, so they can make smart financial decisions. You can accomplish this by offering educational materials such as:
- Pamphlets and Booklets
- Financial Goal Guides
- Video Tutorials and Webinars
- One-on-one Consultations
This Pinterest post provides examples of how bank branches today are being redesigned for a better customer experience:
Pro Tip: Be sure to invest in employee training and branch redesigns. Use advanced digital tools to improve customer experience and meet demand for digital services.
4. Digital Banking is Standard
As we previously mentioned, on-site branches are making a comeback. But a vast number of customers prefer the digital experience. That’s why digital or in-app marketing continues to be one of the most relevant banking marketing trends.
Digital banking includes account management, payments, and transactions, without the need for physical branches. It offers customers the convenience of accessing and managing their finances from anywhere, anytime.
Automation and reduced reliance on physical infrastructure makes digital banking more cost-effective.
It also provides access to rich data, enabling banks to analyze customer behavior, preferences, and needs. Plus, it allows for personalized marketing strategies and real-time interactions.
If you want to leverage digital marketing for your banking services, use multiple digital channels to reach customers where they’re most active. This includes mobile apps, email, social media, and web platforms.
Leverage the data available in digital banking platforms to create personalized marketing campaigns. Try using this data to create tailored messages and offers to enhance the customer experience.
Want to know how to use digital banking in your marketing efforts? Check out this app from Citi:
Pro Tip: Provide educational content and demonstrations within digital banking apps. Use them to help customers understand the full range of features and benefits. Also, encourage customers to use the platform more fully.
Does your bank already have an app? Want to focus more on mobile marketing trends? Check out our article: 8 Mobile Marketing Trends to Upgrade Your Strategy in 2023
5. Banks Are Harnessing the Power of Customer Data
Banking marketers have an abundance of customer data at their fingertips. This ranges from purchase histories to demographic information and more.
Why is leveraging customer data one of the most successful banking marketing trends?
This wealth of data can act as a goldmine for your marketing efforts. You can use it to create meaningful customer segments and launch targeted campaigns. In turn, this helps you enhance customer service, drive growth, and maximize your institution’s revenue.
Using customer data can also result in cost savings. You don’t have to waste resources on generic, untargeted campaigns. Plus, you can optimize your marketing budgets and allocate your resources accordingly.
When using customer data, always prioritize data security. Ensure that your efforts comply with data protection regulations (e.g., GDPR or CCPA). This helps you build trust with customers and avoid potential legal issues.
You can also implement advanced analytics and machine learning models to anticipate customer needs. This helps you identify cross-selling opportunities and reduce churn.
Here is an example of how you can use customer data to provide new offers to customers:
Pro Tip: Regularly assess and update your customer data to keep it accurate and relevant. Adapt your marketing strategies based on changing customer preferences and behaviors.
6. SEO: Because the Quest for New Banking Services Starts with a Google Search
In the quest for new banking products, 83% of customers start their journey with a Google search. This makes search engine optimization (SEO) one of the most relevant banking marketing trends.
Banks now understand that having a strong online presence is important. SEO helps your bank rank higher in search results without paying for advertisements. Once optimized, you can drive organic traffic to your bank’s website.
To achieve adequate SEO results, make sure your content is up-to-date, authoritative, and compelling. Also, try using videos, blogs, eBooks, and infographics to help boost your rankings.
Conduct thorough keyword research to identify the most relevant and high-traffic keywords related to banking. Strategically incorporate them into your website’s content, meta tags, and headings.
Need an example of how SEO looks in banking marketing? A simple search term of “bank” brings up the most authoritative and trustworthy banks in the industry:
A localized search term, “bank near me” brings up a list of the most trusted banks in a particular area:
Pro Tip: Create informative, well-researched, and engaging content. It should address common banking questions and concerns. Plus, it should adhere to Google’s experience, expertise, authoritativeness, and trustworthiness (E-E-A-T) guidelines.
Need some tips on using SEO? See our article: 9 Essential Search Engine Marketing Trends for 2023 (+ Tips and Examples)
7. Chatbots Are a Powerful Asset for Bank Marketing
Artificial Intelligence (AI) is an integral part of the evolution in every industry. That includes banking.
One standout AI application reshaping customer service is chatbots. Chatbots are always there for customers, day and night, placing them among the top banking marketing trends.
They can help with checking balances, paying bills, and more. They’re available on websites, apps, and social media.
Chatbots quickly assist customers by answering questions, giving product information, and helping with banking services. This improves customer interactions.
To improve the customer experience, ensure that your chatbots understand the user’s context. They should also personalize responses by using customer data and past interactions.
Make sure there are clear paths to human agents for difficult or sensitive questions. Customers can talk to a person when they need help, which makes them happy.
Below, you’ll find an example from HSCB on how chatbots work in banking:
Pro Tip: Educate your chatbot to recognize and handle questions regarding security and privacy. Assure customers that their information is safe. Also, regularly update the chatbot’s knowledge to stay current with industry regulations and security standards.
8. Video Marketing is an Effective Way to Convey Banking Information
Why is video marketing one of the most successful banking marketing trends? Videos can grab people’s attention better than words or pictures.
Banking videos make financial concepts simpler. They showcase product features and share customer stories. Plus, video content helps banks communicate effectively and connect personally with customers.
When using video, be sure to create videos that make complex financial ideas easier to understand. Bank customers can watch videos to learn about their options and make smart financial choices.
Cover topics such as financial planning, savings strategies, loan options, and security measures. Educational content can position your bank as a trusted source of information and support.
Here is a video marketing example from TD Bank that uses storytelling:
Pro Tip: Whether you’re creating instructional videos, promotional clips, or customer testimonials, maintain a unified brand identity. This will help customers associate your bank with reliability and credibility.
Want a full list of video marketing trends for 2024? Then you’ll want to check out our article: Top 10 Video Marketing Trends for 2023 [+ Tips]
9. Augmented Reality Enhances the Banking Experience
Many industries are using augmented reality (AR) to help customers make informed decisions. But why is it one of the top banking marketing trends?
With its capacity to overlay copious information in real-world surroundings, AR offers a clearer perspective on financial data. For example, AR enables customers to view account balances while shopping, aiding purchase decisions.
Moreover, AR facilitates virtual interactions with customer service representatives. Additionally, AR in banking apps can guide customers to nearby ATMs and branches, enhancing user experiences.
Want to enhance your marketing efforts with AR?
Create AR features that allow users to easily access their account balances, locate nearby ATMs and branches, or receive personalized financial advice.
You can also develop gamified experiences to make the banking experience more engaging. This can include financial simulations or virtual treasure hunts.
This video provides examples of how AR works in banking:
Pro Tip: Ensure that your AR interface is intuitive and easy to navigate. It should have clear instructions for users. Additionally, make sure your AR experiences are compatible with a variety of devices and platforms.
Key Takeaways on the Latest Banking Marketing Trends
Not achieving the results you want from outdated marketing strategies? Staying up to date on the latest banking marketing trends and ideas can help you consider new approaches.
The competitive landscape, evolving consumer expectations, and the need for trust require innovative solutions. It’s important to explore new technologies in the banking industry and make them part of your marketing efforts.
Test new marketing techniques and technologies to see what works for your bank. Be agile and willing to adapt your strategies as trends evolve. Continuous experimentation and adaptation are key to remaining relevant.
Not sure how you can adapt these new marketing trends to your current strategy? Let us help! Simply book a free consultation to get expert insight into how to give your strategy a refresh