Digital Channel Adoption: An Eye-Opener for Banking Marketers

INTELLIGENT AND SECURE GROWTH MARKETING PLATFORM FOR FINANCIAL
SERVICES
© 2019 ALL RIGHTS RESERVED | CONFIDENTIAL – FOR INTERNAL USE ONLY
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DIGITAL CHANNEL ADOPTION:
AN EYE-OPENER FOR BANKING
MARKETERS

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Traditional Vs Modern Marketing
Channels
Largely interacted using on-site
services by visiting banks
in- person
Interacted with tele-agents through
phone banking
Customers are increasingly opting to
engage with banks, insurance companies,
and other financial services providers
through various online channels.
Browser-push
Notification
On-site
Notification Chat-bot E-mail SMS
Traditional Channels Modern Channels
Apps

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Rise of Digital Channel Adoption in
Banking
 The graph shows the
migration of a huge chunk of
banking customers to digital
channels from 2012 – 2020
 Keeping the statistics in mind,
the financial services
marketer need to re-think the
customer engagement and
conversion strategy
The graph shows the migration of
banking customers from 2012 -
2020 to digital channels. If
customers are going to opt for
online banking, through devices
such as mobiles, tablets or laptops,
the banking industry needs to re-
think its customer engagement and
conversion strategy.

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As there are multiple digital
channels to choose from, it has
become critical to identify the
most preferred customer
channels, in order to increase user
engagement.
Delivering an enriching customer
experience can have a positive
impact by increasing online
conversions and the overall
company revenue.

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Keeping in mind that each user is different from the other, it is extremely important
for a marketer to be able to target individual users with:
a) The right message
b) On the right channel
c) At the right time

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Strategies That Banking
Marketers Can Use To
Increase Online
Engagement

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Strategies To Increase Online Engagement
For Banks
Pre-approved or pre-qualified offers for
existing customers
• Cross-sell of "Next Best Offer" for
existing customers
• Use of low cost channels like website,
push notifications, and digital advertising
for providing offers

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For Banks
Setting positive defaults
• New digital channels can be positioned as
the "standard" by banks. In this case,
customers would need to “opt out” of a
channel strategy instead of having to ‘opt-in’
to a channel.

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For Banks
Knowing your customers
• Getting a customer one view from
various channels
• Having a product design centred
around customers

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Smooth customer experience is the key
Let’s take the example of an omnichannel customer
who needs a credit card solution. If he reaches out
to a bank for the same and feels that the time taken
to identify his request, process the application, and
finally approve the card is not smooth, he is going
to go for a bank that offers a better experience.
The banking industry, therefore, needs to
understand that an end-to-end digital engagement
is an essential aspect of a renewed customer
experience.

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Benefits of providing a smooth customer
journey
Drive customer satisfaction and loyalty
Provide an enriching and smooth
experience
Win over competition

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How can Banks can simplify the Customer
Journey
Offer products and services through the preferred
channel of their customers
Create a new value proposition for better customer
engagement
Create a real-time contextual information delivery model
for customers

Digital Channel Adoption: An Eye-Opener for Banking Marketers

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Digital Channel Adoption: An Eye-Opener for Banking Marketers