In a recent webinar hosted by Qorus and ebankIT, Tracey Williams, Senior Design Director at ABSA Group in South Africa, shares how the financial institution is utilizing digital marketing and technology to boost brand awareness and customer acquisition.
She sheds light on the crucial role of digital transformation in the banking sector, putting a spotlight on personalization, partnerships, and content as the key focal points for enhancing awareness and acquiring customers. Williams also emphasizes the significance of prioritizing digital channels, data-driven targeting, and content campaigns driven by specific customer personas.
There is a need to adopt a digital-first approach instead of trying to replicate physical in-branch strategies online. Williams gives the example of ABSA Group, which has strategically leveraged technology to elevate brand visibility and attract new customers.
One of their innovative initiatives includes the introduction of a chat wallet on WhatsApp, offering a simplified product at no cost to engage customers on their preferred platform.
This approach is designed to enhance accessibility and inclusivity within their customer value proposition and reduce obstacles to facilitate the acquisition of new clients.
Personalization is key in the journey of acquiring customers. Experts in the banking industry emphasize the significance of embracing an e-commerce mindset to customize marketing strategies effectively.
Banks must leverage customer data to profile and pinpoint the most suitable customers to acquire. Tailoring messages and offers to individual preferences will not only boost conversion rates but also enhance overall customer satisfaction.
Banks are currently prioritizing content marketing strategies, crafting and sharing high-quality, insightful, and captivating content across various platforms to attract a clearly defined audience, ultimately spurring profitable customer engagement.
Banks are also collaborating with strategic partners to run joint promotional campaigns, which helps expand their reach and enhance brand visibility. By accessing shared audiences, these campaigns can effectively increase customer acquisition.
For further insights on how to optimize the customer lifecycle journey for your financial institution, download the complete report.