The great BFSI digital migration is upon us. In the last one year alone, this is what has happened,
BFSI customers are slowly but surely moving to digital and the imperatives to marketers is beyond obvious,
Make your website conversion centric rather than just an information dispensary
Create personalized experiences on data marketing platform across all channels
While most BFSI marketers have already jumped on the wagon, only baby steps are being taken yet. The potential for revenue generation through digital channels in the BFSI domain is unprecedented.
The website is the primary digital touchpoint of any BFSI brand. You can have 3 types of visitors to your website,
Not a customer, but a repeat visitor
Not a customer, first time visitor
You don't need me to tell you that you're committing a crime if you aren't personalizing the experience of existing customers on your website. So let's keep that for later.
What about a repeat visitor?
A simple example: a user has visited your website before and has looked for auto loan products
And this user has visited your website again. Are you able to personalize the experience of this user? Or are you just serving him static banners of your usual promotional offers which he is going to ignore with almost cent percent certainty?
So what do we know about this user? Based on your clickstream data, you know he's looking for an auto loan.
The Home page banner of your website can be personalized with an auto loan offer. Here is an example screenshot:
The exact same offering can be mirrored in a paid channel through programmatic display retargeting and Facebook. Reach out to this user with the same personalized auto loan offer. Here is an example screenshot of a car insurance offer for a user who has looked for car insurance products in his previous visits:
Ensure a consistent and personalized experience for your users across all digital touchpoints to boost engagement and push them towards the eventual transaction. Make the best use of your owned channels (website, email) before venturing into paid avenues (display, social) to optimize your marketing spends.
You can download this guide to get your hands on 5 growth recipes to maximize the digital share of your business through new-to-bank users.
In the next article, lets look at personalization for existing customers and the unique use cases through which you can surprise your customers to generate incremental revenue through relevant upsell and cross-sell.
Write to us at email@example.com to let us know your thoughts on the great digital migration in the BFSI domain.