The advances in digital technology have practically changed every aspect of business operations, but several finance companies and financial service institutions still haven’t fully embraced the digital trend due to a number of risks in the security and regulatory guidelines. The good news is that not all of them are being held back. Numerous financial firms are starting to see the light and are jumping onto the digital bandwagon.

With the rapid growth of digital consumption and the multiplying social media channels, financial marketers are faced with more choices than ever when considering how they want to reach their target market. A lot of financial marketers are turning to digital marketing as there’s a big drop on the returns and poor audience engagement in the traditional advertising channels. They realise that digital is more efficient and costs much less when it comes to reaching the targeted consumers online.

Nowadays, the customers of the finance industry expect a convenient and personalised experience that stretches across mobile, social, and other digital channels. The increase in internet and mobile provide new ways for consumers to access financial services. These new channels include websites, social media and mobile apps which is why a majority of financial brands are increasing their marketing investments in social media, mobile, online video and rich media.

The changing world of technology and the growing sphere of social media have significant impact on how consumers behave and how businesses interact with them. Banks, credit unions and lending companies providing different loans such as home loans, business loans and bad credit loans are using different digital channels for various purposes. This includes sales and marketing, consumer service and CRM. Many have adopted an omni-channel approach following consumers’behaviours as they shift between device and screens.

Establishing your digital blueprint is crucial if you want the maximum ROI. A digital marketing strategy is fundamental to every industry and this includes the finance industry. Businesses without a committed and effective digital marketing campaign will not survive in today’s digital world and they can quickly become obsolete.

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