In an era dominated by technological advancements and shifting consumer behaviours, the financial sector is consistently evolving to engage customers effectively. This article explores the significance of omnichannel marketing, and the shifting demands of audiences moving into 2024.
Banking is traditionally an extremely sticky market, as evidenced by a low churn rate with only 60% of UK residents ever-changing banks. This means that 40% of Brits stick with the first bank they ever choose, or even more likely, is chosen for them by their parents when they’re young. There is however a new pattern emerging with Generation Z. Almost 60% of this demographic chooses to switch banks within two years of turning 18, highlighting that the traditional marketing methods are potentially losing their effectiveness. So is omnichannel marketing the solution to this problem?
Three key components
There are three key components to omnichannel marketing – consistency across channels, a seamless customer journey and data integration.
- Consistency: Whether a customer is browsing products online, interacting on social media, or visiting a physical store, the brand’s identity and message remain unified. This is key, as you often see brands join social media channels such as TikTok for the sake of being on there – which in turn leads to poor content damaging efforts across the board.
- Seamless customer journeys: Customers can transition effortlessly between different channels during their buying journey without encountering disruptions. For example, a customer might start browsing products on a mobile app, continue on the brand’s website and then make a purchase in a physical store – all without feeling a disconnect. What can cause a disconnect is touchpoints not being in line with the company’s brand, password requirements, and excessive gateways.
- Data Integration: Integration of customer data across all channels allows businesses to gather insights into customer behaviour, enabling personalised and targeted marketing efforts.
Two finance brands doing it well
- JP Morgan Chase: Already present on a variety of channels such as Meta and LinkedIn, they have extended their reach by establishing a foothold in the metaverse, specifically by opening a virtual shop. Within the platform virtual mall, the financial institution has introduced a lounge area named “Onyx”, offering users insights into blockchain and various technology initiatives.
- Chase Bank: At the core of their strategy is a dual-pronged approach, expanding its digital offerings while concurrently growing its physical branch network. Chase Bank ticks all of the boxes, allowing customers to use all elements of the bank’s services online , but at the same time they’re growing their physical branch network, aiming to enhance the branch experience through initiatives such as curating Spotify playlists reflecting local music tastes.
One trend to watch out for in 2024
- QR codes: These are a powerful tool as they can connect offline and online channels and offer customers a seamless and personalised experience. Cadbury’s has very much joined this trend and is using QR codes in its current Secret Santa campaign, inviting people to scan the codes on posters across the UK to send a free chocolate bar to a loved one. This campaign is a perfect example of how QR codes have the ability to increase brand awareness, customer engagement, and loyalty, as well as generate data for future marketing initiatives.
