Here’s the thing about marketing for financial services: the industry hasn’t been the most open to digital transformation. Think about it, most banks didn’t adopt mobile banking until well after the advent of the smartphone. Considering how unpredictable consumer behavior has been in 2020, the finserv industry would do well to consider digital transformation in their marketing and advertising arena; it just might be the thing that brings your banking customers back to your doorstep.

One of the most interesting data concepts in modern martech is location intelligence. By using mobile location data, banks have the ability to not only reach potential customers but also deliver personalized customer experiences. Keep reading for some key ways to transform your bank marketing or advertising experience all while saving you those coveted Benjamins.

With the number of changes and the overall drastic shifts that we’ve all experienced this year, it’s no wonder that financial services (along with several other industries ) are grappling with the perfect way to market to their customers in the midst of a “new normal.” According to a recent article in The Financial Brand, “Micromarketing using digital channels and highly personalized content will be the norm, with results measurable by the hour as opposed to by the quarter. Product and financial goals will be met incrementally in real-time as opposed to being based on product promotions.”

As technology evolves, so do the expectations of higher management, and this year it’s looking like “more ROI, less ad spend!”. What can finserv leaders do to keep up with the elevated demands? 

What if we told you that there was a way to personalize your ads to such a degree that only those consumers who will respond, see them?

What if you could understand financial services market trends exactly as they are today instead of having to dig through irrelevant data from last year, pre-pandemic?

You can. All you have to do is know where to look and what tools to implement.

Let’s say that your bank is located in a giant city, a sprawling concrete jungle. Getting market intelligence for such a densely populated city has been very difficult in the past, just because of the diverse population and their differing income levels, ages, and overall consumer profiles. 

Advertising for your bank has always been a guessing game. Attempts at ad targeting have been futile at best, and complete failures at worst costing you valuable time and money. By using a location intelligence solution, your bank will have the ability to gain invaluable market insights about your surrounding area and help you reach the right customers.

Improve the ROI of your bank ad campaigns by only targeting those customers who are most interested in the solution you are offering and improve your advertising strategy. The next time the higher-ups ask about the ROI of your advertising campaign, you can hold your head up high and deliver the numbers with pride.

The financial services space is no stranger to the competitive landscape. Even if customers don’t see the competitive battle waging under the current, banks are constantly trying to one-up each other in the hope to gain more customers. What can you do to make sure you come out on top in the end?

Competitive marketing analytics uses verified datasets to estimate market share among your key competitors, helping you keep track of how your foot traffic compares to theirs. By analyzing this data, banks can see their competition’s buyer personas and brand loyalty for example, and will help you deliver ads that will entice them to open your door instead of theirs.

For example, your bank learns that your competitor’s key marketing demographic is women in their mid-thirties. Through competitive marketing analytics, you find out that their target audience likes to shop in the midafternoon, oftentimes frequenting the grocery store next to your bank. Instead of displaying your ads early in the morning, you optimize them to reflect the buyer persona’s shopping time: mid-afternoon. Using this, you’re increasing the odds of them walking into your bank instead of the competition’s.

Location intelligence not only ads rocket fuel to your campaigns but also saves you money in valuable ad spend. With the budget cuts seen this year and the drastic changes in consumer shopping behaviors, the financial services industry needs to do more than simply flood their consumer’s social channels and hope that one will stick. Target your bank ads to only those people who are the most likely to respond and get a leg up on your competition.