The COVID-19 pandemic rapidly accelerated widespread digitalization across the retail banking industry. Even before the pandemic, 55% of Americans said they were using digital banking offerings, with an 11% increase in usage over the previous three years among consumers over 40. Many financial institutions had already digitized their systems and services and were able to weather the change in consumer needs last year, but many others were left further behind. That doesn’t mean, however, that financial services firms that held their own (or even grew from the disparity in preparation) will have it easy this year. In fact, some financial brands, particularly traditional ones, have some ground to regain.
Banks and financial institutions need to evolve the ways they interact with current and future customers and the role of precision marketing is more important than ever. Who to talk to, via which channel, when, and with what message, is a set of questions marketers face every day. In this report, Nielsen will deconstruct each of these questions and provide a recommendation of how to design an impactful marketing program by selecting the right audience, optimizing your marketing mix and establishing the organizational discipline to execute.
Download this report to learn how both traditional financial institutions and financial disruptors can win with consumers in this new digital banking age including:
- Why it’s important to connect or reconnect with your consumers
- How to transition from virtual to meaningful relationships around true financial needs
- Ways to engage with consumers especially beyond traditional banking offerings