It’s no secret that marketing automation is necessary for modern enterprises. Today, it’s helping businesses build better relationships with customers and optimise marketing campaigns.
Owing to its many benefits, many industries—such as finance—are now adopting automation in their marketing efforts at an increasing rate.
In the sphere of finance, marketing automation involves using software to carry out marketing activities for institutions like banks, private equity firms, and insurance agencies.
With marketing automation for financial services, financial institutions can boost engagement and deliver a sophisticated experience to customers.
If you’re in the finance industry, here are some of the many ways you can refine your efforts with marketing automation.
Send timely and relevant messages to your clients
With their busy days and schedules, customers may sometimes forget to make a payment or two on time. Other times, they may need the right push at the right time to make a decision.
This is where automated messages come into play.
Thanks to marketing automation for financial services, you can now make sure your customers are on time with their payments. With an automated intuitive workflow, for example, you can remind your customers of their due dates for loan payments with a quick reminder email.
Thanks to automated scheduling, you don’t have to constantly keep an eye out for on when to send the reminders. By scheduling the messages, you can save time when sending a reminder to large datasets and avoid human errors like forgetting to send your message at the right time.
Personalisation capabilities of automation tools also make sending timely reminders to clients easier than ever. By automatically categorising your prospects and customers according to their preferences and behaviours, you can identify segments to target with marketing messages.
This means less time spent on sorting through your list manually to find which customers need a reminder.
Improve customer satisfaction
Providing convenience to your customers is another one of the primary benefits of marketing automation. In the finance sector, this can mean sending quick alerts to update customers about new changes, notifying them about account activities, and sending targeted content.
For instance, when a new customer creates an online banking account, you can set up an email to be sent to them confirming the completion of their profile. Or when a transaction happens through a customer’s bank account, you can send automated emails with the transaction details like the e-receipt.
Not only does this improve the quality of the service, but in a critical field like finance, it also enhances the security of transactions. Customers can track their account activities and spot any suspicious transactions, if any, immediately.
Messages sent via SMS or emails optimised for mobile users can make this process even better. Smartphone users take action immediately when they receive a message in comparison to someone viewing the same on a laptop or a desktop computer. This means you can provide a quick and slick service with mobile automation.
Boost your customer engagement
Marketing automation for financial services is one of the most effective ways to engage your customers and boost loyalty and retention.
Loyalty schemes
You can reward your most loyal customers based on their account activity or the number of services they use. Customers are more likely to stay loyal to a brand they have a positive experience with. Rewarding them for their loyalty is likely to make them choose your organisation when they need a financial service in the future.
Cross-selling and upselling campaigns
Using audience segmentation, you can effectively target customers who are more likely to purchase more of your financial services. Based on the customer’s current relationship with your brand, you can launch new campaigns about the latest account upgrades or additional services they’re likely to enjoy.
Re-engagement campaigns
Marketing automation lets you use particular subscriber behaviours to trigger emails with specific parameters. For example, if a customer doesn’t finish filling out a credit card application, you can send them an email reminding them to complete the application.
Meet your prospects at their own pace
Features like email preference centres, web insights, and lead scoring provide ample insights into your customers, helping you identify important trends in the market.
Beyond that, you can also discover details such as whom in your audience prefers and is willing to switch to digital banking, what the gaps in the customer journey are and the reasons for them, or what type of content gets your emails the most clicks and opens.
Most importantly, you can identify when your prospects are ready to make a transaction.
By understanding what your customers need and want from their interactions with your organisation, you can ensure that you only send relevant messages to the right customers.
In addition to sending highly personalised content that interests them, to get more conversions, you can also make sure your sales offers aren’t too pushy and your emails aren’t too frequent—so that you don’t disinterest customers or provoke unsubscribes.
By tracking your audiences, you can get to know your customers better and meet their needs before they turn to your competitors.
Marketing automation for financial services—build lasting customer loyalty
Digital transformation has revitalised financial services like never before. Automation, in particular, helps your financial institution provide a stellar experience to customers who interact with you, ensuring a sophisticated service at each step of their journey.
If you’re interested in discovering more about how automated tools can help you refine your marketing strategy, schedule a free consultation with our experts today!