With a new year comes new financial marketing trends. 2021 saw the pandemic permanently altering consumers’ habits and technology becoming even more integrated into the financial landscape. To stay ahead of the competition, retain customers and acquire new ones, your finance brand needs to implement new financial marketing strategies to reflect these changes. From artificial intelligence to greater transparency, customers are demanding more from their finance brands. Here we explain the five new financial marketing trends you need to know for 2022.
1. Artificial Intelligence is the top financial marketing trend
Artificial intelligence may seem like something you’d see in ‘Back to the Future’ but it’s now becoming an important and integrated part of financial marketing. Finance brands are now beginning to integrate AI with customer service, offering consumers a better and more helpful experience.
But what do consumers want AI to help them with?
- 32% want AI to provide timely offers
- 34% want knowledgeable customer service
- 31% want AI to help educate them further
- 24% want customised recommendations
By seamlessly integrating AI within your customer service, while still offering in-person services, your finance brand can better satisfy customers and resolve their issues.
Not only can AI be useful for the customer service sector but it can also be utilised to help optimise customer acquisition channels, better protect clients’ data, and improve operational efficiency within your organisation. By integrating AI within a range of areas you can help improve customer trust and loyalty through providing better services and products and reducing financial risks.
2. A hybrid customer experience
With the pandemic not looking like it will finish during 2022, the hybrid customer experience is more important than ever. COVID-19 has altered consumers’ habits by pushing more people online. However, while digital platforms are important for finance brands, not everyone has easy access to them, making it important you offer a hybrid experience.
While the pandemic has changed many things, the customer experience still remains king. Elevating the hybrid experience by creating greater accessibility to digital platforms and in-person customer service is paramount for your finance brand in 2022. In fact, 75% of customers are willing to spend more with companies that provide a good customer experience, according to Zendesk’s “Customer Experience Trends Report 2021”.
“ 75% of customers are willing to spend more with companies that provide a good customer experience ”
According to research by Deloitte, there are a number of ways your finance brand can elevate the hybrid experience. These include:
- Provide more choice and flexibility to consumers through greater personalisation
- Implement a first-party data approach to understand exactly what your customers want
- Continue to build and improve the infrastructure to create a great hybrid customer experience
3. Inclusive marketing
Inclusivity is continuing to rise in significance. While inclusive design remains critical for your finance brand to create a great and accessible digital experience, inclusive marketing is important to generate new leads.
Your finance brand should connect with a range of customers through your marketing strategies. With the world continuing to value diversity it’s critical your finance brand represents this authentically in order to build brand loyalty and strong customer relationships. In fact, 93% of Gen Zs expect companies to take a stand on important societal issues and 90% of Gen Zs are more willing to purchase products they deem beneficial to society.
4. Value-based decision making
In line with inclusive marketing, customers are making more and more decisions based on their values. This means if your finance brand doesn’t align with your customer’s values they will choose to purchase and work with another brand.
Marketing your ESG commitments can help you generate new leads, improve the customer acquisition process and retain current customers.
5. Greater transparency in financial marketing
Transparency is no longer an option for finance brands it’s a must-have. A study found 94% of people are more likely to be loyal to a brand with complete transparency. Additionally, millennials need to believe a brand is authentic before they will consume their content and only 1% are influenced by advertising.
Being more transparent regarding your business practices and consumers’ habits can help to form authentic relationships with consumers. With people researching brands more and more before they make their decision, hiding information can create a divide between your brand and your customer.
2022 financial marketing trends
2022’s financial marketing trends are centred on the customer experience and new technologies. By implementing these marketing strategies sooner, rather than later, you can stay ahead of the competition.