Technologically-Driven Methods of Promoting Financial Services

Introduction

Promoting financial services involve effective marketing tactics to attract new and potential customers while retaining existing clients. There are various tactics to guarantee promotion of financial services, most of which involve non-technological aspects.

However, this article examines the technologically-driven methods of making sure customers are retained to the financial business services.

Literature Review

Firstly, it is important to build a brand’s trust through social media. Social media has become a norm in our daily lives, and thus marketers ought to have in-depth knowledge of how to use and manipulate social media to attract potential clients.

With Millennials now older and dominating the financial services, it is best to serve their interests (Kurihara, 2020). Therefore, it is significant to use social media as a platform of winning their trust, which is achievable through social influencers.

The second and most effective technologically driven method is the use of data science, which simply involves tracking of consumer data.

As reiterated by Gayana (2016), tracking consumer data using big data helps a financial services company become aware of potential customers in terms of how much they are saving. As a result, this further aids in determining or predicting what a customer may not may not buy.

With big data, a company can develop a automation system whereby they can interact with customers based on their transaction histories. An example involves a bank using bots to make responses to the IT department to access to a customer’s information. This quickly responds to transactional process thus cutting down delays in services.

Such services and technological improvements not only save the company’s expenses on employing more workers, but it also impresses customers thus winning their trust.

Other than use of social media and big data, the other effective method is digital storytelling. This involves creating a family-like relationship with customers.

References

• Gayana, A. (2016). Information Technology Enabled Services in Promoting Services Marketing. Journal Of Business & Financial Affairs, 05(04), 6–9. doi:10.4172/2167–0234.1000219
• Kurihara, Y. (2020). Deterministic Elements of Promoting Financial Services. Advances In Social Sciences Research Journal, 7(9), 807–814. doi:10.14738/assrj.79.9152