Digital transformation is revolutionizing every industry, the financial industry is no exception. The companies in the financial industry have been waking up to the fact that a digital presence is good for business. However, online marketing for financial industry has its challenges. Strict regulations, complicated subject matter, a lack of consumer trust and constantly evolving technology are just a handful of roadblocks scattered throughout the financial services landscape. However, through effective content marketing, financial companies will attract prospects and tremendous growth.
The role of social media in influencing the financial industry
As customers become more connected digitally, social media for financial services is no longer an option or trend. It is a must if they wish to compete in the years ahead. Social media marketing for financial services has evolved to help companies grow their business. For example, social media marketing provides the opportunity for financial advisors, accountants, bankers, and insurance agents to increase awareness and reach their customers. This is how social media marketing benefits financial companies:
- Social media secures more clients/customers by making the firm more well-known and accessible across social platforms
- More activity on social media builds trust and credibility with followers. It showcases that the company is an expert in the financial field
- Social media is helping companies to provide financial solutions to a growing audience
- Social media helps financial companies to reduce the costs of customer service
Social media content marketing also gives financial companies a way to be viewed in a positive, trustworthy light. When they produce content like social posts, they have a way to get in front of customers with information that doesn’t appear promotional.
The role of engaging content in increasing financial literacy
The majority of consumers in Indonesia share one big thing in common – they don’t know much about their financial matters. Lack of basic understanding of financial concepts, leaving them challenged when it comes to making informed financial choices around saving, investing, borrowing, and credit. The good news is that younger generations, such as Gen Y and Gen Z, are increasingly open to learn about financial matters, particularly when they can do it using technology.
Many businesses, specifically financial institutions, are beginning to focus on providing educational content on their social media platforms to reach consumers who are interested in learning more about their financial matters. With the evolution of social media, we no longer live in a world where people come to a specified location at a specified time to learn about financial matters. Learning can be just a click or tap away and because the young generation prefers the use of technology for information gathering, the future of financial literacy is going social.
Jouska, as one of the financial adviser companies in Indonesia, has made great progress in raising the importance of financial literacy. They create engaging and insightful content on their social media by educating their audience in a fun and easily digestible manners directly from their experts.
They also create interactive content like Q&A stickers on Instagram and Twitter polls that get their audience involved and become more financially literate. They give educational discussions online address timely and relevant topics, including insurance; investing for retirement; emergency funds; credit and ways to organize our money.
Interactive content makes financial services more engaging. Marketers say interactive content has a 93% effectiveness in engaging the consumer compared to the 70% of static content. The approach makes financial services more human and allows the company to be more relatable and approachable. It allows the newcomers to be able to keep up to recent trends in the financial industry and make them feel included.
Consumers are finding that engagement through social media allows them to ask questions in real-time regardless of where they are. In this way, they can obtain the information they need when they need it and want it, which helps them to take control of their finances today, as well as being more prepared for the future.
Social media presents a tremendous opportunity to reach a whole new generation in ways that make the most sense to millennials and Gen Z, providing an important financial education that will benefit them throughout their lives. Young generations are increasingly able to use a multitude of social media platforms to learn about their financial matters and take full advantage of resources designed to improve their financial understanding and well-being. As a result of these trends, the future of financial literacy is looking decidedly brighter.
The future of content marketing in the financial industry
Content marketing is always changing, with technological advances, both in terms of devices and platforms, enabling new ways for people to interact. This is a general overview of the key content marketing future trends in the financial industry - and maybe it will help get you thinking about how you can adapt them to your approach.
- The Rise of Chatbot
More and more companies consider the use of chatbots on social media or messenger platforms as a must-have rather than a nice to have. The bot efficiency in social media is proven by the fact that it generates a more personal engagement with users. By building bots that can filter existing content and provide the clients what they require when they require it, you can reinforce your content distribution strategy, but also build a trustworthy positive brand understanding for your target audience.
- Audio Content & Podcast
Audiobook and podcasts have exploded in popularity in recent years and will still be popular in the future. Financial advisors may want to consider adding some podcasts to their media lists to keep on top of the latest industry trends and grow their business. Personal finance is one of the topics that are almost guaranteed to be universally beneficial to everyone and will help them to be smarter with money management, investing, meeting their financial goals and achieving financial independence.
- Humanizing Robo-Advisor
Even though a robo-advisor provides online portfolio management with little or no human intervention, the communication style has to reassure customers with a finesse equivalent to that of a real, live, breathing human being. For example, we can create content that celebrates user milestones, like saving enough for a down payment and reward hard work and sacrifice on the part of the customer, such as increasing a monthly auto-deposit.
- Video Content Continues to Grow
Video content is also continuing to see momentum across social media platforms, it will continue to be important into 2020 and likely beyond that. Financial companies can create more educational guides and videos that aim to improve customers’ financial security.
- More Exploration in Interactive Content
Interactive content serves to keep visitors on your page longer. Interactive content about financial is immensely shareable, and when users share this content, it helps to grow awareness of your company and services. This includes such things as AR lenses, quizzes and surveys, games, animation, and sweepstakes that can help companies reach a wider audience.
- Personalized, Customer-First Content
2020 will be the year of personalized marketing. Consumers are quite adept at tuning out generic ads that have no real connection to them. With the help of social listening, financial companies can get valuable customer insights that help them to create more personalized content. Prioritizing the customer’s informational needs above sales messages was one of the determining factors for successful marketers.
Email lists are also can be utilized well to create personalized content. Segmented lists with personalized email blasts have been shown to perform than generic emails sent to an entire list. Don’t miss this opportunity to connect with your audience in a meaningful way.
Author: Yulfika Rakhmi (Content Manager)