How Are Digital Only Financial Products Changing The Course Of Marketing?

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The future of the world is encrypted in 1s and 0s. Either everything has gone digital or they are in the process of it. Finance and Banking is one such space where digitization has had a massive impact.

 Not only has the Digital boom in Finance made us avoid the plethora of red taping that comes with offline bureaucracy, but it has also opened unexplored avenues for bankers and customers alike to grow their businesses.

 We will be studying the impact of Digitization on Financial products and how it has affected the course of Marketing. Firstly, we will begin by understanding the term Digital Only Financial Products. Later we will move on to their impact on our lives. Also, we will try to predict the future based on the current scenario. Let’s go.

What Are Digital Only Financial Products?

Digital Only Financial Products and services are something that exists in your smart phones. They provide all the services, even more in some cases, that traditional banking and financial products promise.

 What sets Digital banking apart from traditional banking are not only the hassle-free services but also lower cost, better features, real-time feedback, 24/7 services, and much more.

 Mobile-only financial services have marked an unprecedented transformation in the financial sector all around the globe. In rising economies such as India, the impact is even more far-reaching. The new players in the sector are undoubtedly gaining from innovative marketing strategies.

Marketing and Digital Only Financial Products

The world today is fueled by data. Every decision, good or bad, is taken after consideration of the data available. It makes all the more sense to store and study data thoroughly.

 The Digital Only Financial Services are a gold mine of data. They are thus shaping the marketing space. Marketing now is much more directed with its funneled approach. The target audience is specific which is decided is a thorough study of data available through the digital-only financial apps and websites.

 Digital-only financial services thrive on the real-time availability of data. They separate serious users from non-serious users. Marketers don't want to waste their time, attention, and money on customers who are not serious. Similarly, customers don't want to wait for services. Hence, they are a great enabler for customers and marketers.

 Marketers channel their attention towards serious customers. Their strategies include reaching out to their prospective buyers through a series of personalized messages and offers. This increases the chances of conversion.

 Marketers also use cross-selling, and hyper-localized offers which have been proven very effective in selling their service and products. Based upon the activity of users on their platform, Marketers draw out profiles of their users which helps them understand their audience better.

 Customer profiling, offers creation, personalization of features, real-time investment opportunities, spending alerts, app curation is done through Machine Learning and Artificial Intelligence. This removes the room for human error and makes the process flawless.

What Should the Marketers Do?

 Enhancing Customer satisfaction is a never-ending road. There is always some room to improve and cater to customers. For Digital only financial products, the physical infrastructure cost is saved. Thus, Marketers can leverage their time and money in analyzing site/app footfall.

 There are multiple strategies through which marketers can upgrade their website performance. It includes a thorough study of KPIs, clean and easy to use UI, and well-rounded SEO.

 The marketers should also make sure their app/ website is free from technical glitches, higher page load times, and other on-page or in-app elements that cause friction between the bank and customer.

 Marketers also need to take this as an opportunity to fine-tune their real-time chat services and brand in a cascaded and hyper-targeted algorithm. They should keep in mind their users' demography, device, and predicted psychographic, to create greater value for both businesses and customers.

India and Digital Only Financial Services?

India has been all the more welcoming to this innovative and groundbreaking idea. Digital bank services in India have thrived since their inception in the country.

 They provide higher interest rates, no minimum balance, and free of cost online money transfers. Some players even provide personal finance management to their loyal customers.

 The budding ecosystem of digital-only players brings elevated financial inclusion for their users. They also increase competition in an already competitive market thus benefiting their users.

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