Digital banking is a product of the future, and the market for businesses operating in this field is continually growing. A successful digital banking service does not have a niche group they market to. They instead set their horizons on a future where everyone is using this technology and construct a platform made for it.
This vision of a future that utilizes this kind of banking is the marketing tactic that should be pushed when marketing the service. You probably think of online banking as your TD, Scotia, RBC, Bank of America, Chase, or whichever app/website you can check your balance and make transfers through. Why do you use these services? Did you see an ad for it and become compelled? Hear about it from other people?
We utilize this technology daily but most of us may not even realize the extent it could reach 10 or 20 years from now. This is the starting point for companies getting into and growing their digital banking services. Not only are you trying to influence clients, but you want to attract investors to your business to give you the means of operating long term.
With that said, here are some mistakes to avoid:
Not Educating People About Digital Banking
Not every generation can grasp the concept of digital banking. Some still believe it is as simple as a bank that has an app or website they can make changes through (though that’s a common marketing strategy). There are then a handful of people confusing it with the cryptocurrency exchange market. We’re seeing a pattern here…
Not investing in a simple promotion of what your industry is will be something you regret down the line. Before you promote your services, show the vision in which your service was inspired.
Lack of Transparency
With traditional brick-and-mortar banks, customers have trust in them. Though they may not realize shareholders are backing these businesses, to the average customer, they are secure. This may make consumers question how safe it is to switch to an online banking service. With no physical place to access a bank account, the business could disappear forever at any moment for all they know.
As a company operating in this field, you want to be open about your capabilities and reasoning for services. For example, if you are still in the testing phases with your app, be open about that with your customers. It will hurt your company's reputation if you claim to be established while still developing. On the other hand, people may feel inclined to help a new company, especially one that is honest with the development stage they’re at.
Poor Customer Service
Customer service may be the deciding factor when someone takes your business over another and vice versa. Especially with an online service, quick and efficient customer service is a requirement for building long-term client relationships. Additionally, this will benefit your reputation and get your name out into the market.
With traditional banks, customers can deal with someone in person and have their needs met, but usually over a longer period. A paperless and quick customer service experience should act as the first floor to your online company's skyscraper.
Lack of Security
Stories of security breaches and hackers are a common concern for those looking into digital banking. Rightfully so, which makes it important to not only ensure security but have the means to support the claim.
A digital banking company with a reputation for strong security is guaranteed to attract attention. It is a strong marketing message and a definite way to sustain a platform of customers.
Conclusion
As a digital banking service, you hold unforeseen opportunities. This is a service of the future and one that requires you to keep up with innovation. The need for banking access will never die out, so how is your company going to make a difference?
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