Businesses in Banking industry and Financial sector have rapidly evolved over the past few years - adopting sophisticated marketing solutions to drive user acquisition and engagement. The BFSI sector also continues to be one of the most competitive sectors. Some of the key categories such as Insurance, Loan exhibit extremely high cost of user acquisition.
Unlike Fashion or retail, financial products are primarily consumed on the web - both mobile and desktop. Categories such as Travel, Business and Finance thrive and Grow overall, time on desktop despite growing mobile ubiquity that has taken desktop minutes away from categories such as news
Web Push Notifications presents a refreshing method of engaging with both desktop and mobile users. Without filling lead capture forms, users can subscribe to updates and start receiving key updates.User Engagement for businesses in the Banking and Financial Sector kicks in typically after lead acquisition. It is only once a user has filled a form or submitted a request, does the process of user engagement kick off. The degree of personalisation of this engagement depends upon the tools used and extent of sophistication being used.
Web Push Notifications are interactive messages work seamlessly across Desktop (All OS) and Mobile ( Android only ). It is supported by all the leading browsers, the adoption of web push technology has been rapid.
Unique Use Cases Explored by Businesses in Banking Industry and Financial Sectors
Banks, Aggregators, Insurance Providers are increasingly moving towards content marketing as a lead generation strategy. Content marketing involves educating the user about the problem statement and then gradually pulling them through the education funnel. Content marketing involves frequent user communication and driving traffic to blog. Marketers are increasingly inclining towards web push as a communication channel over email. With response rates upto 25%, user communication is more impactful.
ReTargeting for Lead Generation
It’s a known fact that over 95% users leave the website without completing any transaction or registering for a service. Marketers have heavily relied on channels like Display Network Retargeting, Email ( only if user has provided email id ) to bring these users back. Both of these channels have their own limitation - high cost of conversion. Web push notifications
Performance of Web Push Notifications stands out when used for retargeting users and bringing them back to the website. Not only the CTR’s are better but the conversion rates also stand out.
Announcement: Offers and Alerts
Web push notifications are also being increasingly used for direct end user communication such as sale announcements, new product launches, product updates and upgrades. The efficacy of the communication and the response rates obviously improve with targeting and segmentation.
Cross Selling and UpSelling
Businesses in the Banking Industry and Financial Sector thrive on validating customer intent and basis the customer persona, further cross sell them other products. For instance, users using credit cards often get communication for insurance and tax saving investments. Cross Selling is primarily executed via Email and Call Centre - both the channels are plagued by low response rates. Web Push Notifications can be used effectively to target these customers and highlight specific products.
Web Push can also be used for user feedback, sending reminders and alerts and pushing out transactional communication. Payment reminders, upgrade alerts can also be pushed to users using web push notifications.
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