Digital marketing in finance
Is digital marketing necessary for relationship management in finance?
The pandemic disrupted the ability of financial service providers to run relationship management activities, forcing them to rely more heavily on online interaction. This has made it difficult to source sticky AUM through in-person relations, and has pushed new AUM into the digital age.
So why is digital marketing so important for relationship management and sourcing of new high net worth clients? Let’s look at some case studies and the tools that introduce digital marketing as the newest relationship manager on the block.
• Indonesia’s largest private bank, BCA, went mobile-first and used Facebook’s Custom Audience targeting to reach clients and introduce its e-relationship management tools. Using social media marketing, the private bank not only digitized the relationship of its existing customers but also used Facebook’s detailed and custom targeting to target high net worth customers on Facebook.
• One of Turkey’s largest banks successfully used mobile-optimised Facebook video ads to promote its app to more than 16 million customers.
• Both Lombard Odier and HSBC private banking use Google ads to reach thousands of high net worth customers daily.
Eventually, it becomes a numbers game.
Although wealth management has not looked to more innovative means in growing their AUM nor to making their offerings available digitally, now may be the time to do so. In a post-pandemic world, new ways of finding clients and attracting their AUM may be required.