Good news FinTech marketers: the pandemic accelerated the demand for digital banking tools.

Cash(less) is King: How Marketers Can Fuel Demand for Digital Banking Products

Good news FinTech marketers: the pandemic accelerated the demand for digital banking tools.

Billionaire Alex Spanos used to love saying “cash is king” – a term that was apparently coined in the late 1980’s by Volvo’s then CEO. But 30 years later, and the slang is obsolete. 

The pandemic dramatically accelerated our cashless society – skyrocketing demand for digital banking tools. A few examples:

  • The National Retail Federation found that one in five U.S. consumers made a contactless payment for the first time during the pandemic. 
  • In May 2020, Citigroup experienced an 84% increase in daily mobile check deposits. Fast forward to 2021, and 85% of consumers using mobile deposit plan to continue doing so post-COVID.
  • The number of unique digital wallet users is expected to exceed 4.4 billion globally by 2025, a nearly 70% increase in just 5 years.

These trends are extra good news for FinTech marketers. Thanks to the pandemic, consumers across demographics and regions are not just more savvy with digital banking tools, but data suggests they enjoy these contactless products and want to continue using them long after the virus has subsided. 

As we enter a more “normal” way of life this year, financial institutions should audit their customer databases to determine which contactless services customers are still NOT using, and then pursue a personalized marketing strategy to convert them from paper-based legacy products to digital ones. Here are a few tactics to successfully deploy this strategy:

  1. Retargeting ads – Use this targeted method to reach a known universe of users with cross-selling messages.
  2. Nurture campaigns – Communicate directly with users via a strategic and segmented lead gen approach wherein your customers are served up with information about products they would most likely enjoy using based on their past purchases & behaviors.
  3. In-app messages and push notifications – Engage with users in-the-moment to help them navigate and explore features they haven’t previously taken advantage of.

As you increase the number of digital products and features that your customers use, you’ll create greater stickiness and loyalty among your buyers, while also positioning your financial brand as a leading innovator. 

For more ideas on how FinTech marketing teams can seize upon a more digitally connected consumer base, download ARPR’s new whitepaper, entitled Coming Out of COVID: How to market for newfound marketplace opportunities. We specifically explore the FinTech sector, as well as Cloud, Cybersecurity and HealthIT industries. Read it today.

Christina Dela Cruz
Christina is an account director across Alloy's FinTech and Cloud practice groups. With a passion for both traditional PR and digital marketing, she understands the essential ingredients of an integrated approach.
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