Online Banking Marketing Guide

As financial institutions (FIs) have increasingly gone digital, marketing in online banking has become paramount for many financial institutions.

What is Online Banking Marketing?

Marketing in online banking is the promotion and communication of service offerings by the financial institution to its online banking account holders. Online banking, also known as internet banking, web banking, or home banking, is an electronic payment management system that enables customers of a bank or other financial institution to conduct a range of financial transactions through the financial institution’s website.

The online banking system will typically connect to or be part of the core system operated by a bank to provide customers access to banking services in place of a traditional brick-and-mortar branch. Online banking significantly reduces the banks’ operating cost by reducing reliance on a branch network and offers greater convenience to customers by saving them time and giving them the ability to perform banking transactions even when branches are closed. Internet banking can provide personal and corporate banking services, offering features such as viewing account balances, obtaining statements, checking recent transactions, transferring money between accounts, and making payments.  

How Can Marketing in Online Banking (OLB) Help FIs?

Few innovations in the financial world have been as revolutionarily convenient as online and mobile banking. What typically entails waiting in long lines now can be done from the comfort of your home. So, it’s no surprise that OLB is now integral to the banking industry.

Online banking comes with many advantages. On the one hand, it provides customers with an easy and fast way to conduct banking operations, allowing them to avoid visiting banks’ physical branches. Moreover, as more and more customers conduct their banking operations remotely, banks can decrease the number of physical branches and reduce maintenance costs. Over the last ten years, the number of branches of FDIC-insured commercial banks in the United States decreased by more than 10,400.  

Online banking statistics show more and more people in the US are embracing digital banking. While in 2018, 61% of people used digital banking, in 2020, the number grew to 63.8%. Estimations show that by the end of 2022, the share will rise to 65.3%.

The benefits of online marketing to banks include expansion of brand awareness, the ability attract new customers and building trust with current customers.

Online Banking Marketing Guide Table of Contents

What is Online Banking Marketing?
- How Can Online Marketing Help Banks?
- Expanding Your Brand Reach and Customer Base

Common OLB Marketing Channels
- Content Marketing
- Email Marketing
- Personalized and Retargeted Ads
- Social Media
- In-App Advertisements

Importance of Online Banking Marketing

DeepTarget's OLB Marketing Solutions
Utilizing Our Powerful Communications Platform
- Our 3D StoryTeller and DXP Platforms

Contact DeepTarget for More Information on Online Marketing For Banks

Expand Your Brand Awareness

With the huge growth in people using online and other digital banking services, marketing online will increase awareness of a financial institution’s brand in the markets they serve.  

Recent statistics show that only 20% of banking consumers prefer to visit physical bank branches versus conducting their banking online or digitally. Therefore, when a bank markets online, they are reaching a large population of current and future customers. By the same token, when they don’t invest in banking online, they are losing out to their competitors.

Attract New Customers and Grow Your Base

The use of online and mobile banking is expected to increase steadily between 2022 and 2024. By marketing online, banks can attract new customers to use their products and services. Many consumers have a primary institution where they do the bulk of their banking but also use other institutions where they may have a savings account or a mortgage.

One important way that banks can grow their base is to offer prospects a unique and compelling user experience when they visit their websites so that the prospects are engaged and encouraged to learn more about their services. In contemporary times, this is done with the use of chatbots and virtual assistants who can engage a prospect online.

Build Trust with Your Current Customers

Banks have a lot of data about their customers. By leveraging this data, they can personalize communications and present meaningful messages and offers to their account holders. Today, too few banks take this step and make this investment. This results in their competition (who does take this type of initiative seriously) winning over their customers. Bank consumers want to know that their bank understands them and the financial journey that they are on.

By taking advantage of data insights that the bank has about each individual customer, and orchestrating communications that demonstrate this understanding of their specific needs, it is inevitable that the bank will build trust with their customers. This will in turn make their customers stickier and more loyal to their bank.

The Importance of Online Banking
as a Marketing Channel

There are multiple channels for marketing available to financial institutions and multiple touchpoints to their members/customers and prospects. This section addresses marketing strategies for online banking and how to best leverage them for tangible results in a highly competitive environment.

1) Content Marketing

Before delving into the important online banking channel for marketing, it is important to review the other digital channels available and the strategies that can be used to drive more interest from prospects as well as members/customers of the financial institution.

Content marketing is a strategic marketing approach focused on creating and distributing valuable, relevant, and consistent content to attract and retain a clearly defined audience. Most modern marketers understand and embrace this concept. Instead of merely pitching your products or services, you are providing truly relevant and useful content to your prospects and customers to help them solve their issues.  

In the case of banks, this could involve financial wellness strategies and advice, information on how to determine the best interest rates for a loan, financial calculators and worksheets, infographics to help young generations focus on savings, and more!

Optimization Can Drive Your Bank's Site to New Heights

High quality content provides information and entertainment, which, ironically, makes it a more powerful selling tool. Content generates trust, which generates the confidence to invest in a company’s products and services. Your financial institution won’t do very well if your customers don’t trust you.  

Financial content marketing does not cost a lot to produce and even less to publish because it’s typically added to the bank’s own website. This type of marketing, especially when the content is of high-quality (and therefore useful to banking consumers), can often generate leads and even customers. In short, content has the potential to yield higher revenue at lower costs.  

Unlike paid advertisements, good content can go viral thanks to consumers sharing it on social media. Your blog might be read by only a few people on your website, but each reader could share it with many friends and associates. That kind of reach is very effective and much more affordable than anything you can accomplish with traditional marketing or advertising.  

Websites with more than 400 pages generate six times more leads than sites with fewer than 100 pages. The more relevant keywords targeted through a bank’s content, plus the number of links this content can attract, can ensure that their website ranks higher in search engines. And because useful expertise and guidance can help build trust among current and potential customers, it’s important to come up with content that demonstrates a bank’s financial expertise, depth of financial knowledge, and its reliability in the community.  

2) Email Marketing

Email marketing continues to be a marketing channel with one of the highest returns on investment (ROI) rates. It is highly automated and therefore very efficient. People continue to use email heavily for communication. Therefore, when deployed correctly, it can be very effective as a financial marketing tool.

Strategies that help in deploying for optimum returns include regular and balanced cadence of emails sent, personalized messages, relevant subject lines, short and sweet copy (remember, that recipients are getting 100s of emails, so a long-winded one will be one of the first to be discarded), creation of value, and clear call to actions.  

3) Personalized and Retargeted Ads

A highly effective way to engage banking consumers is by sending them highly personalized and targeted messages and ads. Mass marketing is way beyond dead; it is considered the “lazy” marketing tactic in the modern world. With so many data insights available, taking the time and effort to personalize messaging and offers will yield amazing returns.

Additionally, there are customer data platforms (CDP) and digital experience platforms (DXP) that can transform a chore into personalized and adaptive user experiences that are simply amazing.

4) Social Media Presense

Over recent years, the growth of social media has made it clear that these modern communication platforms should be part of any brand’s primary marketing channels. That includes financial institutions such as banks and credit unions! Some important statistics for a bank to consider:
• The average daily usage of social media is 2 hours and 27 minutes
• 6 out of every 10 people on the planet have a social network account
• 85% of marketers rate short-form videos as the most effective type of social media content
• Almost 45% of internet users research products on social media.  

With all of this in mind, it’s important that this channel not be ignored by a bank. Some of the most popular social media networks for consumers include Facebook, Instagram, YouTube and Twitter.

According to ABA, this social media presence is actively in use by banks of varying sizes. Strategies for using this channel are topped by community engagement, followed by the desire to deepen existing customer relationships by providing such content as financial tips and updates on new products or services.  

5) In-App Advertisements for Existing Customers

Search Engine Optimization (SEO) can be a powerful tool in a bank marketing strategy, especially with bringing in new customers in an organic way. It is a cost-effective approach that reaches more consumers online through valuable content marketing. SEO works by delivering great content to your prospective customers – this in turn will be noticed by search engines, like Google, and your page will be ranked higher on search results pages!

Online and Mobile Banking is Paramount for Today's Consumer

Online and mobile banking has become a pervasive application for consumers in how they bank and this is only going to grow as we look into the future of this industry. The convenience and security of online and mobile banking gives consumers high confidence in these platforms.

As consumers continue to reduce physical interaction with banks, it becomes imperative that banks figure out a way to effectively engage and communicate with their customers digitally. Fortunately, there have been several advancements in marketing tech that allow banks of all sizes to create and implement digital marketing strategies that are proven to work effectively and affordably.

DeepTarget Provides In-Depth Solutions for OLB Marketing

DeepTarget helps financial institutions grow by simplifying their digital marketing in order to deliver amazing experiences that result in up to 10X more sales and lasting relationships with their digital users. Our patented Digital Experience Platform (DXP) integrates data sources for the purpose of driving meaningful digital engagements that yield more loans and deposits for financial institutions of all sizes. This is done through various channels that include online banking, mobile banking, e-statement portals, email and the web.  

These intelligence-based digital marketing automation and sales solutions are used by hundreds of financial institutions. to provide a seamless communications experience wherever, whenever, and however their customers bank!

We Use Existing Business Intelligence to Drive Campaigns

Financial institutions collect various types of information about their account holders. This information is provided securely by financial institution customers to the DeepTarget engine as one of the data sources used in order to enable accurate targeting of relevant communications in the various digital channels.

Personalized Marketing for Your Audience

By utilizing consumer data insights, other business insights, and AI, DeepTarget provides financial institutions with the ability to accurately target and personalize its digital marketing communications.

Personalization can include any attribute in the database such as first name, account balance, credit card spend balance, a specific interest rate on a loan and so on. The broader and deeper that consumer data is available, the more optimal the personalization is. Given that the FI is communicating with the consumer in a digital authenticated app securely, the consumer is more apt to view this as a positive experience.  

DeepTarget's Core Marketing Solutions

Take a look at a couple of our core marketing solutions below!

DXP (Digital Experience Platforms)

DeepTarget Digital Experience Platform (DXP) is an intelligent digital marketing and sales solution. Our DXP is a hosted app with an open API enabling financial institutions to engage and cross-sell to their customers from thousands of concurrent customer touch points, consistently and intelligently.  

Using DXP, an FI can design a campaign once, then use it to create a symphony of intelligently powered, automated customer communications that get results. DeepTarget DXP is the perfect solution for banks and credit unions who are ready to take their digital marketing up a notch without a lot of extra effort by their marketing teams!

DeepTarget’s DXP for the enterprise is a powerful digital marketing and engagement solution that is integrated into 25+ digital banking solutions, highly automated and impactful by delivering personalized messages and offers through multiple channels, at scale.

DeepTarget's 3DStory

Social media platforms like Instagram, Facebook, and Snapchat have shown people how to capture and share great visual stories that entice, engage, and entertain their audience. 3D Story™ provides the digital experience for financial institutions to power customer engagement while delighting their users on all platforms.

Powered by DeepTarget DXP, 3D Story drives more loan and deposit products through digital channels. The social media inspired user experience is powered by data accumulated from years of customer service and can be enhanced with third party sources. Meaningful messages are prioritized, inventoried, and delivered in an immersive and adaptive 3D format that compels end user engagement. Customers have a great visual experience and can quickly skip to content that interests them.

Online and Mobile Banking Integration

Traditional single-channel implementations of DeepTarget have delivered 500%+ ROI to hundreds of banks and credit unions across the country. But with DeepTarget DXP, financial institutions can expand to multiple digital channels, designing an unlimited number of campaigns to engage customers across all their digital channels including: Online Banking (OLB), Mobile Banking, Web, Email, Bill Pay, Lending, PFM, and more.  

Customer intelligence and automation make the platform easy to setup and deploy while macro and micro performance analytics provide deep insights that financial institutions can use to achieve optimum results from their campaigns.  

It's So Easy, You Can Try It For Yourself!

See how your digital engagement and cross-selling can be transformed to drive member loyalty and new recurring profits from over 15 loan and fee-based products and services. Try it out for yourself!

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