Adapting to digital-first preferences: Future of financial marketers

New Delhi: The digital landscape is rapidly evolving, and financial services are no exception, particularly among younger, tech-savvy consumers. 

Financial institutions must adapt to these changing consumer behaviours, with over 751.5 million internet users and a projected digital payment market value of $250 billion by 2030. Digital marketing, once seen as a complementary strategy, is now a core element of financial services, crucial for engaging clients and driving growth. 

Let’s talk about the future of financial digital marketing, including the role of emerging technologies, the impact of changing consumer behaviour, and the importance of sustainability and ethical practices.

Emerging technologies: In India, blockchain, virtual reality (VR), and augmented reality (AR) will transform digital marketing in financial services. Blockchain will enhance trust and data privacy; the Indian blockchain market is projected to reach $39.7 billion by 2025. VR and AR are creating immersive customer experiences; for instance, ICICI Bank's AR feature allows banking through smartphone cameras, while the State Bank of India uses VR for employee training. By incorporating blockchain, VR, and AR, Indian financial institutions are improving customer trust and engagement and staying ahead of the curve in a rapidly evolving digital landscape. As these technologies advance, their impact on the Indian financial services industry will grow, providing customers with more convenient, secure, and personalised experiences.

Changing consumer behaviour: Consumer behaviour in India is transforming significantly as younger, tech-savvy generations are increasingly demanding digital-first experiences. With over 751.5 million internet users, today's consumers expect seamless, personalised interactions with financial services through mobile apps, social media, and online platforms. Hence, artificial intelligence (AI) and machine learning (ML) are pivotal in this shift, enabling financial institutions to analyse customer data, predict behaviours, and deliver tailored marketing messages at the right moment.

Sustainability and ethics: Building long-term trust: As consumers are becoming more conscious of their environmental and social impact choices, sustainability and ethics are becoming critical to financial marketing. Customers are increasingly getting drawn to companies committed to ethical business practices and sustainability efforts. Companies are also working towards ESG goals for achieving global sustainable goals. This shift is particularly evident in the rise of socially responsible investment products and green financing solutions.

For financial institutions, aligning marketing efforts with sustainable and ethical values is no longer optional but essential for long-term customer loyalty. Transparency, responsible investing, and green initiatives not only attract eco-conscious consumers but also help strengthen the brand's reputation. By authentically communicating these values, financial companies can build deeper connections with consumers who value profits and purpose.

Optimal use of social media: While establishing a social media presence is a strong starting point, it is only the tip of the iceberg for companies. Many Indians turn to multiple social media platforms for financial advice. One of the key advantages of social media marketing for financial services is its ability to deliver greater value to customers. Platforms like YouTube, Twitter, and Instagram make this easier than ever. Marketers can monitor relevant news outlets and share valuable content that benefits clients and prospects. Social media is also a powerful tool for building brand awareness, particularly in India's Tier 2 and Tier 3 markets, as well as beyond.

In conclusion, the future of financial digital marketing will be driven by technological innovation, shifting consumer expectations, and a heightened focus on ethical and sustainable practices. Financial institutions that harness emerging technologies like blockchain, virtual reality (VR), and augmented reality (AR), while adapting to the digital-first mindset of today’s consumers, will lead the industry. Additionally, placing sustainability and ethical marketing at the forefront will be essential for building trust and long-term customer loyalty. As the financial landscape continues to evolve, these will drive the future of digital marketing in finance.