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Mobile Banking and Digital Marketing Are Destined to Be Together

However, upon further scrutiny, the parallels between traditional advertising and conventional banking become obvious, while the correlation between mobile banking and digital marketing is undeniable. A branch on every corner used to go a long way in incentivizing consumers, just as multi-run TV campaigns were formerly necessary to attract a large enough audience. Today, mobile apps have made multiple brick-and-mortars far less essential—to those willing to take their banking mobile—and digital ads have certainly changed the scope of a comprehensive, modern marketing program.
The Federal Reserve performed a survey in March 2014 that asked consumers to provide reasons for not using mobile banking. Amazingly, 75% of respondents chose “I don’t see any reason to use mobile banking,” while 17% claimed, “It’s too difficult to use.” And yet, CNN Money recently reported that 55% of all Internet usage is performed on cell phones and tablets. This reveals a glaring opportunity for smaller banks to educate the masses about their online offerings, through online mediums, creating a seamless transition from initial engagement to end-user experience. It’s time for advertising content to complement the delivery methods themselves, which can’t be achieved through traditional-only media strategies.

Online banking has leveled the playing field between national institutions and smaller community banks and credit unions. A single-branch bank with an intuitive app can now take on the accessibility and convenience of Chase’s overexpansion. Similarly, a marketing strategy equipped with multiple digital tactics affords all businesses the opportunity to reach in-market audiences exclusively, and with minimal waste.

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