Most banks try to be masters of many services and end up being the jack of one or none. It’s high time the banks set their goal high and work towards solving certain customer problems.

As per Bahaa Abdul Hussein, Marketing campaigns of most financial institutions revolve around two things that bring them muted results:

1.Banks mostly concentrate on good old things like opening an online account and facilitating customers to bank from anywhere. They fail to address what customers are looking for, which are-

(a) Hassle-free resolutions to financial

problems.

(b)They fail to drive their point home to customers and become an

advertiser, not a problem-solver.

2. Banks having a checking account is not enough for the customers to be part of long-term relationships which are driven by trust and the trust grows with solving customer problems. This can be done by offering the customers exciting and useful products or services.

What banks need to do?

Understand Your Customers

Move away from the age-old methods of banking like concentrating on luring the customer in the name of online banking and providing multiple messages for different types of customers and problems.

Mimic FinTechs on Microniches

Fintechs usually target specific customer groups. So concentrating on a specific customer base and addressing their particular problems will take the banks a very long time. For instance, Millennials who want to buy their first home in the next one to three years!

How to find the right Microniches?

1. Find your opportunities

Come up with a list of goals for the next three to five years. Hold discussions with the head of the departments and ask them to come up with a list of ultra-specific opportunities for growth. Distil the list and prioritise it.

2. Depend on the data.

Using the customer data select three to five ideas. The key here is to find the right opportunities in the data.

3. Timely trigger the action

Simply reminding the customers about the line of credit is not enough. The bank should be able to trigger a sense of urgency for the customers and this can be easily done through an email or phone call.

4. Reiterate

Triggered campaigns should take a cue from technology and make the best use of automation features in an email tool. It is possible to pull data regularly and tag customers’ emails to trigger actions.

In conclusion, 30%, 40% or more of a microniche market can be gained by specific messaging and targeting. Thank you for your interest in Bahaa Abdul Hussein blogs. For more stories, please stay tuned to www.bahaaabdulhussein.com