Comparative chart of banking system and non-banking system
For corporate banking, the objective is to expand its commercial activity, while private banking encompasses the management of personal assets, but in both cases financial inclusion allows options to no longer be only local or traditional, but we can talk about two large groups:
Traditional banking system.
Non-banking system: popular credit unions, rural banks, SOFOMES, payment companies, leasing, factoring, fintech and insurance companies.
Furthermore, focusing on the Latin market, the growth of banking penetration of the population, technological advances that increase the possibilities of service in emerging markets and the internationalization of corporate banking must be considered, making the needs and options of users increase.
In the Mexican case, the financial sector is considered a relevant pillar in the retail email list country's economy, offering loans and business solutions, as well as the management of personal accounts. Given its relevance in raising funds and distributing credit, financial institutions need to have a closer relationship with their clients or potential clients.
At the end of December 2021, the Multiple Banking sector was made up of 50 operating institutions, which reported the following results:
A profit of 182,000 million pesos, 65.7 percent more than in 2020.
Seven banks accounted for almost 153 billion pesos of the 182 billion pesos obtained during 2021, 84%.
Corporate loans had a balance of 2.64 trillion pesos at the end of 2021
The total credit portfolio of commercial banks stood at 5.55 trillion pesos.
Consumer loans granted in 2021 totaled 1.03 trillion pesos.
Hence the importance of both banking institutions and brands that belong to this sector investing their budgets beyond industry events and public relations.
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What is marketing in the financial sector and how important is it?
Financial marketing strategies that actually work
Does inbound marketing work for the financial sector?
Application of inbound marketing in the financial sector
What are the advantages of applying inbound marketing in the financial sector?
Reaching qualified leads: sales strategy with inbound marketing
How to sell a financial product with inbound marketing: A proven strategy
What is marketing in the financial sector and how important is it?
It is clear that competition for financial institutions has grown, giving more weight to their marketing teams. Financial marketing is today a branch that deals with positioning; image; acquisition channels; advertising and promotion of products and services; and sometimes, even the growth of customer portfolios.
“In a competitive and changing environment, financial marketing strategies must be a priority for the industry.” Julio Gómez
Financial marketing strategies that actually work
A peculiarity of financial marketing is that it extends to the entire company: it covers profitability and ROI needs, work processes and customer-focused strategies.
That is why we see that companies operating within the financial sector face these four challenges:
Security and compliance : Companies within the financial sector must build trust with their users and ensure that their personal information is secure.
Reporting (near real-time): Data analysis to confirm which strategies are working and which aren’t.
Alignment between internal teams: Customers will have diverse interactions with the services offered by the company; they require a fluid and personalized experience at all times, which will only be possible with proper internal communication.
Omnichannel: facilities to respond to users not only in branches, this should be reflected in the site, networks, applications and telemarketing teams.
Therefore, there must be talk of strategies that serve marketing, sales and/or service teams, but always with the customer at the center. In addition, it is worth remembering that the financial marketing strategy that works is data-driven marketing . This gives the organization an understanding of customer needs in order to deliver personalized experiences that increase the quality of leads interested in the brand.
