Bank customers are less and less likely to visit bank branches for simple transactions - they now prefer to conduct daily banking activities online.

This means digital marketing is now more important than ever but the use of traditional advertisements in digital channels to sell products might not be giving banks the desired results, due to ‘banner blindness’.
Banner blindness is the phenomenon of users consciously or subconsciously ignoring web banner adverts.
Users are bombarded with excessive amounts of advertising on websites so eventually they become indifferent towards it. They also ignore text-based advertising on websites.
What can CMOs do about it?

1) Focus on your customer needs

Avoid tools that trick or force users to look at advertisements, such as pop-up messages, adverts that cover what the user is trying to see, or automatically playing sounds as they can frustrate or/and annoy the users.

2) Do not spam customers with advertisements

Deliver fewer, but more relevant and personalised messages.
Banks can improve customer satisfaction by delivering messages that are relevant for the user e.g. a personalised offer that helps the customer to solve an actual financial problem or pain point.

3) Think about design carefully and use it to attract attention

Rather than tricking or forcing users to look at advertisements, banks should carefully design their online marketing banners using simple messages and images and make the advertisement less banner-like. Certain design elements and images – such as human faces and eyes – attract human attention and the more an advertisement resembles native online or mobile banking page content, the more users will look at it. Until they accomplish their goal or find what they are looking for, users do not read every word. Rather, they scan, looking for keywords.

4) Banks should use A/B testing to optimise marketing messages

The smallest difference in the advertisement wording or design – such as colour change of a button – can have a huge impact on click-through rates so banks should use A/B testing to optimise their marketing messages.

5) Be relevant

Banks need to make sure they do not spam their customers with advertisements. Rather, it is better to deliver fewer, but more relevant and personalised messages. Use location-based offers and contextual cross-sale links.

Personal financial management applications or gamification tools that reward consumers for providing details of their financial goals or aspirations – a reward could be a financial incentive, but it could also be a useful budgeting tool or data visualisation – are very helpful in providing valuable customer insight that can be utilised to segment and personalise marketing campaigns.

6) Use interactive tools instead of banners

Interactive tools are often more successful in gaining the customer’s attention than traditional banners. Interactive ads can educate customers about products – by using tools such as quizzes, calculators, questionnaires and online chat tools. They will also help banks to understand the customer’s financial needs, pains and goals.

7) Consumers listen to their peers more than their bank

Banks should motivate and reward customers for recommending products to their friends and family. Digital channels integrated with social media can be a great tool for banks to launch and run such recommendation and incentive programmes. Digital banking applications should also provide satisfied customers with the facility to share messages and reviews on social media, especially at the end of a successful sales process or customer interaction.

Banks can also motivate and reward customers for sharing information on social media with the help of gamification tools.

Banks have to address banner blindness and carefully understand their customers’ behaviour to help them achieve their goal. This will be essential to turn digital banking into a strategic revenue- generating channel and help banks meet customers’ needs in an ever-increasing digital

 

By Martin Häring, Chief Marketing Officer, Misys

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