Brand Experience

DigiPlus Fest 2023: AI Impact on Digital Marketing Evolution

23 March, 2024

The ever-evolving landscape of digital marketing remains a hotbed of innovation and transformation, particularly within the finance sector. A recent gathering of some of India’s leading digital marketing luminaries at a prominent industry event shed light on the significant impact that Artificial Intelligence (AI) has on various facets of this dynamic field.

AI has become a cornerstone in shaping strategies and enhancing customer experiences, allowing brands to achieve unprecedented personalization and efficiency. Adopting AI-driven approaches is not just an option but a necessity for staying competitive, as it turns vast data sets into actionable insights and hyper-targeted marketing campaigns.

One key element in today’s digital marketing within the finance industry is leveraging technology to understand customer needs more intimately. Financial institutions like Yes Bank have been notable in their overarching goal of utilizing AI to dissect and utilize massive databases effectively. With a commanding 40 percent share in the UPI market space and billions of transactions monthly, the use of AI to segment audiences and craft individualized communication becomes vital.

This is no small feat, considering the bank’s reach extends to millions of customers. Instead of blanket strategies, AI enables a more nuanced approach. It empowers banks to engage with their clients in their language, on their terms, and at precisely the right time, increasing relevance and deepening relationships.

Gym Marketing professionals and those adept at Advertising For Gyms could take a leaf from this approach, considering the engagement and customization such AI-driven strategies would bring to the table. Imagine the potential of Gym Lead Generation campaigns personalized to the degree that they resonate with each unique gym-goer’s fitness journey or goals.

AI’s magic trick lies in its ability to compress the daunting tasks of data segmentation that once took marketers weeks into a matter of minutes or hours. This rapid evolution is a game-changer for reaching out to customers across a mosaic of digital platforms, especially in an era where mobile devices proliferate.

It’s clear from industry experts that while the panoramic view of digital marketing has shifted from basic email and SMS marketing to a much richer, intricate landscape, the financial services industry continues to pour resources into this dual realm of physical and digital presence (phygital). Physical bank branches are still crucial in a regulated product space such as banking, but AI’s role in personalization and understanding service needs bridging the gap between digital convenience and the necessity of tangible human touch points.

For instance, banks possess varied sources of customer data—from transactional records to digital banking interactions. This treasure trove is pivotal for creating personalized experiences and identifying prospects interested in specific products. Yet, as AI tools sift through these digital goldmines to tailor experiences, there’s an accompanying responsibility to use these tools judiciously and ethically.

The adoption of AI isn’t just about personalization; it’s also intersecting sharply with the cost versus outcome equation in digital marketing. Although the implementation of AI tools can be pricey, as efficiency grows and technology becomes more accessible, it’s anticipated the ROI will become even more pronounced.

Finance marketers must remain circumspect regarding their expenditure. However, the promise of AI lies in its potential to connect and understand consumers better, thereby serving their financial needs more adeptly. This is true for all sectors, where Facebook Ads and other customized marketing strategies can yield immense benefits when used thoughtfully.

As technology hurtles forward, the intersection of AI and digital marketing in finance continues to be a fascinating journey. Financial institutions and marketers alike must stay agile—adapting to AI’s evolving capabilities, respecting the need for a human connection, and using innovation responsibly to pave the way to more Gym Members and genuinely impactful digital narratives.