Conversational Marketing for Financial Services

In the financial services industry, customers expect service and support 24 hours per day across a number of different timelines. This alone is a perfect use case to implement conversational marketing for financial services. But don’t stop there, be bold. Think about which financial services industries can benefit from a lead bot and why.


Conversational Marketing for Banks


Banks. A staple part of our daily existence. Quite unable to operate a decent lifestyle without one. Needed for salary and deposit payments but not alone in that, because Fintech picks up the slack.


But let's look at the banking requirements for support.


Applying for accounts online


You can apply online for most types of account, so you don’t need a lead bot or conversational marketing for that process. In fact, most facilities can be initially applied online. Therefore, you don't need a lead bot, or do you?


Where there are online applications made, further support is often required. Using your lead bot to support this process for your applicants solves the need for late-night call centres. Oh wait a minute, you don’t get late-night call centres.


Therefore your lead bot can fill in after hours.


I for one hate hearing


Sorry we are currently closed and lines reopen at 8 am


I need help. Or at the bare minimum, reassurance that someone can provide me with the answers I need and lead bots can do just that.


When creating your conversational marketing playbook for financial services you must consider all enquiries. To be honest, your internal data will let you know the most common query types received out of hours and you can facilitate this quite easily. This makes mapping the conversation a data-based exercise.


Customer Service


Customer service means ensuring every single transaction or touchpoint with your brand, should always provide answers and not more questions. We’re not talking about lost cards, but more facilitating those that work long hours and get to the phone post 7:30 or 8 pm at night.


I mean let’s be frank, most financial service institutions are quite adept at calling us for missed payments and overdue balances at all times of day and night, weekends.


So where is the quid pro quo?


The movement within the banking industry globally is being disrupted by the more experience focused Fintech banks. The demand for more from our traditional banks is being leveraged from our needs and wants.


We work longer hours and typically want some privacy when we talk to our banks from prying eyes and ears. Therefore the demand for out of hours services will simply increase. Facilitate this demand digitally and your lead bot will pay dividends in more ways than one.


Conversational Marketing for Lenders


Conversational marketing for lenders works. It should be a strategic demand to apply a lead bot in your marketing and sales funnel.


Credit card companies, bridging financiers, car finance, mortgage companies, payday lenders. They can all benefit from having a lead bot on the company website to help qualify a prospect before transferring them to a salesperson and also to push website visitors to useful content or contact details.


As there are a number of legal requirements around what a prospect should know when entering into credit agreements. Having a lead bot serve documents in conversation pre-sales person getting involved can also help deter timewasters.


Conversational Marketing Playbooks for Lenders


Conversational marketing playbooks for lenders should focus on showing:


  • Video Content
  • Legal Notices
  • Support Details


As well as segmenting your web traffic if your company offers a number of products. You don’t operate a one lead bot fits all approach. You segment your traffic and drive them into playbooks geared up to qualify your leads.


Conversational Marketing for Insurance


Finally, conversational marketing for insurance companies. Well, how does that work? It’s not an industry known for its clamour for digital. Well not past the company website or online enquiry. But this industry should be clamouring for lead bots.


When applying for insurance you have so much to consider where there is so much you don’t know.


For example, trying to claim and finding out you are not covered isn’t the fault of the insurer, it’s your fault for not asking the right questions when you took the policy out.


Questions for an Insurer to ask


An ethical insurer would use the lead bot to help qualify the prospect but asking the questions that really help that individual establish what he or she needs. Questions could be:


  • What is your business (keyword led)
  • What type of insurance are you looking for (button led)
  • Do you need additional coverage for (button led)
  • When is your renewal date


This is really simplified by the way. I could get into a more in-depth workflow but I started writing it out on a piece of paper and quickly realised you could get at least 6 options for buttons.


  1. Public Liability
  2. Public Indemnity
  3. Legal
  4. Cyber
  5. General Business Policy
  6. Fleet


And that list could go on depending on what your insurance company offers. Then each button would have its own playbook. Potentially offering things to consider when starting your quote. This would cover things like contents, ensuring that if employees take equipment off-site they are covered under the policy and things of that nature.


The obvious customer service or help bot scenario is there for all to see, so utilise this in your strategy too.


Conversational Marketing for Financial Services


So I took a brief look at how conversational marketing for financial services could be implemented on a sector by sector approach.


Sure, there are many similarities in the applications for lead bots, but the conversational marketing playbooks would be far different for each product and the desired outcome.


Looking at how you can service your customers during and out of hours is one aspect of this approach. Supporting your internal or external sales teams is another. Ultimately, the adoption of conversational marketing for financial services companies makes sense.


So who’s going first?


We are experienced with helping financial services companies with both inbound marketing and conversational marketing and would be happy to discuss in further detail how you can implement both strategies in your business.


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BY Paul Sullivan



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