FEATURES OF THE USE OF DIGITAL MARKETING IN THE BANKING SECTOR

Abstract

In the 21st century, the business has become a digital technology-driven system that can hugely impact consumer behavior and labor productivity. The use of the Internet in the new information age is a visible example of globalization. Electronic platforms offer continuous information dissemination, interactive communication with users, and digital systems for conducting transactions in the modern economy. In the context of the digital revolution, along with the changes made to improve services, the electronic transformation of banks has also become necessary, as modern technologies can increase the productivity, permanence, and transparency of the use of information. The paper identifies the key features of digital marketing that make companies successful in the banking sector. The use of digital channels in the financial industry is growing day by day and, regardless of the level of development of countries, is characterized by a growing trend everywhere. The article analyzes digital banking marketing strategies and opportunities that are indispensable conditions for attracting customers in a changing business environment. The paper highlights the role of social media in shaping individual messaging in the banking industry and creating a product tailored to the target audience. Based on secondary data analysis, the focus is on the role of mobile marketing in digital banking marketing. It is noted that mobile marketing simplifies the implementation of banking operations for customers. The article highlights the importance of switching to digital services in the banking industry during the COVID-19 pandemic, indicators of digital channel usage, customer engagement in mobile banking, and forecasts for the future. It has been shown that in the context of the COVID-19 pandemic, the key issue for banks is to identify consumer confidence-building indicators. The paper presents the latest statistics that have reflected on the underlying characteristics of consumer behavior from the beginning of the COVID-19 pandemic to the present day. After analyzing the secondary data, the article found that the active use of smartphones has increased the importance of online advertising, which will continue in the future. With this in mind, the key recommendations that financial companies need to follow to succeed and optimize their budgets are precisely in the direction of popular digital platforms. One of the most important issues of the paper is the increased consumption of cryptocurrency in the world, which is due to its sharp increase in popularity among users. Based on the above, the article shows that if technology companies expand the use of digital currency, the forms of physical services of banks will become obsolete, and the only way to popularize banking products will remain digital marketing. Keywords: Digital Marketing, Banking Marketing, Mobile Banking, COVID-19 Pandemic.