Digital disruption and trends in marketing

Digital disruption and trends in marketing

A banking expert weighs up what the digital revolution has in store for the world of banking and beyond. We are on the cusp of entering the fourth industrial revolution, known as digital revolution, which supposedly removes barriers of different known/unknown interventions and consents interplays between digital, physical and biological spheres. The speed of the current breakthrough has no historical precedent in its entirety, leave alone its velocity and scope. It would unquestionably transform the way we think, act, react, reason - almost touching a wide gamut of the principles of our working life, social mobility and existence. The digital revolution has brought more focus on customers' requirement, more so around “anytime, anywhere, anyplace”. With ever expanding in scope and nature of digital tools, social networking sites and search engines, there has been varied options available for consumers to be able to be aware about the products and services. The consumer is going to be located more steadfastly at the epi-centre of demand and demanding services for specific prerequisites. It is no longer just adequate to know your customer but it is extremely important to know your customer well. Digital solutions augur well in that direction of well researched introduction of customers. Big Data with analytical algorithm will offer insight into the overall behavioural pattern of consumers, indicating their preferences based on a deep understanding. It is fairly plausible that demand for mobile marketing is going up despite the fact that the spends on digital marketing are still low, whereas the total time spent on mobiles has gone up. It is further corroborated by the fact that there has been a substantial increase in the number of mobiles from 12 per cent in 2008 to 51 per cent in 2015, whereas the proportion of desktops/ laptops has declined from 80 per cent to 42 per cent. The impetus for digital marketing becomes more discerning when compared to other established modes of marketing, such as print, radio, internet. The inter-connectivity of different channels of marketing would continue and digital interaction/marketing would also expand its influence going forward. It would not be out of place to give one recent example of 'The Independent', a leading UK daily which was set up in 1986, ceased to be a print paper and went digital-only earlier this year. Barcodes have changed thought processes when it come to buying goods, services or checking in at the airport. The power of digital interaction and transparency is also on the rise. First Direct, an online bank in the UK, is the best rated and most recommended bank. The rating is based on the feedback from the customers on the website, apps, Facebook and other social media sites. First Direct customers are more likely to recommend their bank than customers at any other major Great Britain bank or building society. Many bricks & mortar banks in the UK have provided online offerings, independent of the branch, to customers which are performing very well. The trends in digital marketing are quite encouraging not only for generation Y & Millennials but also for generation X who have and are adapting well to the new revolution. The ease of convenience, transparency and cost effectiveness in digital marketing is going to expand further, broader and stronger, which will build brands, products and create preferences through changing API (application programming interface) combined with evolution in Fintech as per the expectations of customers.

Dr Anand Kumar is the deputy chief executive & executive director (UK Board), Union Bank of India, UK Ltd.

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