Is your Bank and Financial business struggling to thrive in Vietnam's evolving market?

BFSI (Banking, Financial Services, and Insurance) sector is undergoing a rapid transformation, with digital technologies reshaping the industry. As competition intensifies and customer expectations rise, banks, financial institutions, and FinTech businesses face the challenge of delivering consistent brand experiences across multiple channels. 

To rise above the rest, your business needs a unified approach to enhance brand visibility, achieve sustainable growth, and retain customers at the same time - Your business needs Integrated Marketing Solutions. 

The Current Challenges in BFSI Sector  

Vietnam’s BFSI sector is at a pivotal stage. While rapid economic growth and digital adoption create immense opportunities, companies face three main challenges:  

1. Regulatory Complexities

The BFSI sector in Vietnam is subject to a complex regulatory environment, characterized by frequent policy changes and stringent compliance standards. 

Reports by Google, Bain&Company and Temasek show that Vietnam is one of the fastest growing digital economies in the region. To continue this remarkable growth, the Government is prioritizing digital transformation in the public and private sectors as a major national strategy through 2025. This is why the banking industry is the first to issue a circular on e-KYC on electronic authentication for the development of digital transformation and digital banking.

However, the rapid development of Fintech services makes the regulations of the legal system unable to keep up. The legal framework is not really complete, especially for new technologies. The time to update, amend and supplement the law is still slow compared to the rapid development of technology.

This regulatory landscape presents significant challenges for BFSI institutions, as they must balance innovation with adherence to evolving regulations. Non-compliance can result in hefty fines, reputational damage, and operational disruptions.

2. Intense Competition

In particular, the financial sector in Vietnam is rapidly transforming as traditional banks and Fintech companies seek to capture the significant digital consumer base.

The Vietnamese BFSI market is highly competitive, with over 35 national banks, 63 branches of foreign banks, financial institutions, and over 260 fintech unicorns and startups all fighting for market share. 

This intense competition has forced banks and financial business to differentiate themselves,  promoting digital transformation, and offer innovative products and services to attract and retain customers. The increasing adoption of digital technologies has accelerated the pace of competition, making it critical for BFSI players to stay ahead of the curve.

3. Fragmented Customer Experience

Many BFSI institutions struggle to provide seamless customer experiences across various channels. Siloed departments, legacy systems, and inconsistent branding can lead to fragmented customer journeys, hindering customer satisfaction and loyalty. 

This is especially true for commercial banks. With large network and long-standing customer base with large data systems, banks will always be a certain lag in technology compared to Fintech companies, which can means their customer journey won’t be as seamless either.

To address this challenge, BFSI players must find a way to deliver consistent brand messaging and personalized experiences across all touchpoints.

These challenges call for innovative strategies to thrive in. 

The Landscape of BFSI Marketing in 2024 

BFSI companies are aggressively digitizing, yet many struggle to overcome marketing inefficiencies.  

Some of the key pain points that standing in the way of growth for banks, financial and FinTech businesses are:  

1. Fragmented Systems

• Lack of Integration: Disconnected systems, tools, and teams may hinder efficient data flow and collaboration.
• Inconsistent Branding: Different departments, teams, agencies and other service providers may have varying brand guidelines, leading to inconsistent messaging and missed opportunities.

2. Data Silos

• Data Quality Issues: Inaccurate or incomplete data can lead to flawed or underutilized insights.
• Difficulty in Data Sharing: Data silos prevent cross-functional teams from accessing and utilizing valuable information. Although companies collect vast amounts of customer data, they often fail to analyze it holistically. 

3. Inefficiencies

• Manual Processes: Without centralized solutions, marketing campaigns require excessive manual effort, wasting time and resources. Time-consuming manual tasks reduce productivity and increase the risk of human error.
• Suboptimal Campaign Performance: Ineffective campaign management and measurement can lead to wasted resources.

4. Limited Customer Engagement

• Lack of Personalization: Generic marketing messages fail to resonate with individual customers.
• Poor Customer Experience: Inconsistent experiences across different channels can frustrate customers. Most companies often rely on one-off campaigns rather than building long-term relationships, resulting in low retention rates.

To address these pain points and overcome the industry challenges, enter full-service integrated marketing solutions.

Explaining Integrated Marketing Solutions 

What are Integrated Marketing Solutions?

Integrated Marketing Solutions is a strategic approach that bring together multiple elements of marketing under a single, unified framework to deliver a cohesive and consistent brand message.

Formally known as integrated marketing communications (IMC), Integrated Marketing Solutions prioritizes focusing on external customer needs. Depending on each provider, Integrated Marketing Solutions can consist of different sets of services, but generally, it will offer a cohesive approach tailored to empower growth, streamline operations, and enhance customer satisfaction. 

The core components of Integrated Marketing Solutions

Take HyperLead’s All Round Solution as an example for a set of end-to-end, full-funnel Integrated Marketing Solutions. To deliver comprehensive and effective marketing solutions, we focus on four key areas:   

Branding and Communication

• Develop and implement a strong branding and communication strategy

Digital Marketing

• Using SEO, social media, content, email marketing, and PPC campaigns to drive awareness and conversions  

Growth Solutions

• Drive customer acquisition through performance marketing
• Expand market reach through affiliate marketing
• Utilize data-driven insights to optimize marketing efforts

Loyalty Solutions

• Implement loyalty solutions, such as cashback platform, in-app promotions, or referral initiatives to reward and retain customers

Why Integrated Marketing Solutions Are the Future of BFSI Growth  

Marketing strategies that worked a decade ago are becoming obsolete. To capture the attention of today's consumers, your company needs solutions that address not just one part of the customer journey but every touchpoint across channels.  Integrated marketing solutions combine various tools, technologies, and tactics into a unified strategy, let BFSI businesses to respond dynamically to customer needs. By providing a comprehensive framework that aligning marketing, sales, and service efforts,  banks and financial organizations can overcome these BFSI Marketing obstacles, and ultimately gain a competitive edge. 

Benefits of Integration for BFSI  

Integrated marketing solutions offer a holistic approach that aligns various marketing disciplines. By unifying these elements, BFSI institutions can:

• Deliver Consistent Brand Messaging: Ensure a cohesive brand experience across all touchpoints.
• Enhance Customer Experience: Create personalized and engaging customer journeys that foster loyalty and advocacy.
• Optimize Marketing Efforts: Utilize data-driven insights to measure the impact of marketing campaigns and allocate resources effectively.
• Improve Customer Retention: Foster long-lasting relationships with customers through effective retention strategies.
• Enhanced Efficiency: Streamlining operations saves time, reduces redundancies, and ensures consistency across channels.  
• Cost-Effectiveness: Integrated campaigns minimize wasteful spending by targeting the right audience at the right time.  
• Better Insights: Centralized data systems provide a 360-degree view of customers, enabling smarter decision-making.  
• Scalability: Integrated solutions adapt as businesses grow, ensuring long-term sustainability. 

Case Study  

A large, regional bank was looking for support to create the media creative plan, handle the online advertising, implement affiliate and referral marketing. 

Strategy:

HyperLead held numerous workshops with the bank’s key business leaders and digital marketing team to flesh out all aspects of the programs. 

HyperLead was responsible for strategizing, planning and running marketing campaigns on all channels, including:

• Online ads: Display ads and Native ads
• Streaming service: OTT and AI livestream
• Affiliate: Social platforms, MGM (member-get-member), Adnetworks, SMS,…

Outcome: 

Within six months, the bank reported: 

• 20% increase in new customer acquisition.  
• 15% boost in cross-sell opportunities through personalized offers.  
• 30% reduction in marketing costs due to streamlined operations.  

The number of registered users is the bank’s primary metric, and these users are targeted for additional service offerings from the bank.

The Power of Integration  

For BFSI companies, integrated marketing solutions are more than just a tool—they are the backbone of sustainable growth. By addressing key pain points, enhancing customer relationships, and aligning with local market needs, these solutions empower firms to navigate the complexities of Vietnam’s BFSI landscape.  

As the sector evolves, one thing is clear: integration is no longer optional. Firms that embrace integrated marketing solutions today will be the leaders of tomorrow.

If you have any further questions about the importance of Integrated Marketing Solutions in banking or need a clearer idea of where to start, you can contact HyperLead and we will be happy to consult you.