Dave’s CMO breaks down the Neobank’s Digital Marketing approach

Successful financial marketing is based totally on looking to build a rational argument in the customer’s thoughts of why your product, logo or provider is differentiated and significant in terms of assisting them attain their monetary dreams. Here’s how a success Neobank Dave pulls it off.

Clients nowadays are awash in choices when it comes to financial service. There are megabanks, network banks, credit score unions and a slew of fintech services and digital-simplest Neobank .

With so many options for consumers to pick out from, digital marketing and branding are key to differentiating within the market. To find out how a main, revolutionary Neobank tactics its digital marketing strategy, the monetary brand interviewed Michael Goodbody, leader marketing officer of Dave, who previously worked in marketing at sensible (previously TransferWise) and credit karma.

There are inherent blessings to no longer being a legacy economic group, but additionally some drawbacks that ought to be triumph over as properly, Goodbody acknowledges.

“being a digital bank or a Neobank has massive advantages from a value and scaling perspective however that, conversely, creates challenges in other areas,” he says. Among them bodily vicinity and agree with.

For hundreds of years, the CMO factors out, the primary differentiator for banks and credit unions whilst it got here to consumer acquisition and client engagement has been the benefit of getting bodily department places nearby.

Neobanks, of direction, do no longer have that integrated channel, but Goodbody notes that the pandemic improved a shift that turned into already taking place far from bodily branches and into digital channels. That gave digital-savvy fintech’s like Dave a bonus.

“given that shift, the landscape has now moved faraway from place and brand as key differentiators — which made financial offerings noticeably inert as clients generally handiest shifted their banking once they moved vicinity — to at least one where utility and relevance to the customer is much extra important,” Goodbody asserts. “that lets in new players to take benefit of newer tech stacks and an innovation attitude to actually clear up massive pain points for sets of customers in a first-rate manner”