Financial Sector’s Digital Transformation in Tanzania (Infographic)
As most banks in Tanzania already offer a full Mobile-banking solution via USSD, we are starting to see the new wave of Smartphone banking apps appearing in the market.
While I’m really excited about this development and the eagerness to include Digital Marketing strategies in the Financial Sector, there are also disappointing facts in the industry:
- Only 2 financial brands are present on Twitter, the real-time marketing platform which is a very low cost Customer Service solution.
- Digital Media spend is very low despite 11.3M Tanzanians being online. Most banks prefer spending on Billboards, Newspapers and Radio ads.
- Bank websites are not optimized for viewing on phones, despite 75% of Tanzanian mobile traffic being mobile.
- It is not yet possible to apply for a bank account online. Regulations and requirements are still many. For instance, the necessity to have proof of residence, while you can open a Mobile Money account very easily.
Digital Marketing offers very cost effective ways to attract NTB (new to bank) customers as well as reduce the cost of engaging with ETB (existing to bank) customers.
The infographic below is based on data sources we at Squad Digital monitor daily and use for all our clients and strategies.
Have a look and see below how our Tanzanian banks perform on these Digital Touchpoints: Social Media, Search Engine Optimisation, Websites User Experience and Digital PR.
Are you satisfied with your bank’s Digital Journey? Comment and let us know which services you would like your bank to offer you.