CCBN Webinar Recap: The Future of Digital Marketing
Thanks to all who attended last week’s webinar on the future of digital marketing!
ICYMI, we‘ve put together a high-level recap of our panel discussion on the future of digital marketing for banks and financial institutions. In this discussion, we were thrilled to be joined by Lindsay Green, President of Extraco Consulting, Patrick Sell, CIO of Quontic Bank, and Brian Martucci, Finance Editor of Money Crashers.
It was great to hear from these experts on their perspectives in the market and where they see opportunities for banks to get ahead and make the most of their marketing budgets. Read on for key tips and takeaways from the discussion!
Setting the Stage
Consumer Behavior and the New Normal
Since the start of COVID, there have been noticeable changes in the financial interests of consumers. From everyone’s perspective, here are some of the major shifts that were seen over the past several months:
- Increased interest in online content about investing and investment products
- Less activity and interest in savings accounts
- Resurgence in personalized, community-centric banking over larger, well-known banks
- Small businesses approaching banks for help with eCommerce for sales and transactions
- Record volume of mortgage applications
The Shift to Digital
What does this look like?
Taking a staged approach
To improve his bank’s digital customer experience, Patrick and the Quontic Bank team invested 18 months to enhance its online account opening process. Quontic‘s goal was to reduce its customers’ average time spent filling in its online application form.
By strategically reducing the application’s friction points, Patrick‘s team successfully shaved the application time from 8-9 minutes down to 3 minutes. And what’s important to note is that it took three different iterations over that 18-month period to get it there.
Investing the energy in really learning what works (and having the capability of measuring what’s working) can make a big difference to your customer’s perception and experience of your bank.
Patrick also emphasizes that your customers’ early experiences with your brand sets the tone for that future relationship. “If that first experience is rough,“ he says, “everything you do from then on is looked at through that lens.“
Adapting your communications
When it comes to marketing communications, Lindsay found the standards have changed in the era of social distancing. For example, social media messaging is substituting the face-to-face customer conversations that normally took place at a bank counter. “Banks are finding ways to reach out to solve for customer needs in a digital capacity,“ she says. “You have to be more creative now than you were in the past.“
That creativity can even come in the form of non-digital tactics that complement your digital touchpoints. For instance, Lindsay has observed success in bankers mailing to their clients a Rice Krispie treat and personalized thank you message after closing on their loan.
Customers, impressed by the gesture, would then share a photo of the banker’s gift with their own social media networks, furthering its positive message to their own audience.
During times of uncertainty, even the simplest gestures of kindness can leave a profound imprint on your customers.
Opportunities for Growth
Where are the opportunities for banks now?
Lindsay finds that hosting a “bank & brew“ is effective in attracting new customers. Speakers would cover financial topics such as budgeting or building a financial plan, and existing customers who register are encouraged to bring a friend or family member to learn and network over drinks (safely socially distanced, of course!)
Brian recommends that banks ensure they are findable on Google so that publishers like Money Crashers are more likely to come across them. Banks that are easily found online are viewed as credible and potentially more attractive to work with.
To serve the interests of its subscribers, Money Crashers puts a high level of effort into reviewing bank products and compiling “Best of…“ product lists. He says, “[Money Crashers] is establishing a very visible platform for banks to establish earned media, and it helps their visibility naturally.“
Final Tips – Where are you best focusing your budget?
Here are are some quick takeaways to consider for your bank:
- Look at areas where you can create immediate savings. In other words, what can you do digitally at less cost while yielding the same result?
- Reduce the risk of your bank trying new things – work with your vendors to find a happy medium with their contracts to give the flexibility you need.
- Build your bank‘s organic online visibility to build your credibility with publishers.
- Invest in the trackability of your end-to-end customer experience; that is, before and after acquisition. Although a customer may open an account with you, you might not necessarily become their primary financial institution.
- Great tools to help you get where you need:
- CRMs such as Hubspot and Salesforce – Lindsay and Patrick note that when considering a CRM, it’s important to choose one that has the necessary integrations to support your bank’s other technologies, and to be ready to allocate internal resources to CRM management so that you’re leveraging its capabilities consistently
- A/B testing tools such as Optimizely so that you can identify and measure what’s working in your marketing (and what’s not)
- LeapXL to transform your spreadsheets of raw financial data into accurate, easily accessible insights
- Fintel Connect to scale your bank’s customer acquisition through performance marketing
- Check out great initiatives like the one Patrick and team are Quontic at building with TrueDigital (keep an eye out for more information to come!) to help banks achieve their true digital identifies.
If you have any questions as you‘re building your digital strategy, or if you‘re interested in learning more about performance marketing specifically, please don‘t hesitate to reach out to us! We‘re happy to help – firstname.lastname@example.org.