Consumers have lots of choices and short attention spans.
Going beyond traditional marketing, bankers now post blogs and white papers, offer credit coaching and extended hours and pay for leads to gain an edge in pursuing small business customers.
Marketing executives say digital channels offer a great opportunity for building a bank brand but also present quantitative challenges in proving the business case.
Digital advertising can be very effective for reaching target audiences, but only if marketing budgets are allocated appropriately and results accurately measured.
New digital capabilities give bank marketing a prominent place at the table for designing and implementing strategies for revenue growth.
To improve their marketing outreach, financial institutions need to focus on strategy, or targeting the appropriate customer segments, and upgrading their capacity in data analytics.
First Interstate Bank in Montana used a strategic planning process to improve customer relationships and profitability.
Banks with a strong sense of purpose and a willingness to partner with start-ups can move the needle on innovation in financial services.