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Measuring the ROI of digital marketing efforts is very complex, say bank marketing executives, and must be approached within a larger context of the institution’s overall marketing outreach.
Cross-selling can be effective if bankers put the right metrics in place, change behavior of sales staff, align incentives, re-focus on customer needs and eliminate policies that get in the way.
As the Millennial generation increases its economic clout, banks need to adapt strategies that enable them to profitably attract, serve and grow with these new customers.
To avoid the revenue growth squeeze, community banks need to embrace neighborhood marketing, improve sales effectiveness, expand customer relationships, utilize data analytics for product design and diversify their offerings.
A bank’s strategic priorities for 2016 should include building excellence in cross sell, improving IT management and determining how to partner with alternative finance companies.
Bankers need to employ technologies such as video collaboration and advanced analytics to help modernize their branch locations in a more digitized world.
Embedded analytics within a structured sales process can help banks offer personalized products, services and resources to customers.
As branch transaction activity shifts to alternative channels, the decision framework for branch consolidation needs to shift more solidly to sales.
The top five regulatory compliance concerns for 2016 will involve home mortgage disclosure, equal credit opportunity, flood insurance, UDAAP and the Bank Secrecy Act.
Generational expert and BAI Retail Delivery 2015 speaker Cam Marston says bankers need to learn how to attract Millennials both as customers and as employees.
Former Coca-Cola chief marketer and upcoming BAI Retail Delivery 2015 speaker Joseph Tripodi says financial services companies can utilize digital media to turn customers into advocates.
Global trends expert and upcoming BAI Retail Delivery 2015 speaker Andrew Zolli says financial services companies can thrive amid disruptive change if they adhere to their values and continually embrace small innovations.
Barbara Corcoran, star of ABC’s hit show Shark Tank and upcoming speaker at BAI Retail Delivery 2015, says new project advocates need to incorporate ‘entertainment value’ into their pitches for funding.
… between 25% and 79% of funds into newly opened accounts came from deposits already in the bank.
Using mobile data, the bank branch can instantly recognize the customer and pick up where they left off in the application process.
For the first time, a bank can measure the potential vs. captured profitability of channel, branch, employee and customer.
Instead of basic cost rationalization, progressive banks will focus on crafting sales-justified branch networks.
The best practice is to always disclose the worst case scenario to the customer.
… customers are more open to adopting self-service channels if they know technical support is just a phone call away.
… this generation will be the recipients of the largest wealth transfer in history, inheriting more than $30 trillion over the next few decades.
… it took 28 years for credit cards to be used by 50 million people, 12 years for debit cards to achieve the same penetration, but only five years for...
When employees need to authenticate with their ID card to use a device and release their documents, unnecessary printing drops significantly.
Early stage pilots and focused proof-of-concept projects are critical to reassure key stakeholders that digital is possible in your enterprise …
Although workers have state-of-the-art computers, current estimates peg automation in banking at only 20% or less.
Going beyond omnichannel means intercepting the customer at the outset of the customer event using the right indicators …
The proper implementation of any data conversion always starts and ends with strategy.
For customers waiting in the lobby, managing their perceived wait time is the most important thing.
… we are at a point that we approach a branch for complex needs only after we’ve already narrowed the available options through our own research.
Organizations must have the ability to generate specific scales and algorithms that best matches their business profile and risk appetite …