Today, changes in the banking industry are occurring virtually every day. From new technologies to emerging strategies and channels, banking is certainly moving further and further into the digital market. And, this is apparent in the way in which we bank; bank branches are closing at a rapid rate as more and more customers choose to manage their money online, using banking apps and websites. And, there are more online-only banks opening than ever before; it’s no longer necessary to visit in person to apply for a bank account and sign forms, when you can sign up within minutes using a website or an app from the comfort of your own home. With all these changes and even more on the horizon, digital marketing is becoming increasingly more important for banks and credit unions.
#1. Increase Sign-Ups:
Today, more and more people are signing up for banking and credit union services online. If somebody wants to open a new bank account, chances are that the first thing they are going to do is run an online comparison tool to find which one is the most suitable for their needs. Then, they will not want to wait until they have time to visit a branch in-person – most customers today will want to apply for the financial products that they want straight away. Digital marketing provides customers with more information about what a bank or credit union is offering and provides call-to-actions encouraging them to sign-up online right away.
#2. Boost Competitiveness:
Today, there are more banks and credit unions available than ever before, so a good digital marketing strategy will help a financial institution become more competitive and stand out in the market. For example, offering chatbots on social media pages enables a financial institution to provide a level of customer service and response rate that would have been unheard of not that long ago. Customers can use the chatbot to find answers to queries about borrowing, savings, opening new accounts and much more.
#3. Personalized Services:
Today, banking and credit union customers want to know that the financial institution they are using understands who they are and the products that they would like to use. Digital marketing for banks and credit unions allows for the collection of data on existing and potential customers, giving the financial institution a platform on which to personalize suggestions and services. Overall, this leads to a more personal and unique service for each customer, who is presented with suggestions for new products that they are actually interested in.
#4. Improve Customer Engagement:
Modern banking and credit union customers don’t just want somewhere to store their money and borrow money from. They want to be using a financial institution that they can trust and relate to. Savvy digital marketing strategies allow a bank or credit union to increase customer engagement, which in turn allows them to learn more about their customers, provide a better and more tailored service, and increase customer loyalty and satisfaction.
Have good digital marketing strategies convinced you to join a credit union or bank? Let us know in the comments.