“Since March 2020, checking account sales in the U.S. are down 200%, according to Raddon. Credit usage has also been displaced by debit card usage, which increased by 8.6%, according to the Federal Reserve. Bank marketers need to react to that sea change. What behavioral insights can we draw from this data?”
Meeting the changing needs of your bank's customers.
The shift to debit transactions has generated greater amounts of data for banks and credit unions to factor into their marketing strategies. Included in this trend is the growing use of online subscription services like Amazon Prime and Netflix, which can drive new approaches to segmentation and messaging.
People Use Bank Accounts Differently Now: How Marketers Must Adapt by Rick Hall, Managing Director of Banking and Financial Services at BKM Marketing, was recently featured in The Financial Brand. The article focuses on three strategies bank marketers should be using to stay relevant and meet the changing needs of customers.
- Mine and Interpret Customer Transaction Data – knowing when and how your customers are transacting is key to understanding their behaviors and how engaged they are with your institution.
- Establish Your Marketing Baseline – once you’ve analyzed your customer transaction data, you can establish your marketing baseline which should serve as a jumping off point for tactical strategies around encouraging customers to set-up recurring transactions with your institution or cards vs. others.
- Pick Your Marketing Messages Carefully – to best resonate with your current customers your marketing messages should align with what you’re learning and deriving from your data along with what you can offer.
Click here to read the full article on adapting your marketing and marketing messages to changing customer behavior.
Are you a leader struggling with figuring out which programs and tactics you should be using to help grow your bank or financial institution?
Let us know your story in the comments or, better yet, connect with us to request a free consultation with Rick and our team to discuss your upcoming project.