In our new post-pandemic era, digital transformation remains a focus for companies looking to expand convenient services to their customers. Financial institutions are an example of an industry that benefited from its implementation. COVID-19 accelerated the need for digital transformation in banking when brick-and-mortar banks had to shut their doors temporarily. As we continue into the new normal of post-pandemic living, digital transformation for financial institutions will evolve beyond online banking. Take a look at how large financial institutions are adapting to digital transformation.
The banking industry is often considered sterile or cold. The marketing that many financial institutions put out can be regarded as stiff and impersonal, making it harder to attract new customers. Personalizing your marketing helps you separate your institution from the others, allowing you to recruit new customers who will be loyal for years to come.
Members are the lifeline of your credit union. Showing your members they are valued is a crucial piece of your marketing, both in person and with digital interactions. Keeping your members happy is a great way to develop advocates within your community that will help spread the word about your credit union, helping grow your membership through word of mouth.
Credit unions have a lot to offer – member-focused products, famed member service and a spirit of giving back to their communities. But as many have made digital transformations over the last 10 years, credit unions still face significant challenges when it comes to marketing in the digital world. How do you navigate compliance under digital regulations? How do you maintain personal touch while creating a digital community? These are the big questions credit unions face. The good news? You can answer them with the right support. Let’s dig into these top challenges and the solutions to surpass them.
I know what you’re thinking. Designing for a financial institution sounds like a real drag. But it doesn’t have to be. I like to think of it as a fun challenge – using design to make community banking feel easy, personable and attractive. Believe it or not, some of my favorite work has been for a local credit union.
As you grow your bank to serve more and more customers, your regular marketing tasks can become increasingly laborious and time-consuming. If you find yourself drowning in work, manually sending follow-up emails to every customer who fills out your contact form, you’re doing it wrong. Know that there is a better way. And that’s automation.
Though email is one of the oldest forms of digital marketing, it is not to be ignored. According to HubSpot, email generates $42 for every $1 spent, which is an astounding 4,200% ROI, making it one of the most effective options available. So while new social media channels may be all the rage, don’t swap something that just works for the latest trend. Email marketing is a tried and true method that’s been honed over the years, and credit unions can use it as a way to grow and foster membership.
So, you’re looking to create a marketing strategy for your financial institution. “Where to start?” you might be thinking. Whether this is the first time you’re executing a full-blown marketing strategy or you want to try a new approach, everyone needs some direction. Our experience at PRIME has taught us that, no matter how you structure your strategy, there are five components that shouldn’t be left out. Let’s dig into the first one: setting clear objectives.
Trends in finance are evolving rapidly. What started as a digital revolution in banking was then forced to accelerate with the onset of the COVID-19 pandemic, keeping most people from managing their finances in person. The state of the world has set off a chain of innovations and new opportunities for banks and credit unions – but to harness them, institutions need to get ahead of them. Here are 5 money trends financial institutions should get ahead of.
While marketing was being revolutionized in the 1960s, Bob Dylan sang, "The time's they are a-changin'." It was true at the time, but not more so than today. Some people lament the change brought on by new technologies and new generations, but without it, we'd still be crawling around in a cave. So, make that change work for you, and stand out from the crowd while looking for new credit union members.