For banks, increasing clientele and making money go hand in hand. While maintaining existing customers is important, a good bank should constantly be drawing in new clients to generate capital. One of the best places to get new banking customers quickly is on the Internet. As more and more banks consolidate to realize economies of scale and stay afloat, it's important for banks and financial institutions to stay open to new bank marketing ideas. These concepts should stratify their current customer base while adding new customers. They should encompass new products and services, new features to existing products and services and most importantly in this age of the Internet, new technology.
Top 3 technical marketing bank strategies:
1. Banking Website
Banks should have clean, user-friendly and responsive websites that provide account information, online payment capabilities, e-statements, online transfer options, security features and free checking. These convenient banking website options keep busy customers happy, while providing banks an additional medium for advertising products and services. Additionally, the more customers transfer to online banking, the less need there will be for in branch banking and its associated costs.
2. Go Mobile
To increase bank marketing ROI, going mobile is one of the most effective digital marketing strategies because while being extremely convenient, it allows customers and financial institutions to save money. American Banker suggests that within as few as five years, the majority of banking transactions between consumers and banks will occur on mobile-to-mobile devices. There's little to nothing that financial institutions can do about this trend except go mobile themselves. To stay competitive banks must provide an easy to use mobile environment for customer banking. As time goes on, the mobile apps and responsive websites must evolve. They must be able to support more types of transactions and operations; these new features must occur seamlessly and offer traditional customers the most that a bank can offer.
3. Social Media
Aside from compliance issues, banks are no different than other businesses when it comes to marketing on social media. Banks need to develop online communities by providing content that’s informative and engaging. From Facebook to Twitter, striking a balance with the proper number of updates is important. Rich content with videos, contests and events will ensure success while improving marketing ROI.
Overall, by employing these digital technologies banks can be more customer-centric, keep up with the competition and avoid the risk of losing customers as more people move online from in-person branch banking.