There were a lot of great bank marketing posts being shared on Twitter last week. We’ve rounded up our favorites and put them together in this post. What does it take to get our attention? We generally care about stories related to any aspect of bank marketing, because that is what we’re all about. The plan is to find and share really good bank marketing stories to make your life easier. With that, check out last week’s favorites below:
New Study Reveals Customer Interactions Lead to Retention
Javelin commissioned a recent study that found strategic client interactions lead to better overall engagement and increased profits.
"A fully engaged customer will seek bill pay, direct deposit, and debit purchases within the first 90 days, providing immediate value to the financial institution that builds over time,” says Mark Schwanhausser, director of Omnichannel Financial Services at Javelin. The white paper shows that fully engaged financial customers own 2.7 times more accounts than inactive customers, and that they tend to open more accounts within the first year of switching banks." Read More
It turns out that both having and following an onboarding plan are crucial components to engaged customers. If you need a customer onboarding plan, check out our free customer onboarding schedules.
People Prefer Paying Bills on a Smartphone
A FindABetterBank survey revealed that bank customers between the ages of 3039 were the most likely to pay their bills from within a smartphone application.
"Forty six percent of respondents indicated that they have paid a bill using their cell phone within the last 30 days — 10% growth compared to a year ago. Consumers 30 to 49 are more likely to use their phone to pay a bill than other age groups." Read More
Scotia Bank shares how marketing analytics fuel data driven decisions
Once you get a little bit of data to make better decisions, the entire organization ends up wanting a lot more. The most interesting aspect of this article is the spread process behind setting up a data driven organization.
"And while traditional marketing was once focused on using data for income growth through next best action campaigns and product pricing, that data is now supporting risk management, governance, fraud detection and operational efficiency, Freyke said." Read More