Why Banks Need Marketing in 2022

It’s imperative for banks today to differentiate themselves from the growing number of financial institutions in today’s market. The use of bank marketing has changed over the years, but in 2022 bank marketing means an opportunity to build a deeper relationship with customers that drives more loan applications and increases deposits. According to Business 2 Community: “An effective marketing strategy is important to be able to successfully build authority for yourself and your company”.

Building Relationships with Customers

Creating a community-driven culture in your bank differentiates your services in the eyes of those who must choose from a sea of commercial and mega banking providers. A much better alternative for them is to choose the bank servicing their community with meaningful, personalized touch points.
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‍Like personal relationships, relationships between banks and customers are bonds that forge during difficult times and often result in thriving, long-term relationships after the storm has passed. Relationships with banks are not about cross-selling or product promotions, but about using a trusted relationship to provide valuable resources and useful information to its customers and their finances.
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Reaching Potential New Customers

Digital marketing is emerging as a key technology to attract new customers and grow revenue across multiple industries – including banking! Consumers now expect their banks and credit unions to meet them where they are on their customer journey. If these expectations are not met, they’ll move on to other banks that have embraced a more customer-centric experience.
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Increasing Loan Applications and Account Deposits

Bank marketing strategies put into place techniques and actions that lead to more business and an increase in service products sold. They can use core banking data and enhanced data analytics to power results in the form of deposits, loan applications, card acquisitions and more, all leading to further success for your bank.

Bank Marketing Table of Contents

Why Banks Need Marketing in 2022
- Building Relationships with Customers
- Reaching Potential New Customers
- Increasing Loan Applications and Deposits
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‍9 Bank Marketing Strategies
1) Email Advertising
2) Personalized In-App Digital Banking Ads
3) Social Media Marketing
4) Display and Retargeted Ads
5) Website Content and SEO
6) SMS Text Marketing
7) Networking & Chamber of Commerce
8) Local TV and Radio
9) Billboards and Out-of-Home Ads
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‍Do Banks Need a Marketing Team?
‍ - In-House Marketing For Banks
- Bank Marketing Software and Online Banking Solutions
- Bank Advertising and Marketing Agencies
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‍Why Partner with DeepTarget for Bank Marketing?
- Utilizing Our Powerful Communications Platform
- Effective Digital Marketing For Banks
- Our 3D StoryTeller and DXP Platforms
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‍Contact DeepTarget for More Information on Marketing For Banks

Driving Engagement for Local Banks

Effective bank marketing is the fuel for creating a personalized experience that encourages a prospect to open an account and a customer to expand a relationship. A study by Gallup discovered that companies who were successful in engaging their customers and followers had 63% lower customer attrition and performed 23% better than their competitors. For local banks to keep their market share and continue their growth, they must put an emphasis on high-engagement marketing activities.

Creating Brand Awareness for National Banks

Banks rely on their brand’s identity and recognition to maintain their current customer base as well as attract new customers. Building a strong identity helps banks stay on the forefront of customers’ minds and encourages repeat business. Fostering stronger brand awareness is a combination of different efforts under the marketing umbrella that work to create a variety of touch points to the customer that aim to promote the bank’s message and offerings.

Encourage Customer Retention and Product Usage

In the marketing world, “customer-centricity” means putting the customer at the center of every marketing strategy and working to give rise to increased customer retention. Transformation to a customer-centric culture requires those in decision-making positions at a bank to understand customers' situations, perceptions and expectations, and be willing to tailor products, services, and communications to their customers' financial needs and desires.

9 Bank Marketing Solutions & Strategies

With consumer behavior gravitating away from traditional marketing methods (billboards, TV, radio) and more towards the use of digital channels, more banks are responding by investing in marketing solutions that can offer a strong ROI. This can be done by engaging with customers and cross selling to them in digital channels such as online and mobile banking.

Digital Marketing for Banks (#1-6)

Digital engagement and cross-selling have become critical requirements for banks in a hyper competitive environment, one that is characterized by high consumer expectations in their retail digital experiences. In addition to staying competitive in your industry, you can count on the following benefits for your FI:

Increased customer / member loyalty
More revenue and higher profits
Building stronger, long-term relationships with customers

1) Email Marketing

With 76% of Americans utilizing email services (according to a statistic by Keap), banks can reach their customers and provide them with relevant content that serves them. By emailing current customers, banks are targeting an audience that is already engaged and interested. An added benefit of email marketing is that customers can easily forward and share the information disclosed in the emails, boosting referrals and reach organically.

2) Personalized In-App Digital Banking Ads

Long gone are the days when you publish an advertising campaign and simply hope that the right people see it at the right time! That is not only ineffective but inefficient as well. Targeted advertising gets your message in front of the right people based on their demographics, cutting the advertising noise that people are bombarded with on a daily basis. According to AdRoll, targeted advertising campaigns lead to:

Heightened brand awareness
Streamlined marketing efforts
Higher marketing ROI
Better brand perception

3) Social Media Advertising

Social media has proven itself to be an essential marketing tool in the 21^st century. It is not only a great approach to selling products and services, but it is also an excellent method in sharing material that can enrich your customers with useful information. Creating useful content will also increase the likelihood that customers will share your posts, leading to an amplification in your brand’s online reach!

4) Display and Retargeted Ads

Retargeting is defined as marketing to those who have previously seen your bank’s marketing efforts. By retargeting those customers, you show your ads to those who have seen them previously, staying on the top of the users’ minds and bringing them back to the site to learn more.

One effective approach to retargeting is to tell a story in a series of campaigns. This allows banks to create a series of advertisements in short, concise messages that can be easy to read and serve purpose in succession.

5) Website Content and SEO

Search Engine Optimization (SEO) can be a powerful tool in a bank marketing strategy, especially with bringing in new customers in an organic way. It is a cost-effective approach that reaches more consumers online through valuable content marketing. SEO works by delivering great content to your prospective customers – this in turn will be noticed by search engines, like Google, and your page will be ranked higher on search results pages!

6) SMS Text Marketing

SMS messaging has one of the highest response rates of any banking digital marketing channel. It offers engaging content in a format that most smartphone users are highly familiar with and inclined to respond quickly.

Traditional Marketing for Banks (#7-9)

There are so many different bank marketing solutions that will not only work to preserve the bank’s current customer base, but also bring in new customers and money for the bank. The goal of traditional marketing channels is to show customers a bank’s commitment to customer service as well as showcasing their product offerings.

7) Networking & Chamber of Commerce

Banks can show that they are community-minded by joining the local chamber of commerce. The chamber is an excellent way for employees of the bank to network with other businesses in the community to build relationships that can lead to business for both personal and commercial banking. It is also a great way to show a bank’s commitment to the community!

8) Local TV and Radio

Marketing to a specific geographic region can be done via advertisements on local television channels. While these commercials will not allow for targeting a specific group of people based on demographics such as age or income, it will allow banks to reach an audience in certain demographic regions and can be visually pleasing.

Like television commercials on local channels, radio advertisements aim to reach an audience determined by the area in which they reside. They can be more cost effective than television advertising and have less production time.

9) Billboards and Out-of-Home Ads

Billboard advertising can be effective if the advertisements are strategically placed in the right area with a good flow of traffic. It is imperative that billboard advertisements have great, eye-catching graphics and short, concise verbiage to catch the reader’s eyes and enable them to be able to read them as they drive by.

Do Banks Need a Marketing Team?

While it is not entirely necessary that a bank has its own in-house marketing team, there can be certain advantages that can come from it. In-house marketing teams within banks have the advantage of creating lasting bonds with their local customers. Banks with in-house marketers understand the needs of their community of individuals, families and businesses and make marketing decisions based on that.

Why Partner with DeepTarget for Bank Marketing?

Whether your banking services are online or mobile, banks need to have an overall marketing campaign strategy and a seamless communication plan to reach all their current and prospective customers – collectively and individually. A digital marketing strategy is the most practical, measurable, and cost-effective way to accomplish this.

The DeepTarget product suite offers their clients strategic marketing solutions to help them implement innovative online solutions that provide unique, but serious benefits! The DeepTarget team have decades of experience and expertise in bank marketing, allow us to put our skills to work for you through our managed bank marketing solutions.

Utilizing Our Powerful Communications Platform

According to BAI, 71% of banking consumers would switch or be convinced to switch for a superior mobile or digital experience. DeepTarget’s DXP makes AI-based marketing campaigns easy to understand and seamless to implement. DeepTarget takes the headache and guesswork out of AI and helps your financial institution take advantage of automation and data insights. This ensures that you communicate with your digital users more precisely.

Personalized Messaging for Your Bank

Banks have a wealth of information about each of their customers. Industry expertise and experience has shown that even a simple targeting methodology, such as generational targeting, will yield higher responses compared to broad, undifferentiated mass marketing.

The Boston Consulting Group finds that “Banks are being leapfrogged by retailers and tech-savvy companies that put personalization at the center of their business models and successfully scale it to achieve significant performance gains.”

Effective Digital Marketing For Banks

Digital marketing for banks can be greatly improved by utilizing customer data to offer personalized advertising to banking customers. Understanding buyer intent is key to reaching your customers or members with the right offer at the right time. This consumer intelligence allows you to plot a course in order to reach your customers where they are, giving them what they need at the exact time they need it! It will make your marketing efforts more efficient while achieving more conversions.

In-App and Online Marketing Solutions

Banks can use the technology of DeepTarget’s online marketing solutions to drive their online banking app with an intelligent marketing and sales platform that will result in new leads and revenue. By using customer intelligence, banks can target and personalize offers that fuel exceptional results for the bank!

Targeted Campaigns on Social Media, Email, and SMS Text Messaging

Targeted advertising is the intersection of the bank customer’s needs and the bank’s ad messaging and content. Using relevant messages through a variety of platforms dramatically increases the acceptance of the offers.

Our 3D Story and DXP Platforms

DeepTarget’s Digital Experience Platforms (DXP) are the path to consistent, relevant messaging to banking consumers. They help banks build, deploy, and continually improve their websites, portals, mobile apps, and other digital experiences.

DeepTarget’s 3D Story delivers a captivating experience that will engage and excite bank consumers with its innovative, patented technology. The digital journey in financial institutions has expanded, and more front and back-end applications are being used by different departments to handle their piece of that journey.

For the customer experience to remain consistent from acquisition to cross sell, these fragmented systems need a central DXP and precise organization, and DeepTarget delivers just that!

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Contact DeepTarget for More Information on Marketing for Banks

Expectations are high. Banks must deliver a superior digital experience in order to stay competitive in financial marketing. We can help! DeepTarget’s Digital Experience Platform (DXP) simplifies digital marketing for financial institutions with a high degree of automation and ease of use to deliver personalized experiences to bank customers with a proven track record of increasing product cross-sales and customer loyalty.

It's So Easy, You Can Try It For Yourself!

See how your digital engagement and cross-selling can be transformed to drive member loyalty and new recurring profits from over 15 loan and fee-based products and services. Try it out for yourself!

Bank Marketing Guide