Bank Marketing: The ‘To-Do’ List Has Gotten a Lot Longer
Bank marketing has gotten a lot more complicated in the last 15 years. It used to be that a bank marketing team might consider that they were doing a good job if they sent a few direct-mail pieces promoting new product options, assisted with publicity for new branch openings, and organized some market research around what bank customers wanted in a desktop banking app.
Now, however, the banking world has changed. Consumers are interacting with their banks in entirely new ways. Banks are focused on growing deposits and at the same time making smarter loans. Households have more complicated financial needs than ever before. Plus, bank marketers have mountains of data about their customers, and oftentimes not enough manpower or expertise to connect the data and glean actionable insights that can be applied to marketing efforts.
The ‘to-do’ list for today’s bank marketer is often very long and varied. Priorities likely change from day-to-day, and long-range goals sometimes lose out to short-term programs. It’s enough to make many bank marketers crawl under their desks and hide.
By leveraging third party consumer financial insights and advanced analytics, bank marketers can begin to tackle their project list. Consumer financial insights can help banks better understand the likely full financial profile of their customers and prospects, enabling them to inform campaigns to grow deposits, determine the next best product or service to offer, identify candidates for wealth management, and more.
Some banks also may need outside analytical expertise to help them optimize their vast customer databases and be able to turn that data into actionable strategies. By working with dozens of the nation’s leading financial services firms, Equifax has developed considerable modeling and segmentation prowess that bank marketers can rely on to help them sort through their customer data, incorporate third party data when needed, and plan marketing campaigns that focus on deepening customer relationships and growing deposits.
View our Bank Marketer’s Checklist infographic to learn more about how Equifax can help you enhance your marketing efforts, better connect with your customers, and cross some items off your project list.