This is the third of a three-part series discussing how financial institutions can drive revenue growth by engaging with online users more effectively. Part 1 examined how an AI-powered marketing system is valuable for engaging with users who prefer to do their banking online. Part 2 looked at ways to improve customer satisfaction. The final installment discusses how to work smarter to acquire new accounts.
By Devon Kinkead, CEO and Founder, Micronotes
Always remember that online and mobile banking are service channels where consumers manage important financial business. Don't turn those service channels into billboards.
Irrelevant or poorly timed advertising may degrade the experience or drive consumers to find another financial institution to meet their needs.
Work Smarter to Acquire New Accounts
Financial institutions sometimes spread their marketing dollars pretty thin trying to attract new accounts. How can organizations focus on acquisition while saving on related spending?
Leverage brand promoters. One of the best ways to acquire new accounts is through word of mouth. Brand ambassadors – those who give a nine or 10 out of 10 when asked how likely they are to refer your institution to a friend, family member or colleague – are the most likely to make those referrals. Identify your brand ambassadors, ask them for a referral and reward them well when the referral comes through.
Focus on what works. Ask your new accountholders how they found you: Referral? Internet search? Drove past a branch? Set up targeted interviews for new customers or members when they log in or out of digital channels. Once you know what has succeeded, you'll have a good idea where to point your acquisition dollars in the future.
Effective digital marketing is about delivering the right content to the right person in the right context—and at the right time. Financial institutions can speculate about consumer needs, or they can use AI-powered systems to learn about personal preferences to serve people better. In this brave new digital world, financial institutions that leverage technology to outlearn and outservice the competition position themselves on top.