Must Read | Make It Personal Personalization is a big opportunity in the banking and financial space. Consumers increasingly want banks to provide the kinds of experiences they get in other domains, and banks are delivering in innovative ways. For example, Northwestern Mutual designed a matchmaking algorithm much like a dating app. However, instead of finding potential love interests, it matches customers with financial advisers who can best help them. Capital One is another example of banks delivering hyperpersonalized experiences. Last year, the financial company touted cardholder access to presale tickets for a popular concert. As a result, hundreds of fans took to social media to share their plans for applying for a Capital One card. Consumers want personalized offers and tailored experiences, and there’s nothing like promo to add that personal touch. A Closer Look At Community Banking Regional banks have grown about 50% between 2000 and 2020, while community banks have declined by nearly half over the same time period. Some of the reasons include higher regulatory costs and mergers and acquisitions. While community banks may not be able to compete at some levels with large banks, they can embrace their role in the community and show citizens how they’re unique in their approach to customer service. Whether it’s welcoming customers to the lobby with fresh coffee and promo tumblers or sponsoring local sports teams with custom T-shirts, these banks can use promo in creative ways connect with community members. A Focus On Purpose-Driven Banking The banking world is becoming more purpose-driven, focusing not just on profits but on working toward the greater good. In the SAS report, “Banking in 2035: Global Banking Survey Report,” 91% of C-level executives agree that financial services organizations can pursue profit and better society at the same time. About 3 in 4 also believe that banks are obligated to be socially responsible. Promo can play a part in many ways, from educating customers about environmental, social and governance initiatives to using promos that reinforce a commitment to ESG principles. What Matters Most In Mobile Banking When U.S. consumers click on their bank’s mobile app, they expect to be able to (in order of importance): • View account transactions • Cancel a lost or stolen card • View account balance • Access digital account documentation • Suspend or block debit or ATM transactions Mobile banking is so important, in fact, that 38% of Americans say it’s nearly as important as having a car, and 20% say it’s more important than having a dishwasher. Financial institutions can use promo to show customers how they can get the most from their mobile banking experience. Educate With Promo Nearly half of U.S. consumers (45%) use primarily mobile banking – especially millennials and Gen Zers. Among these population groups, 45% say they only bank digitally. And they don’t just want the convenience. More than half (59%) say they want digital banking services to include financial literacy tools and resources. Through promo campaigns, financial institutions can educate consumers on topics they want to hear about, from budgeting to investing. Irina Strelnikova / Shutterstock.com 38 • MARCH 2024 • PPAI
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