A few weeks ago, financial services marketers gathered at the virtual ABA Bank Marketing Conference to unlock learnings of the latest banking tech trends, from CX to marketing management to data-driven strategies and more.
With a program of more than 30 virtual sessions,
three digital trends for banking stood out. Here we’ll dive into what those
were and how these trends are helping financial services marketers make smarter
business decisions for their bank or credit union.
The first common theme at the conference was the importance of using customer data as a means to create a more personalized digital experience. More so than other industries, banks and credit unions are seriously behind when it comes to channeling their data resources into personalized customer experiences. But customers have come to love and expect this highly tailored experience with brands. This is causing a growing gap between banks that are investing in cloud-based technology to uphold this digital experience and ones that aren’t.
banks bury their heads in the sand and stick by old-school banking tactics,
like face-to-face contact, hoping that a handshake will be their
differentiator? As a bank or credit union, you’re faced with the
difficult question of how to attract and retain members who expect anytime,
anywhere access and a range of convenience-oriented services.
stay current, CIOs and CMOs need to form internal partnerships to successfully sell
big data initiatives to the remainder of the C-suite and board of directors—particularly
the value of investing in cloud technology. This technology is where banks—both
large and small—need to start their digital transformation journey as a way to permit
personalized experiences that can drive meaningful business impact.
Digital marketing is becoming increasingly
essential for banks. While there was a minor decrease in marketing spend in
2020 due to the economic downturn caused by the pandemic, banks are poised to
ramp up their marketing spending by the end of 2021 and beyond. But since small
and mid-size banks struggle to stay current with digital marketing trends in
banking, this causes them to fall behind national banks with much larger
At the ABA conference, sessions explored
different ways to market exclusively through web and mobile platforms. For
example, one session suggested leveraging social influencers to reach a broader
customer base, while another promoted the need to enhance online account
openings and loan applications. While both of these examples drive back to ways
banks can be enhancing the CX, it also questions whether your bank’s network
has the redundancy to support more customers on digital platforms to open
accounts, seek advice from chatbots or human beings, and conduct transactions. Having
the right foundation in place is crucial to keeping your organization digitally
While digital banking has had a long evolution
in the U.S., with its debut in the ’80s, the proliferation of smartphones is what
truly opened the door to mobile banking channels. The pandemic accelerated this
trend, making it not only about convenience or preference, but also about fulfilling
a necessity to comply with social distancing guidelines.
The need to interact virtually or remotely is a
key subject for financial services marketers, and due to a wide customer base, it’s
not easy. One particular session at the conference explored how bank and credit
union marketers can automate the onboarding process after a customer opens an
account. The recommendation given by the speaker was to use data analytics to
target marketing messages and to drive wallet-share through calendarized
While this is just one example provided, banks
and credit unions must consider how best to expand remote services, transform
the branch experience and emphasize channels most used by modern-day members.
Success will be achieved by organizations that are able to support multi-device
mobility and provide personalized member product recommendations, all while
maintaining a secure environment.
All of these digital initiatives can be a daunting task for any financial services IT department. Windstream Enterprise can help you rise to the challenge with a variety of secure and reliable digital banking solutions and analyst-recognized expertise. Whatever the future brings, Windstream Enterprise can provide services with the bandwidth, redundancy, scalability, security and broad range of access options to meet the needs of banks and credit unions and their customers and members.
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