The Financial Brand Insights - Fall 2022

formed through trust, which grows when you solve problems. And you know you can creatively solve problems better than your competitors, right? Show that off in your messaging. As your message or offer gets more specific, it will resonate more with specific customer groups, whose excitement will go through the roof. Shift Your Focus: People can get a checking account anywhere. It's the value of your entire financial institution, and its ability to solve problems, that will attract (and retain) consumers. Curb Your Enthusiasm and Learn What Excites Customers Let’s take the general “We now have online account opening” ad. Of course you’re excited about this new process for your bank. But how many customers or potential customers are out there thinking, “I really need to open a checking account, I wish that XYZ Bank would let me do that online?” Hint: very few. While online account opening is important, keep in mind that big banks have been doing this for a generation. (No joke: Wells Fargo is celebrating their 27th year of online banking!) If a customer needed an account opened quickly, they either have come into the bank already, or they went with a competitor. This is not to say that you shouldn’t promote your new online account opening abilities — you should absolutely let customers know you have it — but keep in mind that it’s table stakes, something that people expect, and do not get excited about like you do. It should be a box on your website, not the focus of your largest paid advertising campaign.

By Dan Novalis CEO of 2Novas

Most financial institutions marketing campaigns do two things that hurt them: First, they talk about things that the bank is excited about such as online account opening and the ability to bank from anywhere — things that big banks have been doing for years or decades — and they don’t focus on what the customer is excited about. Typically customers are interested in finding an easy resolution to financial problems, not having to talk to a person, and in general not having to think about their bank. Second, they try to be everything to everyone. In the face of intense competitive pressure from megabanks and fintechs, attempts to appeal to everyone tend to mean that the message isn’t all that exciting to anyone. So how should banks and credit unions adjust their marketing strategies to better stand out? Become a problem-solver, not an advertiser. Think about the customers that you want, and what problems they’re having. Your institution, not a specific product, is the solution to their problems. Yes, they might need a checking account today, but they can get that anywhere. The fact that your bank has a checking account is not enough for them to come to you. What you’re both going for is a long-term relationship — and long-term relationships are Most bank marketing campaigns fall short because they try to be everything to everyone or miss what customers actually care about. To compete against fintechs and megabanks, banks and credit unions need to address very specific customer problems. Here's how.

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THE FINANCIAL BRAND INSIGHTS FALL 2022

THE FINANCIAL BRAND INSIGHTS FALL 2022

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