The internet is awash in articles about digital marketing, but many banks and credit unions are still not taking full advantage of technology to connect with customers and prospects. But today, if you are not leveraging technology to make your services as accessible as possible, you’re losing out to the competition. Let’s take a look at three important points on why financial institutions need to incorporate technology into their financial marketing strategy:
Consumption of technology is only increasing over time
While the millennial generation started the trend for technology usage, the following generations are rapidly outpacing them. According to a recent report, the average tween spends nine hours a day on an electronic device, and another study found that 93 percent of 13-year olds check social media at least once daily. Financial institutions that want to attract the newer generations need to be maximizing technology now.
New players are entering the financial playing field
Technology has allowed non-traditional entities to compete in the financial space. These new players often have no actual brick-and-mortar branch—instead, they offer instant access via websites and mobile apps. Consumers are already turning to these non-traditional entities to pay bills, transfer money online, and search for loans.
It’s not too late to join the digital revolution, but it soon will be. Banks and credit unions still have an advantage—trusted brand names and connections with Baby Boomers and Generation Xers who may advise their children to use the same institution. But the time to act is now. Financial institutions that ignore these new players and new technologies risk becoming irrelevant in the near future.
Financial institutions are positioned to take advantage of digital financial education
Banks and credit unions have another built-in advantage: financial education. Since brick-and-mortar financial institutions are already considered trusted sources of information, they should be leveraging this trust to offer financial education as a way to reach current and prospective customers. Programming that is highly relevant to consumers’ needs and available in real-time via a range of devices allows consumers to learn when they’re standing in line or sitting on the subway. Technology allows consumers to reach you anytime, anywhere—and your financial education should do the same.
For more information on how to leverage technology as part of your financial marketing strategy to reach new customers, download 10 Key Imperatives of Financial Digital Marketing: A Financial Services Marketing Guide for Improving Your Millennial and Consumer Engagement Strategy.