5 Ways to Revitalize Your Financial Education Program and Boost Business
While financial education can be an invaluable component of your bank or credit union’s content marketing strategy, it is often underutilized. There are many ways you can enhance your financial education program to better meet your business goals and increase your bottom line.
Take some time to review your current program. Is there an opportunity to increase its impact, improve the experience, or make the content more dynamic and relevant? If so, consider these 5 effective strategies to revitalize your financial education program:
- Digitize Your Programming & Measure Impact
While workshops and seminars are not to be discounted, a digital education component can take your efforts to the next level. An online program has an unlimited scale and can instantly curate key metrics for your institution, such as participation numbers, knowledge deficits and gains in specific subject areas, and financial behaviors and intentions. Advanced data reporting can inform your ROI, justify your budget, reveal insights into consumer needs so you can better serve them, and provide concrete evidence of your community reinvestment efforts to regulators. Communicating information in fresh and innovative ways will also distinguish your business from competitors.
- Offer Financial Education to Prospective Customers, Too
If you are limiting your educational tools to current customers only, there is a missed opportunity for outreach to prospective account-holders. Offer a slice of your financial education program to prospects. Engaging them in your online tools increases exposure to your brand and opens the door to potential customer acquisition. Encourage participation with an incentive (such as an enticing giveaway) for completing a lesson. A helpful resource, combined with a worthwhile incentive, will create a positive association with your business among prospective customers.
- Don’t Forget Your Own Employees
Not all bank and credit union employees are financially capable themselves. Offering your financial education to staff, too, is a no-brainer. It is an employee benefit that also helps your business. A financially literate employee is more productive, confident, and equipped to serve your account-holders. You can easily mandate staff participation or encourage it through a small incentive. Consider presenting employees who complete the program successfully with a physical certificate that will strengthen their credibility as subject-matter experts.
- Build Up your Relationship with Local Schools
Kids in your community will soon become consumers and bank and credit union customers. Bringing financial education to local elementary, middle and/or high schools will promote a more financially capable rising generation. In addition to being a worthy philanthropic gesture, it will also reinforce your brand to students over time and open up valuable marketing and PR opportunities, if done right. Some of the most powerful school programs entail online education tools combined with offline benefits, such as scholarship offerings and capstone ceremonies.
- Use Multiple Marketing Channels
Take advantage of the many, varied marketing channels to expand your reach. If your online presence is relevant and regular, then you’re already ahead of most of the financial industry! Keep up consistent activity by promoting links and interesting content through email, online videos, and social media. (Note that an inactive social media presence is worse than none at all.) Links could lead to promotional offerings, product announcements, blog/vlog posts, or timely financial news (e.g. the new tax reform bill and how it affects them). You can also use online marketing channels to notify your audience about offline opportunities, such as events and workshops.
While these ventures require a time and/or monetary investment, they have proven effective time and again in helping businesses achieve desired results. Banks and credit unions looking to reinvigorate their financial education programs often choose to partner with an experienced FinTech firm. A partner with the right resources and expertise can provide you with both a state-of-the-art digital tool and a dedicated team that can successfully execute your program.