Four Reasons Why Financial Institutions Should be Paying Attention to Financial Education
Increasingly, financial institutions are leveraging digital financial education to market products and services to a highly targeted and responsive audience. In fact, a recent EVERFI survey found that 89 percent of banks and credit unions are already using financial education as a part of their digital marketing strategy, while 45 percent are planning to increase their budget in this area. If you’re not investing in financial education as a digital marketing tool, here are four reasons why you should be:
- Consumers interested in financial education are hot leads
Consumers who are seeking out financial education are already expressing interest in financial services – meaning they have”self-selected” as hot leads. By offering valuable, reliable information, banks and credit unions are positioning themselves as trusted sources of information, and are perfectly positioned to (very selectively) pitch relevant products and services.
- Financial education offers highly segmented audiences
Offering digital financial education programs tailored to different topics and life stages allows banks and credit unions to segment this audience even further. For instance, a young Millennial learning about student loans might also be interested in an auto loan for their first car, while a mid-career earner researching retirement plans might be interested in learning about other investments.
- Going digital means accessing your audience anywhere, anytime
Providing online financial education programming allows your institution an unprecedented reach – banks and credit unions can access their audience anywhere, anytime – via mobile phones, laptops, tablets, and other devices.
- Everyone else is doing it
We’ve already learned that 89 percent of all financial institutions already provide online financial education. With that in mind, the most compelling argument for investing in this marketing tool might be that if you aren’t offering it, your customers will quickly find someone else who is.
Bottom line? In today’s on-demand digital world, if your marketing plan does not include digital financial education, you’re missing out on the chance to both attract and retain customers. For more information on how to leverage financial education for marketing, join our webinar June 7th at 1PM EST.