Customers Like Shopping for Financial Products Online – How to Win New Customers
Online account openings exceeded branch openings in 2020. As this shift continues, banks and credit unions will have to go beyond adding online account opening and implement a variety of new tactics. Below are several ways that smaller institutions can help level the playing field against challenger banks and larger institutions.
Websites have to complete the transition from an online brochure to a shopping experience designed to differentiate based on product value.
Selling on product value means institutions have to win consumers who may have three institutions' web pages open, looking at the different products side by side battle.
Product attributes will have to stand out and be relevant to customers who increasingly will see banking as an online experience, no touting online banking as a benefit, even as they likely continue to see value in a branch network.
Engaging product marketing to connect potential customers in the financial institution's mission while communicating how the product relates to their overall economic well-being.
Challenger banks have seen great success with this model, competing against community financial institutions and larger institutions. Selling the same products but using relevant descriptions and outcomes. Banks and credit unions will need to be more aggressive in following their footsteps to transition to online customer acquisition successfully.
M6 Marketing's ReImagine Checking® addresses the fundamental sameness of checking products by restating the product attributes to highlight the FIs own brand, along with outcomes and benefits that matter to today's consumers. No changes to the product or core are required, and there are no on-going fees, giving financial institutions a game-changing option to improve checking account acquisition. When joined with Community Engagement Marketing (CEM) to build visibility and engage potential customers outside of the paid media marketplace. M6 Marketing helps financial institutions target and build engaged communities of customers. Let’s talk if you are interested in learning more.