Historically banks have leveraged branches as their primary source for client interactions and have trained bankers and tellers with varying levels of success to market and cross-sell their products. While still applicable, that model is slowly becoming less effective as clients transition from branch banking to more digital channels. According to the 2013 Teller line study conducted by FMSI, the number of transactions per branch has fallen 45% since 1992 signaling a shift away from traditional branch banking. The digital world is changing the way that clients interact with their financial services institutions and institutions need to adapt quickly or risk losing business.
While a good start, digital today means more than having an online and mobile banking platform. To be effective in the digital marketplace you must provide a clear and consistent message to the right client at the right time. Ask yourself:
- How are you selling and cross-selling to this new digital client?
- Are you doing this effectively?
- Do you have a plan to keep up with the growing expectations of the marketplace?
Many financial institutions are exploring and implementing marketing automation practices to create scalable marketing processes, provide a more consistent message, and leverage data analytics to easily refine the message based on user preferences. This approach will improve your presence in the digital marketplace and ultimately increase Marketing ROI. The key to implementing this successfully is to make sure you have a strategy that aligns with your banks business goals and you have an initiatives roadmap that shows incremental, measurable benefits along the way.
For further insight into how your organization can enable an effective marketing roadmap, reach out to Jim Delbridge at firstname.lastname@example.org or John Vance at email@example.com.