BankMarketingCenter

As a community bank in what is at the moment, challenging times, you’re no doubt getting the “marketing word” out there via social media, right? Good. Social media marketing has been proven to be pretty effective and easy to both implement and gauge effectiveness.

I’m guessing that much of your social media marketing is designed to yield site visits. After all, social media marketing is a great way to drive traffic to your website and take that potential customer further along your “buyer journey”, that is, from “awareness” to “consideration” to “decision making.”

I’m guessing, too, that you’re watching your site traffic, as well, watching your number of visits, pages visited, length of stay, etc. These KPIs (key performance indicators) are hugely helpful in understanding not only what a visitor does during their site visit, but also in providing insights into WHY they do what they do once there.

Of course, as you know, unfortunately, you’ll have quite a few visitors who stop by and then simply leave; no additional pages visited, no actions whatsoever taken. These are individuals who have, let’s face it, shown some interest in your products and services. After all, they wouldn’t have taken the time to visit your site if they weren’t, right? So, what do you do with this knowledge?

To use the retail store analogy, a potential customer enters your shop. They do a bit of browsing, then start heading for the door?  What do you do? Simply let them walk out?  No, you attempt to engage them before they leave, perhaps with a question like “can I help you?” or “are you looking for something in particular?”

Approaching that potential customer “as they head for the door,” and attempting to engage them is what is known in the digital marketing world as “remarketing.”  Think of it as getting a second chance to win that customer.

Remarketing is a tactic that involves showing ads to people who have visited your website or used your mobile app. This strategy is a particularly cost-effective way to increase your sales conversions because you’re reaching out to individuals who have already expressed interest in your products or services.

How does digital remarketing work?  It starts with “pixels” or “tags,” which are basically pieces of code. To target previous website visitors with remarketing ads, you need to insert that code in the back end of your website.

When someone visits your site, that pixel is placed on their browser, attaching a “cookie” to it. When the visitor leaves your site to surf the web and visit other sites, that cookie notifies retargeting platforms to serve specific ads based on the specific pages they visited on your website. Say, the visitor perused your page that spoke to the benefits of opening a HELOC. That visitor leaves your site and visits a site that sells, say, home improvement products. Thanks to the cookie, you can now place an ad on that home improvement site that encourages that visitor to learn more about your HELOC, with a link that will take them directly back to that page on your site.

You have other options, too. If a visitor does get a HELOC, and you’re interested in perhaps cross-promoting another product, such as a credit card, you could create an ad that targets them. Start by configuring your remarketing campaigns across various social networks as that’s where your possible target audience would be. Through remarketing, combined with customer purchase behavior data, you can re-engage a purchaser while they’re surfing the web. And, with an ad that targets that individual specifically; an ad, for example, that focuses on the benefits of your credit card. It’s all possible due to the magic of pixels!

Is remarketing effective? The numbers tell the story. Statistics show that people are 10 times more likely to click on a remarketing ad than a standard display ad, while some campaigns have reported a 128% increase in conversion rates through remarketing.  Who says there’s no such thing as a second chance at winning over a customer?  Remarketing is a relatively simple and cost-effective way to get that second chance. 

About Bank Marketing Center 

Here at bankmarketingcenter.com, our goal is to help you with that topical, compelling communication with customers; the messaging — developed by banking industry marketing professionals, well trained in the thinking behind effective marketing communication — that will help you build trust, relationships, and revenue. In short, build your brand. 

To view our marketing creative, both print and digital – ranging from product and brand ads to social media and in branch signage – visit bankmarketingcenter.com.  You can also contact me directly by phone at 678-528-6688 or via email at nreynolds@bankmarketingcenter.com.  As always, I welcome your thoughts on the subject.

The second-biggest bank failure in U.S. history is raising concerns about whether other banks are inadequately managing interest rate risks, overexposed on uninsured deposits, or — as in the case of Silicon Valley Bank — both.  As of the fourth quarter of 2022, deposits that were under the $250,000 insurance limit accounted for just 2.7% of the bank's total deposits.

Ironically, only two months earlier, American Banker ran an article entitled, “Some banks will go to any lengths for deposits, even opening branches.” The “any lengths,” according to the article, “included building more branches in a bid to attract depositors.”

Banks, of course, need depositors, and opening branches is a way to attract them… especially in a down economy and an environment where loan-to-deposit ratios are pushing 120%. (PS: Back in 2017, the ideal loan-to-deposit ratio for the industry was 60.2%.) They do need to be wary, it appears, of uninsured deposit overexposure. In the case of SVB, many of those deposits were far in excess of the $250,000 insured by the Federal Deposit Insurance Corp.

Even more ironic, one of the banks mentioned in the article was Signature Bank of Arkansas. “That's been the case at White River Bancshares in Fayetteville, Arkansas,” says the article. “The $983 million-asset holding company for Signature Bank of Arkansas, White River has opened three locations since December 2021, and White River bankers are not shy about asking prospective clients to move all their cash into Signature Bank of Arkansas.” 

Understandably, Signature Bank of Arkansas, immediately went into crisis management mode, declaring that it is in no way associated with Signature Bank of NY. A banner of the bank’s website makes this very clear:

“We are not affiliated, associated, authorized, endorsed by, or in any way officially connected with the various “Signature Bank” brands independently headquartered in Chicago, Florida, Kansas, Michigan, Minnesota, New York, and Texas, the Signature Bank National Associations of both Ohio and Texas, Signature Bank of Georgia, or any of their subsidiaries or their affiliates. You may rest assured that your community bank, Signature Bank of Arkansas, is not associated or affiliated with a similarly named organization that you may see mentioned in the news.”

Instead of taking the issue head-on, it has been suggested by some that community banks simply put their heads in the sand and, well, pretend that nothing happened. Robert Bolton, president of bank investor Iron Bay Capital is one of them. “Small banks don't really know anything more about all of this than the rest of us — other than it's not a problem of their making," he said. "So while they are scratching their heads, wondering what to do next, it makes sense for most of them to stay out of the spotlight."

In my opinion, the smart banks are the ones that have taken action, instead of “staying out of the spotlight.” If, as a community bank, you have a story to tell, especially in the wake of a crisis of confidence in the banking system, tell it. I’m with Signature Bank of Arkansas and those small banks that are taking action, distancing themselves from the failures and marketing their trustworthiness. It’s called risk management and sometimes, unfortunately, it simply can’t be avoided. And this is one of those times.

About Bank Marketing Center 

Here at bankmarketingcenter.com, our goal is to help you with that topical, compelling communication with customers; the messaging — developed by banking industry marketing professionals, well trained in the thinking behind effective marketing communication — that will help you build trust, relationships, and revenue. In short, build your brand. Like these campaigns designed to assure your customers that their funds are “safe and sound.”

To view our marketing creative, both print and digital – ranging from product and brand ads to social media and in branch signage – visit bankmarketingcenter.com.  You can also contact me directly by phone at 678-528-6688 or via email at nreynolds@bankmarketingcenter.com. As always, I welcome your thoughts on the subject.

Sustainability. To most, the word connotes “going green” by choosing paper over plastic, recycling rather than committing trash to a landfill, or driving fewer miles. In other words, modifying consumption behaviors in order to reduce the human carbon footprint on Mother Earth. For community banks, that notion of sustainability barely scratches the surface. Granted, sustainable business practices have always played a role in banking operations and profitability but, today, those practices play an even greater role. Why?  With growing pressure from customers, employees, the federal government, and a wide range of both state and federal regulatory agencies, it has become more critical than ever for banks to have a performance-based strategy in place for addressing what is known as the “Triple Bottom Line” (TBL) – people, planet, and profit.

What is sustainability in banking?

So, if not a commitment to moving from paper-based processes to digital information management, or keeping the thermostat set to 67 degrees in the winter months, what does sustainability mean in banking? Sustainable banking practices center on the strategic planning and execution of banking operations and business activities – with a goal, of course, of optimizing profitability – while taking into account their environmental, social and governance (ESG) impact.

It is widely believed that banks are poised to play a major role in achieving the United Nations’ Sustainable Development Goals (SDGs). The SDGs, also known as the Global Goals, were adopted by the United Nations in 2015 as “a universal call to action to end poverty, protect the planet, and ensure that by 2030 all people enjoy peace and prosperity. These goals suggest a comprehensive strategy for sustainability, which includes all aspects - the biosphere, the society, and the economy.”¹ It is also widely believed that through setting net-zero goals via finance offers, loans and investment schemes for green projects, and subsequently, supporting those individuals and companies that are taking the path toward sustainability, financial institutions can “lead the charge” in achieving SDG goals.

Going green is on the rise

Despite the headwinds, top banks have begun to commit to sustainability. For example, investments in sectors that are harmful to the environment, such as mining, are being reduced while the commitment to sectors producing or consuming alternative energy are increasing. In addition, green finance is on a high-growth trajectory and includes investments in renewable energy and sustainable infrastructure finance. Banks are offering, and taking advantage of, a growing menu of sustainable financing opportunities that include green bonds, sustainability bonds, transition bonds, and social bonds, as well as green loans and clean-energy project financing.

Banking consumers want green banks

Regulations are not the only motivators in banking’s move to sustainability. Banking leaders understand that customers are vocal about ESG and that they must address the expectations of those consumers, and employees, who prefer to do business with institutions that commit to sustainable practices. According to McKinsey, “one analysis found that social-related shareholder proposals rose 37 percent in the 2021 proxy season compared with the previous year.”² Bankers understand that, in the long-term, sustainable banking will help create the perception of a responsible business and create new business opportunities. 

It’s not easy being green, but it’s a competitive advantage

Policies and procedures for risk management and regulatory reporting will become necessities. More importantly, for community banks, sustainability can enhance a brand’s marketability. Yes, regulators take a great interest in a bank’s sustainability mission and achievements.  But, so do employees and banking services consumers, as they become increasingly mindful of the social responsibility that institutions take on. If you’re not doing so already, get involved in “green” community activities, and get the message out that sustainability is important to your institution… and your employees.

About Bank Marketing Center 

Here at BankMarketingCenter.com, our goal is to help you with that topical, compelling communication with customers; the messaging — developed by banking industry marketing professionals, well trained in the thinking behind effective marketing communication — that will help you build trust, relationships, and revenue. In short, build your brand. Like these campaigns designed to tell your “green” story to your customers.

To view our marketing creative, both print and digital – ranging from product and brand ads to social media and in branch signage – visit bankmarketingcenter.com.  You can also contact me directly by phone at 678-528-6688 or via email at nreynolds@bankmarketingcenter.com.  As always, I welcome your thoughts on the subject.

Sources

¹United Nations Department of Economic and Social Affairs, Sustainable Development. “The 17 Goals.” https://sdgs.un.org/goals

²McKinsey & Company, August 2022. “Does ESG really matter and why.” https://www.mckinsey.com/capabilities/sustainability/our-insights/does-esg-really-matter-and-why

Triangles are the building blocks on which solid marketing is founded. Why are triangles important to bank marketers?  First, triangles help marketers develop the emotion-based messaging that resonates most with consumers. Then, triangles help bank marketers determine at what point in the buyer journey it makes the most sense to get that message out into the marketplace.

Triangle #1. Maslow’s hierarchy of needs.

Who was Maslow?  Maslow was a 20th Century psychologist who figured out that each person has five levels of needs. He called this his “hierarchy of needs.” To illustrate this, he built a triangle. At the bottom of the triangle was the need for basics such as food and clothing. In the middle were safety and friendship. At the top was self-actualization. Why is this important to marketers?

Laddering up the Needs.

Marketers in every industry use Maslow's triangle because it helps us remember that when we're talking to potential customers about products and services, we have to talk to them not about how our product meets a basic need, but how it meets a need that's very important to them; an emotional need. What are some of those needs when we’re talking about banking products and potential banking customers?  You could say that a checking account meets the need of having to pay bills from a distance.  Or, that a savings account is a way to put money where you won’t be tempted to spend it. Instead, we want to talk about how these products meet those “higher” needs, such as comfort, security, and peace of mind. This is also what marketers call taking a “user focused” approach to messaging, instead of a “product focused” approach.  In other words, you’re focusing on how your product meets a consumer’s emotional need, as opposed to how it works and what it does.

Triangle #2. Meeting the prospect where they are

Now we take you on a little journey…the buyer journey. The buyer journey is basically the path that a consumer, (who we have now identified through research and persona mapping), takes when making a purchase and importantly the mindset that accompanies each step they take on that path.  It’s often expressed visually as an upside-down triangle (often referred to as the “marketing funnel”) and as a three-step journey:  Awareness is at the top, Consideration in the middle, and Decision/Consideration at the bottom.

If the consumer is at the start of that journey and knows nothing about your products, they’re at the top of the funnel.  Here’s where you give the consumer more information than they need… blog posts, social media, direct mail, for example, are good for the Awareness stage.  These are thought leadership pieces, focusing on industry trends and needs and, in general, how your products/services meet those needs. An article on why now is a good time to buy a CD, for instance, or an article on the importance of money management. Post them on your website and use social posts to guide readers to them. Selling product is not the goal here; that comes further down the funnel. Showing potential customers that you know the industry… that is your top-of-the-funnel goal.

As our consumer moves down into the Consideration stage, (mid-funnel) our messaging gets more product focused, with emails, case studies, and newsletters. When our prospect reaches the bottom of the funnel, (now at its narrowest point) we’re ready to start talking product details and benefits with highly targeted tactics, such as webinars, product demos, and product brochures.

Using triangles, right-side up and upside-down, can guide you in developing your marketing messaging. Not just messaging that may, perhaps, fall on deaf ears, but strategic, emotional messaging that will resonate with your target reader at just the right moment, move that reader to act and, with that, grow your share of wallet.

About Bank Marketing Center 

Here at bankmarketingcenter.com, our goal is to help you with that topical, compelling communication with customers; the messaging — developed by banking industry marketing professionals, well trained in the thinking behind effective marketing communication — that will help you build trust, relationships, and revenue. In short, build your brand. 

To view our marketing creative, both print and digital – ranging from product and brand ads to social media and in branch signage – visit bankmarketingcenter.com.  You can also contact me directly by phone at 678-528-6688 or via email at nreynolds@bankmarketingcenter.com.  As always, I welcome your thoughts on the subject.

I found the recent article in American Banker, "2023 tech trends banks can't ignore," a pretty interesting read.  It talks about a few of the challenges that banks face and some of the tech solutions out there that can help them address those challenges. Among many take-aways, this occurred to me:  It’s not so much tech trends that banks can’t ignore.  It’s their customers that are feeling ignored.

“With the cost-of-living crisis and general economic uncertainty” says the article, “many consumers want their banks to offer them more financial advice. A 5,000-person survey by Personetics uncovered that 51% of consumers want more advice on managing their money and 66% want proactive insights from their bank. But, sadly, 63% say they have not received any advice or communications from their institution about their financial stresses.”

Now, you might be thinking, “well, we’re a community bank, of course we offer financial advice and, of course, our customers know that.” And, to some extent, you’d be right. But, as you can see from the stats above, you’d be missing the mark by almost 40%; that’s a pretty significant number of customers. American Banker goes onto say that “sitting back and waiting for customers to find your financial advice content or proactively reach out to a financial advisor means they likely won't.” This missed opportunity to show your support for customers during tough times, and to provide them with personal money management guidance, is a tremendous (and costly) miss for those bankers who aren’t getting that message out to their customers. And here’s another eye-opening (and a bit frightening) statistic. A JD Power satisfaction survey revealed that 63% of customers won't switch banks… as long as their bank supports them during challenging economic times. And only 44% say their institution is offering that support. You might want to ask yourself: “Are 40% of our customers thinking that we simply don’t care?  

The article goes on to suggest the use of one of the self-serve appointment scheduling tools that are out there. And, I think that’s good advice. Being a “marketing guy,” however, I wonder if that’s enough. After all, simply because one offers a product or service doesn’t mean people will be interested in it… or even know about it, for that matter.  This is where a bit of bank marketing can really come in handy.

“When something is easy, clients are more likely to do it—and more facetime with them will give them the peace of mind they need to weather the storm with your institution,” the article tells us in conclusion.  And I couldn’t agree more.  Now, go make it easy for your customers by reaching out and telling them that you’re here for them in tough times.

About Bank Marketing Center 

Here at BankMarketingCenter.com, our goal is to help you with that topical, compelling communication with customers; the messaging — developed by banking industry marketing professionals, well trained in the thinking behind effective marketing communication — that will help you build trust, relationships, and revenue. In short, build your brand.  Like these bank marketing campaigns designed to help community banks tout the fact that they offer personalized, money management guidance.

To view our marketing creative, both print and digital – ranging from product and brand ads to social media and in branch signage – visit bankmarketingcenter.com.  You can also contact me directly by phone at 678-528-6688 or via email at nreynolds@bankmarketingcenter.com.  As always, I welcome your thoughts on the subject.

As you all know, bankers are continually required to do more with less… and the management of their marketing programs is certainly no exception. Because BankMarketingCenter.com is a Florida Bankers Association endorsed partner, I recently had the pleasure of speaking with Brian Hickey, who you all know of course, as the FBA’s Director of Partner Relations and Associate Membership.  We talked about some of the trends in banking and how members can make the most of our partnership.

Brian: Thanks for meeting with me, Neal. Let me begin this conversation by giving our members a bit of background. Now, for those association members who are not familiar with the process, this is important; our selection of endorsed partners is an on-going one. In other words, once selected, a vendor doesn’t simply enjoy permanent endorsed vendor status. As new suppliers and technologies appear, we know that we must continually review these partners and potential opportunities, to remain assured that they are, in fact, the best organizations in their field. And subsequently, that members receive the best services in the industry.

As your state banking association, we feel that it is always important to help keep you, our partner banks, abreast of the trends, developments, and new opportunities that present themselves in this fast and ever-evolving industry.  We’re taking this opportunity to update you on developments in the area of marketing, brought to you here by Neal Reynolds, founder and president of one of our endorsed marketing partners, BankMarketingCenter.com.

Reynolds: First off, thank you Brian, for giving me the opportunity to address your association banks. We are committed to bringing the FBA banks the best in marketing messaging, which is so critical, especially with the many challenges bankers now face. A top challenge, of course, is that banks are continually being asked to do more — regulation is a good example — and resources are stretched thin. The competition for customers has become incredibly tough with fintechs constantly entering the marketplace. Consequently, smart marketing is more critical than ever.

Brian:  You mentioned that resources are stretched thin and I’m pretty sure that all of our member banks would agree. Tell me, how can your service help banks stay on top of that all-important function, marketing, without, perhaps, staffing an entire department or hiring an expensive outside firm?

Neal: Good question, Brian. For starters, our web-based marketing portal gives your banks the ability to produce professionally designed, bank-branded marketing materials in a matter of seconds. It puts the user in complete control of the ad production process, saving valuable time and money. Our design interface is super user friendly, so no design skill is required, which is huge. Users log in, select an ad that most closely meets their needs, and then customize it with their desired images, brand colors, and copy; simply by dragging and dropping.  And they have unlimited access to thousands of layouts and millions of Getty photos and images.

Brian: I get it. I’ve been in your portal and seen the campaigns.  It looks like you offer everything from digital signs, direct mail, statement stuffers and social media posts to ads, flyers, and brochures.  Basically, well, everything a bank needs to market their products and services, honor holidays, build their brand, celebrate their employees… all kinds of things.

Neal:  Very true, Brian. And you’re making a very important point about our marketing messaging.  The content on our portal has been created by people who know the business and this is really critical. We have a team of financial industry marketing professionals who are constantly researching financial industry trends, products, and services. Then, using decades of marketing experience in the financial services space — community banking, in particular — they develop and add new, customizable creative to our library of ads almost every day. This is the major difference between our service and some of the template-driven applications out there, such as Canva. Like everything in life, you get what you pay for. Programs like Canva don’t apply the highly sophisticated principles of marketing that we do at Bankmarketincenter.com.

Brian:  Can you talk a bit more about how it works?

Neal:  Sure. Our portal can also, if the user wants it to, automatically insert their institution’s logo, address, and phone numbers into their ads. The portal then facilitates proofing of the ad, automatically routing it along a pre-determined, pre-arranged compliance approval path. Another very useful feature, and one that many overlook the importance of, is that each user has easy access to their order history, enabling them to track all the marketing materials that are produced. This is a huge benefit if and when, in a compliance review, they’re asked by regulators for access to their marketing materials.  No other web-based messaging portal does this.

Brian:  You mentioned images.  Millions of them?

Neal: Yes, roughly 9 million and that includes videos as well. And your members can use any of them without concerning themselves about the usage rights. Here’s an example of what I’ve actually been seeing; banks promoting their mobile banking with an image of an iPhone. That doesn’t sound like a big deal but, well, Apple thinks it is. Their Trademark Guidelines tell you that “Only Apple and its authorized resellers and licensees may use the Apple Logo in advertising, promotional, and sales materials.” Needless to say, the last thing your bank needs is a Cease-and-Desist letter from Apple’s legal department. 

Brian:  Thanks very much for your time, Neal. This has been great… very informative stuff.

Neal:  Thank you, Brian, for giving me this opportunity. I hope it helps you banks better understand what we can do for them.

As I’m sure many of you do, I often check in with the ICBA to see what’s “in the wind” for community banks. Many of the banks with whom BankMarketingCenter.com has partnered do business with local farmers or what most small banks call their “farm families.” So, I found what I learned about what farmers face and the actions being taken by the federal government not just interesting, but very relevant to what I do as a bank marketer.

It also took me back to my own days growing up on a farm, a small farm in LaFayette, AL. We had hogs, horses, and 120 head of cows. I took part in clubs like 4-H and FFA (Future Farmers of America) and served as a member of the Livestock Judging Team. I know what hard work farming is. Believe me, cutting and baling hay in the Alabama heat is tough. I know the beating that sweaty hands will take repairing barbed wire fences in a sweltering Alabama August.  There’s the pain, too, of getting up before school, in winter darkness, to break the ice on the watering troughs. I know what it’s like, for instance, to plant seed and hope that it rains. That’s not just a matter of hard work… It's a matter of having faith, as well. Then, there was the worry that comes with running a small farm… my dad keeping track of the cost of feed, maintenance, and supplies, especially when the price of beef would drop. And, finally, yes, that’s me with my favorite steer after winning First Place in the State Showmanship competition.

So, you can understand why I take such an interest in all things farming… including the legislation around this important way of life. It’s that interest that led me to do a bit of research around the all-important Farm Bill. A recent article on the ICBA website, I learned, provides a pretty thorough overview of the industry and what the upcoming Farm Bill will mean for farm families.  And, subsequently, how that piece of legislation will affect the many farming communities that are served by small, local banks.

First, a bit of history. Why a Farm Bill and why is it important? Sure, there are economic reasons, but for me, there are other reasons, as well. Farming is a centuries-old “tradition,” if you will, and in many ways epitomizes those traits that we want to associate most with being Americans:  Generosity, a huge work ethic, determination, and a love of this land, to name just a few.  So, to me, anyway, there’s more at stake here than simply supporting an industry; it’s about supporting our rural American families, as well as a way of life that is deeply ingrained in who we are as a people and a nation.  And Thomas Jefferson would agree with me.  After all, it was Jefferson who said: "Cultivators of the earth are the most valuable citizens. They are the most vigorous, the most independent, the most virtuous, and they are tied to their country and wedded to its liberty and interests by the most lasting bands."

It was 1862 when President Lincoln signed legislation establishing the U.S. Department of Agriculture. He called it "the people's department" since, at that time, 90 percent of Americans were farmers. The first Farm Bill was enacted during the 1930s as part of the New Deal and had three main goals: Keep food prices fair for farmers and consumers, ensure an adequate food supply, and protect and sustain the country’s vital natural resources.

Needless to say, the economics (and politics) of our agriculture industry have gotten far more complex since the New Deal. The basic tenets, however, do remain the same and it is upon those basic tenets that the new Congress is currently working to build the 2023 Farm Bill. Farm bill provisions are designed, at least in part, to provide lenders and farm families with a long-term policy framework for business and planning purposes, along with money that will help farming communities to thrive.  

As stated in the ICBA article, “the 2023 farm bill should continue to provide essential assistance to the farm sector and to rural America,” and fortunately, the ICBA has been extremely involved, and vocal, in ensuring that farming families continue to receive the assistance, and protections, that they need, including but not limited to:

• A strong crop insurance program
• USDA farm loan guarantees with increased loan limits
• Continued community bank market access provided by Farmer Mac
• Assistance with the high costs associated with inflationary times
• Climate change programs that do not cause economic burdens
• Agricultural export programs that support the industry
• Funding for university-led agricultural research

In conclusion, I applaud the ICBA which, back in 2018, worked tirelessly to help secure the futures of our farming families and is doing the same great work now. I applaud, too, all of America’s community banks that do the absolute best they can to support their farm families. Do I have a bit of a personal interest in this, as well as a professional one? I certainly do and you can bet the farm on that.

About Bank Marketing Center 

Here at BankMarketingCenter.com, our goal is to help you with that topical, compelling communication with customers; the messaging — developed by banking industry marketing professionals, well trained in the thinking behind effective marketing communication — that will help you build trust, relationships, and revenue. In short, build your brand.  Like these campaigns designed to help community banks support their farming family customers.To view our marketing creative, both print and digital – ranging from product and brand ads to social media and in branch signage – visit bankmarketingcenter.com.  You can also contact me directly by phone at 678-528-6688 or via email at nreynolds@bankmarketingcenter.com.  As always, I welcome your thoughts on the subject.

Despite the fact that “digital transformation” has been with the banking industry since around 2011 and the need to achieve it has – for a host of reasons – become a necessity over the past two years, many banks are still far from achieving their planned digitization model. In fact, according to a study developed through a partnership between Adobe and Microsoft and reported in a November 22 Forbes article, roughly half (49%) of the over 600 senior digital and technology executives surveyed said that “their restructuring of workflows remains incomplete or unsatisfactory,” and nearly two-thirds (65%) of CIOs said “they’re now re-evaluating workflows to achieve higher operational excellence.” Why the re-evaluation, especially since many banks have been in digitization mode for several years now? That re-evaluation, I think, is largely due to what I’ll call “the four C’s,” the primary headwinds that are slowing banks in their quest to achieve that operational excellence.

Granted, banks are feeling pressure from all around, but based on what I’ve been reading, these are the challenges, I believe, that are causing bankers the most sleepless nights:

• Cybercrime – ever more sophisticated threats
• Customer Experience – demanding, digitally-savvy consumers
• Compliance – an evolving regulatory landscape
• Competition - loosely regulated fintechs constantly entering the marketplace

Given all of the above, what banks desperately need at the moment, in a nutshell, is automation. As mentioned earlier, yes, nearly half of surveyed tech execs feel that “their restructuring of workflows remains incomplete or unsatisfactory.” The good news, though, is that the other half doesn’t feel that way. Indeed, many banks are already implementing innovative, agile, and powerful technologies – such as Artificial Intelligence and Machine Learning— driven solutions — and with them, discovering more efficient ways of working and addressing the challenges presented by the four “C’s”. And they're making progress despite the fact that many are working with legacy technologies — such as an aged core — that can make evolving one’s tech stack expensive, time-consuming, and disruptive.

Being a marketing guy, I always see challenges and solutions through a marketing lens. And, for this reason, I always view marketing as a bank’s most critical function. Not to say that the other “C’s” aren’t important. A customer experience that will earn and keep customers is certainly important.  So is the threat of cybercrime, along with what seems to be a regulatory minefield that gets continually difficult to navigate. But in my mind, fending off the competition is the most important of the C’s. Automation technologies can certainly help in these areas, and it can help in a huge way when it comes to a bank’s marketing function, as well.

What, exactly, is marketing automation?  Salesforce defines it this way: “In its most basic form, marketing automation is a set of tools designed to streamline and simplify some of the most time-consuming responsibilities of the modern marketing and sales roles. Automation is all about simplifying a business world that is growing far too complex, much too quickly.”

And what is one of the most costly, time-consuming functions of marketing? Creating the message.

Banks have a couple of options here. They can hire an outside firm, which can often be expensive and time consuming, i.e., “It would be quicker and easier if I did it myself!” They can maintain an internal marketing staff, which can be a challenge when banks are looking to maintain a slim headcount. Or, they can utilize some of the marketing automation technologies that are out there. Yes, there are any number of automation tools out there that can assist in functions such as targeting the right audiences, testing a marketing message, and supplying the key performance data that enables the marketer to refine a message based on customer engagement across any number of channels.

But, there’s one important function that most marketing automation platforms cannot address; and that’s the all-important process of developing a marketing message that is not only creative, but always relevant and engaging. And that’s where we can help, with a solution that blends the speed and ease of automation with the creative thinking of a team of financial industry marketing professionals. Now, your messaging can not only be developed quickly by an individual on staff (no design experience necessary), but also impact your audience, build your brand, and enhance your bottom line.

About Bank Marketing Center 

Here at BankMarketingCenter.com, our goal is to help you with that topical, compelling communication with customers; the messaging — developed by banking industry marketing professionals, well trained in the thinking behind effective marketing communication — that will help you build trust, relationships, and revenue. In short, build your brand. 

To view our marketing creative, both print and digital – ranging from product and brand ads to social media and in branch signage – visit bankmarketingcenter.com.  You can also contact me directly by phone at 678-528-6688 or via email at nreynolds@bankmarketingcenter.com.  As always, I welcome your thoughts on the subject.

You know better than I do that there’s a lot of controversial “stuff” going on right now (and for quite some time, actually) that has (and will) have a profound impact on community banks. One thing, however, that I think we can all agree on is this: Bankers deserve a break.

Just a short time ago, we talked about this; the fact that protecting PII (Personally Identifiable Information) is becoming nearly impossible, that customers want more and more in terms of a digital experience, that competition for banks is coming from everywhere, that compliance is becoming increasingly challenging and costly, that it’s time for banks to replace their core systems… the list goes on and on.

The latest “warning” seems to be about climate regulation, although this really is nothing new. I believe that the notion that climate change could trigger a worldwide financial crisis has been circulating for nearly a decade.  [“Mark Carney, the former governor of the Bank of England, warned of financial risks from climate change as long ago as 2015”, according to a September 2021 article in The Economist: “Could climate change trigger a financial crisis?”]

Why, then, are some folks in the banking industry talking about this as if it were something new and, well, fearful, for community banks?  Granted, there’s quite a bit of uncertainty surrounding climate change. But, not so much about whether or not it exists — although there are still some out there that think it’s a figment of our collective imaginations — but the ramifications of it.  

The 2017 TCFD (Task Force on Climate-Related Financial Disclosure) Report says this: “One of the most significant, and perhaps most misunderstood, risks that organizations face today relates to climate change. While it is widely recognized that continued emission of greenhouse gases will cause further warming of the planet and this warming could lead to damaging economic and social consequences, the exact timing and severity of physical effects are difficult to estimate.” Which, I believe, is why the financial services industry has been talking about this for years. And instead of making what seems to be concrete progress toward addressing the situation, simply fretting over the impact that the risk management framework may or may not have on a bank’s bottom line.

Sure, there will be costs associated with responding to the challenges that a changing climate poses to individuals, businesses, and markets. But sitting back and predicting doom and gloom doesn’t seem, to me anyway, particularly helpful.

I get the impression that some in the financial services industry see TCFD risk management framework compliance as a time-consuming, error-prone, heavily manual, and therefore extremely costly process. Given that view, I imagine that those individuals must be picturing that compliance as teams of expensive individuals doing massive amounts of research, filling out spreadsheets, and sharing them via the U.S. mail.

That is so 1980.

Here’s a thought. Technology. Let’s instead look to the future with optimism, instead of trepidation. Technology can do that for us. Using 21st Century tech such as AI, ML, AR/VR, banks can lead the way in ensuring that the concerns that were, frankly, raised nearly ten years ago, never become our reality.  Instead of assuming that the TCFD’s framework will be onerous, disruptive, and expensive, let’s continue to keep open minds and look to a future that, at the moment unfortunately, some seem unable to imagine; a future driven by the developments we’re seeing in technology.

The kind of efficiencies that these technologies bring to the gathering, analysis, and validation of data are at this very moment revolutionizing the way banks work. “Scenario analysis”?  With AI/ML, a piece of cake.

The tech that is out there right now can make it entirely possible (and let’s face it, this is going to happen whether banks want it or not) for banks to meet the TCFD compliance framework requirements quickly, easily, and cost effectively. And I don’t pretend to have a crystal ball with Fortune Teller powers to see the future. The Task Force said this nearly six years ago: “Improved practices and techniques, including data analytics, should further improve the quality of climate-related financial disclosures and, ultimately, support more appropriate pricing of risks and allocation of capital in the global economy.” And companies like UK-based Risilience are already making it happen.

Well, that’s my (and the Task Force’s) vision of the future. As always, I welcome your thoughts on the subject.

About Bank Marketing Center 

Here at BankMarketingCenter.com, our goal is to help you with that topical, compelling communication with customers; the messaging — developed by banking industry marketing professionals, well trained in the thinking behind effective marketing communication — that will help you build trust, relationships, and revenue. In short, build your brand. 

To view our marketing creative, both print and digital – ranging from product and brand ads to social media and in branch signage – visit bankmarketingcenter.com.  You can also contact me directly by phone at 678-528-6688 or via email at nreynolds@bankmarketingcenter.com.  As always, I welcome your thoughts on the subject.

SEO, as you know, now plays a more critical role than ever in the marketing content that you create to engage your customer. And Google, as you also know, plays a critical role in determining how and when that customer engages with it. It’s important, then, to keep an eye on Google and keep abreast of the changes they may be making to how they rank content in user searches.

If you’re a content marketer — and you better be — those changes involve algorithms, which have a profound impact on the type of content you distribute and how it is viewed. Today, we’re going to talk briefly about the content trends driven by the late-last-year algorithm changes at Google; the “Helpful Content Update” and the “Spam Update.”

For years, and Google would be the first to admit it, their content ranking algorithm was less than perfect and, as a result, fairly forgiving.  As a result, when it came to optimizing content such as web sites and web-based articles, blogs, white papers, infographics, and ebooks, etcetera, marketing content developers could get away with things. They’ve been able, for instance, to get away with optimization tactics such as keyword stuffing and link farming (a set of web pages created with the sole aim of linking to a target page, in an attempt to improve that page's search engine ranking). In short, writing to the search engines instead of the human being. As of this year, however, the ability to get away with “faking” SEO is no longer an option. This is good news for bank marketers who adapt, bad news for those who don’t.

Not surprisingly, Google continues to get smarter over time; artificial intelligence can do that.

It’s time for banks to become smarter about creating search engine optimized content that can truly leverage what Google is prioritizing when it comes to the SERP (Search Engine Results Page) and the recent algorithm updates.

Why bother with algorithm updates, you ask? Well, Google is a business, too, and the path to growing their business is to serve their users the best possible content as quickly as possible.  The Helpful Content Update (HCU) and the Spam Update will both enable Google to enhance the search engine’s ability to offer users the best content quickly and, in the end, increase their revenue.

Here is what Google’s HCU is intended to do; validate and rank content with a greater emphasis on author authority… and trust. And they’re doing this not only by validating the trustworthiness of sources/authors. So, moving forward as a content marketer developing content for the web, Google suggests that, in order for that content (site page, ebook, whatever) to be recognized as valued content, you should position your author as a subject matter expert, ideally linking the blog to their LinkedIn page where the reader can learn more about the author’s experience and industry credentials.

Google is also concerned about the growing popularity of  AI generated content, via providers such as Chat GPT and Longshot. Industry experts theorize that it won’t be long (potentially) before the internet is flooded with AI content, i.e., websites and blogs crafted by writing “bots.” Google’s updates are the company’s way of protecting what it views as legitimate content, making sure that the content it ranks high in SERPs is developed by individuals who are truly qualified to do so; subject matter experts in their field and not “AI writing assistants.”

This is where the Spam Update comes into play. The update is designed to determine whether the content was, in fact, created by a trusted, expert source.  If not, the algorithm will identify the content as spam. So, tempting as it may be to use an AI platform such as Chat GPT or Longshot to generate your blogs instead of a trained writer with industry expertise and credibility, you may want to resist that temptation… or, face the wrath of Google’s algorithm updates.

In addition to the steps that Google is taking to validate content, the company is also taking a less favorable view of “all text content.” In Google’s opinion, there’s much more to content than text… and it’s true. The manner in which people consume information has been changing for quite some time and Google has been watching very closely. Specifically, they’re watching YouTube Shorts, Instagram Reels, and TikTok. And, the fact that all-text content engagement is on the slide while short-format video engagement is on the rise; and the numbers prove it. Fun fact: There are roughly 250 million hours of video viewed on YouTube every day and last year, young people globally spent 56 minutes a day on YouTube. According to Forbes, “YouTube Shorts now claims 1.5 billion monthly viewers — more than TikTok has at 1 billion viewers a month — and gets 30 billion views a day.” Instagram Reels has proven to be a powerhouse player as well. “In an October earnings call, Meta reported that Reels gets 140 billion plays a day across Instagram and Facebook.¹ As you look to create engaging content that Google will crawl and rank highly on its SERPs, consider short videos, either standalone or embedded in your text content.

So, as you move forward with content creation — keeping in mind that Search Engine Optimization plays a critical role in the effectiveness of that content — it will pay to also keep in mind that Google has an ever-watchful eye on the web.  Remember: How, when, and even IF your content will be viewed online is in Google’s hands, not yours. 

About Bank Marketing Center 

Here at BankMarketingCenter.com, our goal is to help you with that topical, compelling communication with customers; the messaging — developed by banking industry marketing professionals, well trained in the thinking behind effective marketing communication — that will help you build trust, relationships, and revenue. In short, build your brand. 

To view our marketing creative, both print and digital – ranging from product and brand ads to social media and in branch signage – visit bankmarketingcenter.com.  You can also contact me directly by phone at 678-528-6688 or via email at nreynolds@bankmarketingcenter.com.  As always, I welcome your thoughts on the subject.

¹Forbes. “In the age of TikTok, YouTube Shorts is a Platform in Limbo. December 22, 2022. https://www.forbes.com/sites/richardnieva/2022/12/20/youtube-shorts-monetization-multiformat/?sh=6ffc04116f41