/blog/image.axd?picture=/2023/GettyImages-1467878602.jpg

How to use ChatGPT prompts in bank marketing

It’s obvious that we’re fans of ChatGPT. After all, back in July, we added AI-assisted content development to our suite of bankmarketing.com solutions through the integration of ChatGPT. With the addition of AI-assisted content development, clients can very quickly generate articles they need for newsletters and blogs and any other content they might need in their marketing efforts, including suggestions for their marketing plans. In short, the addition of this technology makes the creation of marketing content even simpler. Perhaps you have an extremely lean marketing team, or your marketing team members have no design or writing skills. In either scenario, ChatGPT is a true lifesaver.  

If you’re not intimately familiar with ChatGPT and its capabilities in terms of bank marketing, read on. As community bankers, it’s essential that you understand the benefits of this amazing technology.

For starters, ChatGPT, is by definition, an AI-powered conversational agent that can optimize a community bank’s marketing resources, deliver more engaging and meaningful customer experiences, and in so doing, drive revenue growth.

Ok, I know what it is. Now, how do I use it?

ChatGPT is certainly a great tool in creating content … if you know how to use it. To that end, we’ve included a few tips that will help – that is, if you haven’t already mastered it – to, at least,  get you started. 
Here’s what I did. I opened ChatGPT and used the prompt, "What should I promote in January as a financial institution?" ChatGPT generated the following response:

“In January, consider focusing on financial products and services that align with common New Year’s resolutions, financial planning, and seasonal trends. It then suggests marketing your investment products such as IRAs, as well as offering financial management workshops that can be considered a way to address a New Year’s resolution to better manage money.”

If you do not like the initial generated idea, use the prompt again and it will generate a different response. If you like the initial response and you want to write, say, a blog on the subject, you can then prompt ChatGPT with: “Write a 750-word article on why it's a good idea for banking customers to investigate investment products and financial management education in the New Year.”  The program will give you this, as a start:

“As the New Year begins, it presents an opportune time for banking customers to delve into investment products and financial management education. While resolutions often revolve around health and personal goals, prioritizing financial well-being can be equally crucial. Exploring investment opportunities and seeking financial education in the early months of the year can pave the way for a more secure and prosperous financial future.”

Pretty good, right? Again, if you’re not happy, prompt the program again for a different response.  You can continue to prompt the program, slightly modifying your prompts, until you’re happy with the response. You can modify your prompt as well. For instance, you can prompt ChatGPT with “make this article more conversational,” and you’ll get an entirely different response again. 

Next, say you’re working on an ad and can’t come up with a great headline. Use the prompt: "Write a headline for why it's a good idea for banking customers to investigate investment products and financial management education in the New Year. ChatGPT will give you this: “Empower Your Finances: Explore Investment Opportunities and Financial Education in the New Year for Greater Prosperity" Again, if you don’t like it, use the prompt again until your AI content assistant provides you with a headline you love!

How well does ChatGPT work?  You decide.  Back in July, we prompted ChatGPT to “write a 750-word article on how to get the most out of using ChatGPT in writing marketing content.” This is what our AI-assisted writer came up with. Now, is ChatGPT the award-winning writer you’d love working on your bank marketing? Perhaps not. Sometimes he/she can be a bit, well, “loose” with the facts, so it’s always good to do a bit of fact checking. But, it's a great tool for the novice, and even the professional writer who will occasionally suffer from a case of writer’s block.  PS: Never input information that you don’t want to share with everyone on the planet!

Want to learn more about prompting? Check out our video!

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 — that will help you build trust, relationships, and revenue.  Now, through our partnership with ChatGPT, customizing our layouts is even faster and easier. With the addition of AI-assisted content development, our clients can very quickly generate articles they need for newsletters and blogs and any other content they might need in their marketing efforts.

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.

/blog/image.axd?picture=/2023/GettyImages-1180611755.jpg

Fair Lending practices: An essential element of your bank marketing mix.

Community banks are the bedrock of local economies, fostering financial growth and stability within their neighborhoods. As cornerstones of trust and service, these institutions hold a significant responsibility not only to provide financial support but also to ensure equity and fairness in their lending practices. Implementing and steadfastly following Fair Lending practices isn't just a regulatory necessity; it's a fundamental commitment that strengthens community ties and fosters inclusivity.

What is Fair Lending? Fair lending prohibits lenders from considering your race, color, national origin, religion, sex, familial status, or disability when applying for residential mortgage loans. Fair lending guarantees the same lending opportunities to everyone, and that the process is based solely on the individual’s financial qualifications. How is this guarantee enforced? The federal Fair Housing Act protects an individual’s fair lending rights. The Office of Fair Housing and Equal Opportunity enforces the federal Fair Housing Act and state and local enforcement agencies enforce fair housing laws that are substantially equivalent to the federal Fair Housing Act. 

Lending discrimination can occur at any stage of a home purchase or refinancing process. For example, if a lender refuses to make a mortgage loan because of your race or ethnicity, or if a lender charges excessive fees to refinance your current mortgage loan based on your race or ethnicity, the lender is in violation of the federal Fair Housing Act.

Understanding Fair Lending Practices

In order to facilitate the practice of fair lending, community banks are subject to various regulations, including the Equal Credit Opportunity Act (ECOA), Fair Housing Act (FHA), and Community Reinvestment Act (CRA). Compliance with these regulations is essential to prevent discriminatory practices and promote fair access to credit and banking services. When put into practice, Fair Lending processes actively prevent discriminatory lending practices, including redlining (denying credit based on a neighborhood's demographics), steering (directing borrowers to less favorable loan products), and pricing disparities based on non-financial factors.

The Importance for Community Banks

As a community bank, upholding Fair Lending practices reinforces your reputation as a fair and ethical institution, one that represents the best of its community. This fosters trust among customers, investors, and the broader community, enhancing the bank's standing as a reliable financial partner. But trust isn’t the only benefit to Fair Lending. Fair access to credit fuels economic growth within the community. When banks ensure equitable lending, they empower both individuals and small businesses, facilitating entrepreneurship, job creation, and overall economic development.

As we all know, community banks are uniquely positioned to understand the needs and challenges specific to their community. Implementing Fair Lending practices allows them to tailor services and lending products that cater to the diverse requirements of their community members.

Why market your Fair Lending practices?

Simple. Marketing your Fair Lending practices demonstrates your commitment to fairness, equality, and social responsibility; the cornerstone to your reputation in the community. It’s a way to:

  • distinguish yourself from both the non-bank and the large national banks
  • engage customers beyond financial transactions
  • Invite your customers to be part of an ethical banking journey, aligning their values to your commitment to fairness and non-discrimination
  • reinforce the personalized service you’re known for
  • communicate your bank’s dedication to providing equal opportunities for credit access
  • empower underserved communities, encouraging those who live in them to seek financial assistance without fear of discrimination
  • reinforce your role as a driver of positive social change by promoting economic equality
  • enhance your reputation as an ethical institution

Effective Marketing Strategies for Fair Lending Practices

Educational Campaigns and Workshops

Hosting seminars and workshops on fair lending educates your community, showcasing your bank's commitment to Fair Lending practices, while empowering your customers with an understanding of their rights.

Digital and Social Media Messaging

Leveraging digital platforms to communicate fair lending messages broadens your bank’s reach. Social media advocacy campaigns can disseminate information effectively and quickly, while engaging a wide audience. Use your social media platforms and messaging to communicate your educational programs and your community partnerships.

Community Partnerships and Outreach

Collaborating with local organizations and participating in community events reinforces the bank's commitment to fairness. Such partnerships demonstrate a shared dedication to promoting inclusivity and equal access to credit.

Challenges and Considerations

Resource Allocation and Budgeting

Implementing marketing campaigns focused on Fair Lending practices requires dedicated resources and budgeting. Community banks might need to allocate additional funds and personnel.

Navigating Regulatory Compliance

Ensuring that marketing efforts comply with fair lending laws and regulations is essential. It is critical that your bank navigate these regulatory frameworks while effectively communicating their Fair Lending initiatives.

The promise of AI and Fair Lending

Artificial Intelligence (AI) has revolutionized the banking industry, offering efficiency, accuracy, and personalized services. However, while AI presents a myriad of benefits, its application in lending decisions can potentially exacerbate biases and lead to unfair lending practices, such as:

  • Discriminatory Outcomes

Biased algorithms can result in discriminatory lending outcomes. For instance, AI might favor certain demographics or penalize others based on historical data, leading to unequal access to credit.

  • Reinforcement of Socioeconomic Disparities

If AI algorithms consider factors correlated with socioeconomic status, such as neighborhood demographics, they might inadvertently reinforce existing disparities, limiting opportunities for marginalized communities.

  • Legal and Reputational Risks

Unfair lending practices, whether intentional or unintentional, pose legal and reputational risks to banks. Lawsuits and damage to reputation can arise if AI systems are found to perpetuate discrimination.

What next? Strengthening Communities through Fairness

Marketing fair lending practices isn’t just about compliance; it’s a demonstration of a community bank’s commitment to its core values and the community it calls home. By communicating their practices transparently, community banks can continue to foster trust, promote inclusivity, and reinforce their positive impact within their communities. 

About Bank Marketing Center 

Here at bankmarketingcenter.com – one of the industry’s most well-regarded providers of professionally-designed marketing materials to local banks – our goal is to help you with that topical, compelling communication with customers that will help you build trust, relationships, and revenue. Like these ads on our portal that you can use to market your Fair Lending practices.

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.

/blog/image.axd?picture=/2023/iStock-1272178182-960x600.jpeg

Why your bank marketing should include "greenness."

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 to reduce the human carbon footprint on our shared earth. For financial institutions, that notion of sustainability barely scratches the surface. Granted, sustainable business practices have always played a role in banking operations and profitability (as well as bank marketing) but, today, those practices are even more vital. Why?

With growing pressure from employees, the federal government, a wide range of both state and federal regulatory agencies – and importantly, customers – it has become more critical than ever for banks to have a strategy in place for addressing what is known as the “Triple Bottom Line” (TBL) – people, planet, and profit - in their bank marketing.

Originating in 1994, the TBL initially encapsulated social equity, economic, and environmental factors. However, over time, this concept has evolved into broader frameworks like CSR (Corporate Social Responsibility), ESG (Environmental, Social, and Governance), and specialized concepts such as environmental P&L, impact investment, and carbon productivity.

Why sustainability is critical to bank marketing

According to a recent survey by Mambu, a financial services technology company, “findings demonstrate the sustainability opportunity for banks, as nearly half (49 per cent) of consumers say they would consider switching to a provider with a stronger commitment to sustainability.  And, just two in five (42 per cent) consumers think that their current bank or financial institution clearly communicates its sustainability commitments, with only 37 per cent knowing what climate pledges they have publicly announced or committed to.”

So, what does sustainability mean for community banks? Those banks that fail to value their ESG commitment may find themselves at a reputational disadvantage. And with it, a challenge to their goal of attracting and retaining customers. Simply put, there’s a new kind of customer out there. Today’s banking customer wants to know that their purchases are having an impact—and they’re willing to spend time researching a bank’s products, its social structure and environmental impact. Ergo, the better your community bank can present its commitment to sustainability—that is, to creating economic, social and environmental value—the more success it will have in attracting customers and creating long-lasting relationships with them. Now is the time, if you haven’t done so already, to make and market green initiatives in the marketplace. Switch to motion-sensor LED lighting in your branch locations, eliminate paper where possible (i.e., monthly statements), make use of remanufactured materials and energy efficient equipment where possible. Want more ideas? To discover more ways to go green, visit the Green Business Benchmark website.

How do you develop and reinforce those customer relationships? Yes, you should go green yourself and market that “feature” of your bank, but you can (and should) also encourage your customers to do the same. Create informative content, such as blog posts, videos, and infographics, highlighting the significance of sustainable practices and their positive environmental impact. Share practical suggestions with your customers on how sustainability can integrate into their daily lives, from conscious consumption to energy conservation and recycling. You can even involve them in the processes by asking for suggestions in controlled environments or organizing sustainability-focused events, seminars, or webinars to actively engage your audience. “By positioning yourself as a reliable source of information, you establish credibility and attract sustainable customers who prioritize sustainability in their lifestyles.”1

In conclusion, sustainability in banking is not just a buzzword—it's a transformative journey shaping the future of banking as “greenness” takes on increasing importance to consumers and with it, the bottom line for your community bank.

About Bank Marketing Center 

Here at bankmarketingcenter.com – one of the industry’s most well-regarded providers of professionally-designed bank marketing materials – our goal is to help you with that topical, compelling communication with customers that will help you build trust, relationships, and revenue. Like these ads on our portal that you can use to market your sustainability.

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.

1medium.com. How to Attract Customers with Sustainability: Building a Greener Future. October 11, 2023.

/blog/image.axd?picture=/2023/GettyImages-1500181929.jpg

Are your customers satisfied? Survey says …

 

Your community bank, and this certainly goes without saying, thrives on relationships.  Sure, offering products and services that consumers want is important, but there are a host of factors that drive customer satisfaction. In today's customer-centric landscape, where CX (Customer Experience) is paramount, success hinges on a banker’s ability to understand their client needs and preferences. What better way to gain these insights than to … well, simply ask. Hence, conducting customer satisfaction surveys stands as a crucial instrument for gauging satisfaction levels, pinpointing areas for improvement, and elevating the quality of your service.

According to HubSpot, “surveys should go beyond measuring the KPI of satisfaction to identifying the factors that have the biggest impact on customer satisfaction. That way, as soon as unsatisfied customers are identified, the business can quickly respond to the cause of the dissatisfaction and address it.”

The Significance of Customer Satisfaction Surveys

  1. Insightful Feedback

Customer satisfaction surveys act as a direct channel for customers to voice their experiences, opinions, and grievances. This feedback is invaluable, providing bankers with a deeper understanding of client expectations, and providing insights into strategies for tailoring their services accordingly.

  1. Enhanced Service Quality

By analyzing survey data, banks can identify pain points and areas where improvement is needed. This proactive approach helps in refining services, streamlining processes, and ultimately enhancing the overall customer experience.

  1. Customer Retention and Loyalty

A satisfied customer is more likely to remain loyal. By addressing concerns highlighted in surveys, banks exhibit a commitment to their customers' well-being, fostering trust and loyalty which, in turn, reduces churn rates.

  1. Competitive Edge

In a highly competitive industry, banks that consistently deliver exceptional customer service gain a competitive edge. Customer satisfaction surveys aid in staying ahead by constantly adapting to evolving customer preferences.

Methods for Conducting Banking Customer Satisfaction Surveys

Having been in marketing for at least a few decades, and having been involved in all forms of consumer research – including many, many surveys – I think that it’s important to mention here that developing a survey that truly yields useful insights is tougher than one might think.  It’s much more involved than asking a question and offering multiple choice answers.

SurveyMonkey does provide examples of what they deem good survey questions here on their site. They also go on to say this about the challenges of executing a successful survey: “You open the survey in good faith, ready to provide wisdom to the organization that seemed to care about your opinion, only to find leading questions geared toward receiving glowing reviews.”

As you can imagine, although DIY surveys work pretty well, a survey can be tricky. If you feel you're not quite up to the task, you might consider consulting a third-party research professional who specializes in surveys. 

So, what are some of the different types of surveys you should consider? 

  1. Online Surveys

Utilizing online platforms for surveys provides convenience to customers. Email surveys, website pop-ups, or dedicated survey portals allow for quick feedback collection. These surveys should be succinct, easily navigable, and inclusive of various rating scales and open-ended questions. HubSpot and SurveyMonkey can be helpful here. 

  1. Mobile Applications

With the surge in smartphone usage, banks can leverage dedicated mobile apps to gather real-time feedback. Incorporating surveys within the app interface ensures accessibility and immediate responses from tech-savvy customers.

  1. Telephone Surveys

Personalized phone surveys can engage customers more directly, allowing for in-depth conversations to uncover nuanced feedback. They are a fabulous way to learn. However, this method often requires additional resources and can be time-consuming. If you can manage a telephone survey it is, in my opinion, high on the list in terms of gaining useful insights.

  1. In-Person Feedback Mechanisms

Branch visits, although somewhat impractical due to space and resource constraints, provide an opportunity for face-to-face interactions. Implementing feedback kiosks or dedicated service desks encourages customers to express their thoughts and concerns, fostering a brand perception built on trust and inclusion.

  1. Social Listening

Social listening is the monitoring of your social media platforms for any customer feedback, discussion or mention of your brand or products, industry topics, keywords, and more. Monitoring social media platforms enables you to track customer sentiment in real-time. Analyzing comments, messages, and mentions offers insights into immediate concerns and public perceptions.  A blog we posted a while back might be helpful in gaining more insights into “getting the most out of our social media.

Best Practices in Implementing Customer Satisfaction Surveys

  1. Clear Objectives and Questions

Define precise objectives for the survey and craft questions that directly address these goals. Clarity ensures that collected data aligns with the bank's improvement strategies.

  1. Consistent and Timely Surveys

Implement regular surveys at different touch points along the customer journey. Timely feedback helps in capturing immediate experiences, offering a holistic view of the customer lifecycle.

  1. Analyze and Act

Mere data collection is insufficient. Banks must diligently analyze survey results and take actionable steps to address concerns and capitalize on positive feedback.

  1. Engage Customers

Encourage participation by demonstrating the value of feedback. Offering incentives, such as discounts or entry into prize drawings, motivates customers to share their opinions.

  1. Transparent Communication

Once changes are implemented based on feedback, communicate these alterations to customers. Transparency in acknowledging their impact fosters trust and reinforces the importance of their input.

Get Started

Prioritize customer satisfaction through efficient, effective surveys and you will establish an image of your bank as responsive, trusted and customer-centric. Adopting diverse survey methods, analyzing feedback diligently, and acting upon it in a timely manner are the cornerstones of achieving unparalleled service, which is a necessity in today’s highly competitive banking services marketplace. 

About Bank Marketing Center 

Here at bankmarketingcenter.com – one of the industry’s most well-regarded providers of professionally-designed marketing materials to local banks – our goal is to help you with that topical, compelling communication with customers that will help you build trust, relationships, and revenue.  

Now, through our partnership with ChatGPT, creating your own custom content is even faster and easier. With the addition of AI-assisted content development, our clients can very quickly generate articles they need for newsletters and blogs and any other content they might need in their marketing efforts.

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.