BankMarketingCenter

For those of you who may have missed it, the analyst firm Forrester just issued their report on what they believe the coming year holds for banks. Granted, there’s no crystal ball out there and, as we have all seen, experts have been struggling for years with predicting where the economy is headed. So, while I think many predictions should be taken with a grain of salt, I do think that what Forrester believes lies ahead is pretty much on the money (no pun intended). 

Where do we begin? With three US bank failures in the US and the last-minute rescue of a major Swiss bank. That certainly does not bode well for tranquility in the banking sector for the coming year. As usual, an air of uncertainty looms, hinting at potential challenges for banks in retaining deposits as they grapple with sustaining profit margins. The promising, yet uncertain and untested realm of AI technologies adds a layer of complexity; these technologies, according to Forrester, pose as many risks as they do benefits. Regulatory agencies find themselves compelled – by some of the inventors of these AI-powered technology solutions themselves – to take a more active role, especially in the US, where open banking finally garners long-overdue attention.

30% will shift deposits from primary institutions

Forecasts hint at a potential shift as thirty percent of customers consider redirecting their deposits away from their primary banks. An uncertain global economic outlook, combined with persistently high interest rates, continues to exert financial pressure on banking customers in the coming year. Having once reaped the benefits of increased loan interest rates, banks again find themselves now facing heightened scrutiny for not passing on similar benefits to consumers. Anticipating this, regulators are poised to clamp down on unfair savings rates and tighten controls. In response, cash-strapped banking consumers will do what they always do; vote with their feet. Challenger banks will seize the opportunity to attract these disenchanted consumers, capitalizing on the discontent surrounding savings rates. Apple Card’s introduction of a high-yield savings account, for example, successfully drew over $10 billion in deposits by promising a premium experience and cultivating an encompassing digital financial ecosystem for customers.

Technologies come with risk

Open banking, fostering the freer flow of funds, takes center stage in 2024 and prompted by the CFPB’s proposed rule on personal financial data rights, is challenging traditional banking models. Established banks find themselves compelled to reimagine their value propositions, seeking innovative ways to showcase their worth in the evolving landscape, fostering deposits, and nurturing loyalty in a competitive environment. Yet, despite intentions to invest in open banking technology, the majority of US banks falter in delivering consumer-facing solutions. And, it’s no wonder. With its promise comes risk; to financial privacy and the security of consumers' finances, as well as resulting liabilities.  

Furthermore, the fintech and traditional financial sectors pivot towards niche customer segments, striving to differentiate themselves in a saturated market. “While some fintechs collapse or pivot due to challenges in funding, and targeting niche audiences, others discern opportunities in designing inclusive financial products and experiences catering to specific needs or infrequent but impactful customer journeys.”¹ Herein lies a tremendous opportunity for those banks, community banks in particular, that leverage their personalized (yet convenient and expedient) banking offerings, particularly through their online presence.

Within this landscape driven by digital transformation, the risks posed by AI-driven technologies are becoming more apparent (and perhaps exaggerated? No one really knows yet, do they?) every day. While the benefits of generative AI (genAI) are obvious in terms of driving customer experience, risk management, data management and more, without robust controls, it could prove catastrophic, leading to disastrous outcomes for banks. Despite banks’ efforts to pilot and regulate genAI usage, rogue operations might inadvertently breach privacy, copyright, or bias protocols, and regulatory scrutiny to name just a few. Forrester’s security and risk team foresees a rise in data breaches and fines attributable to AI-generated code security flaws, warning banks of potential repercussions if stringent governance is not in place. I agree wholeheartedly. GenAI is, at the moment, a loose cannon not only in terms of its uses, but what regulators will do (or at least try to do) to ensure “fair practices”in banking functions, such as the unbiased review of credit applications, as well as the protection of the customer’s personal data.

In the end, Forrester emphasizes that “failure to act is, unequivocally, a failure itself. That banks must cultivate trust in their technological endeavors, prioritize stakeholder trust, educate staff, uphold privacy principles, and institute appropriate governance to navigate this evolving terrain.”² Easier said than done, I think, but both possible … and necessary.

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.

^1,2,Forrester. Predictions in Banking: 2024.

At a time when the marketplace is increasingly competitive, community banks face a unique challenge: how to effectively compete with larger financial institutions while, at the same time, maintaining their local, community-focused approach. One powerful tool that you, as a community banker can leverage to stand out, and stay connected with their customers, is newsletter marketing. In this article, we’ll talk a bit about the importance of sending out newsletters on a regular basis and why doing so is well worth the effort (PS: And, how it can be far less effort than you think!)

Building Stronger Customer Relationships

Community banks pride themselves on their personal touch. As a community banker, your newsletter can be a valuable marketing vehicle for strengthening your relationships with customers. By regularly communicating through a newsletter, you’re not only providing updates on new products and services, sharing financial tips and insights, and showcasing community involvement, among others. You’re building trust and with it, loyalty.

Educating Customers

One of the most valuable opportunities open to you as a local bank is your ability to offer one-on-one, personalized financial guidance to customers. A newsletter is an excellent platform for sharing valuable financial information, tips, and guidance. Topics can range from budgeting and saving strategies to explanations of the financial products and services you offer.

Cross-Selling Opportunities

Newsletter marketing also creates opportunities to cross-sell your products and services. By strategically featuring different financial offerings, you can remind customers about products they may not be aware of or have not considered. You can also give them a reason to consider such products. If, for example, you mention home equity lines of credit as the holiday season approaches, such a mention might remind customers that a lower-interest HELOC might be preferable to a high-interest credit card when it comes to covering holiday expenses.

Staying Top-of-Mind

Consumers are bombarded with information from various sources, thousands of times each day. It’s critical, of course, that you take advantage of ways to stay top-of-mind with your customers and in so doing, ensuring that you are their first choice when financial decisions need to be made. Newsletter marketing keeps you in regular contact with your customers and helps your bank stand out in all the “noise.”

Need a bit of help with newsletter content?

Sound like a lot of work? Not at all. Now, we’ve talked about ChatGPT before but it’s certainly worth mentioning again, especially in the context of creating long-form marketing materials such as newsletters. The ChatGPT functionality that is now a feature of our portal can be a tremendous help when you’re searching for newsletter ideas. Here’s an example of just how useful it can be. Start by entering a prompt such as, “what financial services products should my bank promote in the month of November?” 

When I did this, my AI-assisted writer gave me this advice:

The financial products and services your bank should promote in the month of November can depend on various factors, including your bank's goals, target audience, and current market conditions. However, I can suggest some common financial products and promotions that banks often consider for November:

• Holiday Savings Accounts: November is the beginning of the holiday season in many countries, and people often start thinking about holiday expenses. Promote special savings accounts or certificates of deposit (CDs) with competitive interest rates and incentives for those looking to save for holiday shopping.

• Personal Loans: Many people may need extra cash for holiday expenses, travel, or home improvements. Promote personal loans with competitive interest rates and flexible repayment terms to attract borrowers.

• Credit Cards: Offer special promotions on credit cards, such as cashback rewards, lower interest rates, or no annual fees, to entice holiday shoppers and travelers.

• Home Equity Loans or Lines of Credit: Some homeowners use the holiday season to make home improvements or renovations. Promote home equity loans or lines of credit for these purposes, highlighting the potential tax benefits.

• Auto Loans: November can be a good time to buy a new car, as dealerships often have end-of-year sales events. Promote auto loans with competitive rates and quick approval processes.

• IRA and Retirement Planning Services: As the year comes to a close, individuals may be looking to maximize their contributions to retirement accounts. Promote Individual Retirement Accounts (IRAs) and retirement planning services to help customers plan for their financial future.

• Online Banking and Mobile Apps: With the holiday season's busy schedules, promote the convenience of your online banking and mobile app services. Highlight features like mobile check deposit, bill pay, and budgeting tools.

• Financial Education Workshops: Offer free or low-cost financial education workshops on topics like budgeting for the holidays, debt management, or retirement planning. These can attract customers and build loyalty.

• Charitable Giving: Promote initiatives for charitable giving during the holiday season, such as partnering with local charities and offering to match donations made through your bank's accounts.

Of course, now that you have a few ideas, you can prompt ChatGPT again, this time with a prompt such as, “write a 100-word article on why November is a good time to get a personal loan from Your Bank & Trust.” Here’s what you get:

• November is the perfect time to explore personal loan options at Your Bank & Trust. As the year-end approaches, many people find themselves in need of extra funds for various expenses, such as holiday shopping, home renovations, or unexpected bills. Your Bank & Trust offers flexible and affordable personal loans that can help you meet your financial needs. With competitive interest rates, easy application processes, and quick approvals, getting a loan from Your Bank & Trust can provide the necessary financial aid without added stress. Don't let financial worries overshadow the joyous holiday season; instead, secure a personal loan from Your Bank & Trust this November and enjoy peace of mind as you tackle your expenses.

Conclusion

As a community bank, success depends on your ability to connect with customers, earn their trust, and maintain your unique position as a community-focused financial institution. Newsletter marketing is a powerful tool that can do just that; by building stronger relationships with customers, educating them about financial matters, cross-selling products, and keeping your brand top-of-mind. And, now with ChatGPT, all of the above is easier than ever.

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 — 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.

Yes, it’s that time again: Farm Bill time. Or, more appropriately the “Agriculture Improvement Act of 2018,” as the Farm Bill is a package of legislation that is passed roughly every five years. The legislation has a tremendous impact on farming livelihoods, how food is grown, and what kinds of foods are grown. And, of course, the provisions of the bill are now being deliberated as Washington grapples with yet another potential threat of a government shutdown. This bill seems to grow increasingly complicated and harder to pass, with a history of being caught in a legislative cycle of extensions, presidential vetoes, and partisan debates.  

This from agamerica.com: “My personal sense is that we will do a temporary extension and begin work on passing a new farm bill at the beginning of next year,” said Rep. Kat Cammack, predicting a "political dogfight," as representatives battle it out on the House floor.  Other representatives, like Senate Minority Leader Mitch McConnell, believe the farm bill could be passed as soon as December 31 of this year." The current bill expires on Sept. 30, but the new deadline for a 2023 farm bill appears to be Dec. 31. On Jan. 1, 2024, some farm policy would revert to controls on production and costly price supports adopted in the 1940s.

The term “farm bill” might have been an apt description of this piece of legislation back in the ‘40’, but it’s a misnomer today. The bill addresses an increasingly critical and complex industry, covering programs ranging from crop insurance for farmers and healthy food access for low-income families to training in support of sustainable farming practices. 

So, as you can imagine, this is no small piece of legislation, either. According to the Congressional Budget Office, the 2023 Farm Bill could potentially be the first trillion-dollar farm bill in U.S. history, with total spending projected at $1.51 trillion. If you’d like to read all 807 pages of the Agriculture Improvement Act of 2018, click here.

I’m always interested in all things farming; what farmers face and the actions being taken by the federal government to help sustain this very important industry. First off, because many of the banks with whom we have partnered over the years do business with local farmers or what most small banks call their “farm families.” But, I’m interested for other reasons, too; I grew up on a small farm in LaFayette, AL. 

With hogs, horses, and 120 head of cows, I get a taste of what hard work farming is. Cutting and baling hay or repairing barbed wire fences in the Alabama heat is tough. Getting up in the dark of winter, to break the ice on the watering troughs. I know what it’s like 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. 

Yes, I take both a professional and a personal interest in farming and the Farm Bill. If you’re a community banker in rural America, I’m sure you take an interest, too. Despite some gloom and doom talk about its passing, there have been some positive predictions about what it might offer. "If there's a golden nugget, it's the continuation of the federal crop insurance program," said John Blanchfield, principal at Agricultural Banking Advisory Services and a former senior vice president at the American Bankers Association. "It provides two flavors of income security to the farmer, and therefore his or her banker. Flavor one is the protection against weather-related damages — that's the traditional product. And the second is income protection, where a farmer may buy a floor price for their crop, and by doing so, the farmer has income certainty and the bank has repayment certainty."

So, what will the 2023 Farm Bill do, potentially, for farmers and community banks? 

Access to Capital

One of the primary benefits is improved access to capital for local farmers and businesses. Our farmers often require loans to purchase equipment, expand operations, or deal with unexpected challenges like crop failures or natural disasters. It’s the community bank that throws a lifeline to these borrowers, providing essential financial support that enables them to sustain and grow their businesses.

Crop Insurance and Risk Management

The 2023 Farm Bill will also play a pivotal role in bolstering risk management tools available to farmers, and crop insurance programs are a key component of this effort. These programs mean financial protection in the event of crop failures due to adverse weather conditions or other factors beyond their control. Small rural banks often act as intermediaries in the crop insurance process, helping farmers navigate the complex application and claims processes. The Farm Bill can enhance the effectiveness and accessibility of these programs, making them more appealing to both farmers and banks. 

Support for Rural Infrastructure

Another crucial aspect of the 2023 Farm Bill is its focus on rural infrastructure development. Small rural banks are intimately involved in funding and facilitating projects that improve access to essential services such as healthcare, education, and broadband internet. As rural communities evolve and grow, community banks are instrumental in ensuring that residents have access to modern amenities and economic opportunities.

Strengthening Community Banks

Small rural banks face numerous challenges, including increased regulatory burdens and competition from larger financial institutions. The 2023 Farm Bill recognizes the importance of these community banks and aims to strengthen their position in the financial landscape. It includes provisions to ease regulatory burdens on smaller banks, making it easier for them to serve their customers effectively. Additionally, the bill may provide financial incentives and grants to support the modernization of banking infrastructure and services in rural areas. This can help small banks stay competitive in a rapidly changing financial landscape, ensuring that rural communities continue to have access to reliable, personalized banking services.

More than legislation. A lifeline.

The 2023 Farm Bill is not just another piece of legislation; it is a lifeline for small rural banks and the communities they serve. These banks are essential to the economic vitality of rural America, providing access to capital, supporting risk management, and facilitating infrastructure development. As the Farm Bill unfolds, it has the potential to strengthen the foundation of rural economies, ensuring that small rural banks can continue to thrive and provide essential financial services to their communities.

Hopefully, Congress can pass the bill reauthorizing Farm Bill programs sooner than later. If not, they must pass a short-term extension. Failure to reauthorize the Farm Bill in a bipartisan manner and timely fashion will have significant impacts on local communities and economies in both urban and rural areas. And none of us want to see that happen.

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. Like these campaigns in the portal that rural banks can use to reach out to their farming families.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.

In the rapidly evolving world of social media marketing, staying ahead of the curve is crucial… and Meta’s new Threads is a great way to do that. In case you’ve somehow missed it – and I’m not sure that’s even possible?! – Threads is Meta’s new social media platform. Even though it’s only in its infancy, Threads has already attracted over 100 million users, and promises to revolutionize the way marketers connect with their target audience.

Is that overpromise?  I don’t think so. But don’t take just my word for it; this is from a recent tech.com article: “While Twitter admittedly has a 17-year head start on Threads, the Meta-owned social media platform has taken off in the short time since its launch. In fact, as of writing,1 Threads has become the fastest social media platform in history to reach 100 million followers.”

Looks like, according to Tech.com, “Twitter is having trouble holding onto their current users, let alone attracting new users. In fact, a study in May found that 25% of users expect to ditch Twitter within the year.” I guess it’s safe to say that Threads is on the rise, and Twitter is on the decline. Should you drop Twitter in favor of Threads?  I say keep them both!

Now, in Twitter’s defense, the platform is still ahead of Threads in terms of functionality, with features such as a discovery page, a following page, hashtags, and direct messaging. Threads does come out ahead on post and video lengths, which are features that are moving users to the new app. Remember, too, that Threads is backed by Meta and its tremendous resources.  Many new features are in the pipeline, apparently, and Meta certainly has the power to make good on its promises. So, what else does Threads have that Twitter doesn’t?

Unparalleled User Engagement

Threads offers an immersive and interactive experience through industry-leading features, such as augmented reality (AR) filters, 360-degree videos, and gamification elements.  As a bank marketer, you can leverage these features to create compelling and memorable experiences for your audience, driving both engagement and brand building.

Targeted Advertising Capabilities

Threads provides marketers with advanced targeting options, allowing them to reach their desired audience with precision. Leveraging Meta's vast data ecosystem, marketers can tap into valuable user insights to deliver highly personalized ads. With Threads, marketers can refine their targeting based on demographics, interests, behaviors, and even specific actions within the platform, maximizing the effectiveness of their campaigns and improving return on investment.

Seamless Integration with Meta's Ecosystem

Another consideration. Meta’s metaverse is unparalleled. The company’s ecosystem spans a wide range of platforms that includes Facebook, Instagram, WhatsApp, and Oculus. Integration with these platforms offers you a more “frictionless” experience in managing your social media campaigns across multiple platforms. In short, a greater number of touchpoints with which you can “converse” with your audience.

Enhanced Influencer Marketing Opportunities

If you’ve ever considered influencer marketing (and you should), you’ll find no better platform for it than this one. Threads presents a great opportunity to tap into this trend, giving influencers the ability to create truly captivating and immersive content, which can be seamlessly shared with their followers. With the ability to amplify their message through Threads’ interactive features, influencers can drive authentic engagement and build strong connections with their/your audience. 

Community Building and Customer Support

Threads provides a fertile ground for community building and customer support initiatives. With it, you can create dedicated groups and communities, which can then help to build brand loyalty and encourage meaningful interactions among users. By actively engaging with customers through comments, messages, and live discussions, you can not only gain valuable insights into your audience's preferences, but their pain points, and wants, as well. This valuable feedback can go a long way in informing your product development, marketing strategies, and overall brand positioning.

Early Adoption Advantage

It pays to be one of the first. Being an early adopter can provide your bank with a significant competitive advantage. By establishing your presence on this new and innovative platform, you’ll differentiate your brand from the rest while capturing the attention of that younger, digitally savvy individual who you want and need as a customer. 

Get out there and be one of the first!

Remember what Marshall McLuhan said? “The medium is the message.” And, it’s as true now as it was when he said it back in the early ‘60’s. Quite simply, it means that the way that we send and receive information is more important than the information itself. And it is certainly true with Threads. With its engaging features, Meta ecosystem integration, influencer marketing opportunities, community building potential, and early adoption advantage, Threads offers community bank marketers a tactic that can connect their brand with an audience in exciting and innovative ways. If you’re not out on Threads already, now’s the time! And, as I mentioned earlier, I wouldn’t be in any hurry to drop Twitter and replace it with Threads.  If there’s anything we know about Elon Musk, it’s that he never backs down from a challenge.

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. 

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.

1Tech.com. Threads vs Twitter: Differences Between Social Media Platforms. July 11, 2023

I was thinking… what better way to tell the “why ChatGPT” story than to, well, let ChatGPT’s AI-assisted writer tell you himself… or herself… not sure about this… maybe “itself”? Anyway, when I prompted the assistant to “write a 750-word article on how to get the most of out of using ChatGPT in writing marketing content,” this is what he/she/it came up with:

Title: Unlocking the Power of ChatGPT: Maximizing Marketing Content with AI

In the digital age, marketing content plays a pivotal role in capturing and retaining customers' attention. With the advent of artificial intelligence (AI), businesses have gained access to powerful tools that can revolutionize their marketing strategies. One such tool is ChatGPT, an advanced language model developed by OpenAI. In this article, we will explore how marketers can leverage ChatGPT to get the most out of their marketing content, ensuring greater engagement, relevance, and impact.

Understanding ChatGPT's Capabilities:

To maximize the potential of ChatGPT, it is crucial to have a clear understanding of its capabilities. ChatGPT is a language model that has been trained on vast amounts of data to generate human-like text responses. It excels in understanding context, answering queries, and engaging in natural language conversations. By grasping these core features, marketers can harness ChatGPT's power to create compelling marketing content.

Embrace Personalization:

One of the key advantages of using ChatGPT is its ability to personalize content for customers. Leverage this feature by collecting and analyzing customer data to understand their preferences, interests, and needs. By tailoring content using ChatGPT, marketers can craft personalized messages, product recommendations, and offers that resonate with customers on an individual level. Personalization creates a stronger connection and increases the likelihood of customer engagement and conversion.

Enhance Customer Interactions:

ChatGPT can transform customer interactions by providing instant responses to inquiries and delivering real-time support. Integrate ChatGPT into your website or chatbot platforms to offer customers a seamless and efficient experience. Automate routine interactions, such as FAQs or basic queries, while ensuring a smooth transition to human agents when necessary. By optimizing customer interactions with ChatGPT, marketers can enhance customer satisfaction and build brand loyalty.

Refine Content Generation:

Writing persuasive marketing content can be a time-consuming task. ChatGPT can assist marketers by generating creative and engaging content ideas. Use ChatGPT to brainstorm headlines, taglines, blog topics, or social media captions. Simply provide the model with prompts, and it will generate a variety of options to choose from. This collaboration between human creativity and AI assistance can streamline content generation processes and inspire marketers to think outside the box.

Improve SEO Optimization:

Search engine optimization (SEO) is crucial for digital marketing success. ChatGPT can contribute significantly to optimizing marketing content for search engines. By training the language model on relevant industry-specific keywords and phrases, marketers can generate content that aligns with SEO best practices. ChatGPT can suggest appropriate keywords and provide insights on content structure, helping marketers create SEO-friendly content that ranks higher in search engine results.

Ensure Ethical Use of AI:

While AI tools like ChatGPT offer tremendous potential, it is essential to use them ethically. Be mindful of the limitations of AI and the potential biases it may exhibit. Review and curate the responses generated by ChatGPT to ensure accuracy, relevance, and alignment with your brand values. Human oversight and involvement are critical to maintaining the integrity and quality of the marketing content produced.

Continual Learning and Improvement:

AI models like ChatGPT continually learn from user interactions. To get the most out of ChatGPT, encourage customer feedback and evaluate the performance of generated content. Analyze customer responses and make adjustments as necessary. Iteratively refine the training data to improve the model's understanding and generation capabilities. This iterative learning process ensures that ChatGPT evolves with your business, producing more refined and tailored marketing content over time.

Conclusion:

Incorporating ChatGPT into marketing strategies opens up a world of possibilities for businesses seeking to create impactful content.

Okay, now back to the human writer! Not bad stuff, is it? Can our AI-assisted writer use a bit of help in bringing some personality to “their” writing?  Yes, and that’s important to keep in mind with tactics such as newsletters. As a community bank, you want to make sure that it communicates your brand as a personal one. Make sure you weave in that “local” messaging… such as charitable events you support, employee anniversaries and recognitions, for example. Now, if you’re creating a newsletter and need some copy around, say, how to improve your credit score or the advantages of a Roth IRA, that personalization isn’t really necessary, and ChatGPT will provide you with an admirable foundation.

The secret to using this tech is “prompting,” and here’s what I suggest. Coursera is currently offering a fabulous course through Vanderbilt University and it’s absolutely free. While it’s fun to play around with AI writing, it’s certainly more productive to know how to use it effectively.  Now, would ChatGPT recommend this course? I don’t know. I didn’t ask. But, take it from someone who does a fair bit of writing; an AI- assisted writer can be a great partner.  I just wouldn’t rely on him/her/it to do all the writing work!

About Bank Marketing Center 

Here at bankmarketingcenter.com, we do believe the ChatGPT AI-assisted writer when he/she/they say that “incorporating ChatGPT into marketing strategies opens up a world of possibilities for businesses seeking to create impactful content.” Which is why we’ve recently integrated ChatGPT into our marketing portal.  

We’re all about impactful content. Our goal is to help you with the topical, compelling communication – developed by banking industry marketing professionals – that will help you build trust, relationships, and revenue. With the addition of ChatGPT functionality, you have even more control over your content, customizing your layouts within minutes, and with just a few clicks.

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.

Newly released Federal Trade Commission data shows that consumers reported losing nearly $8.8 billion to fraud in 2022, an increase of more than 30% over the previous year. Who are some of the most inventive fraudsters? P2P payment scammers. 

Peer-to-peer (P2P) payment services and money transfer apps like Cash App, Venmo, PayPal, and Zelle, are becoming more popular because of their convenience and, for the most part, their reliability. Users can add funds to their account by linking it to an existing checking account or debit card. This allows funds to be transferred directly to the user’s bank account. It also allows funds from the user’s bank account to be transferred to their payment app. Today, according to LendingTree®, more than 8 in 10 consumers have used a P2P payment service to make a financial transaction.

Sounds good, doesn’t it? Well, not always. With more than 2 billion people worldwide using P2P payment services, cyber criminals have developed plenty of ingenious ways to profit through scams. Here are a few of the more popular ones making their way around P2P services:

• Posing as customer support: Scammers take advantage of users by posing as employees and reaching out via direct message or phone.
• Offering expensive goods: Scammers offer expensive — but fictitious — goods or services in return for payment. It’s a scam.
• Random deposits: You wake up to find an unexpected deposit in your account and the sender, who sent it by accident, would simply like it returned. This, too, is a scam.
• Claim your prize: Users may be contacted with claims of fabulous cash prizes. But in order to receive the prize, they must first send money. Guess what? Scam.
• SSN request: Anyone asking for a user’s Social Security number is almost certainly a scammer. Never give anyone your SSN.
• Government relief payments:  Scammers pose as government agents, offering the promise of cash in the form of a government grant or relief program. This type of scam can look quite legitimate. A dead giveaway?  You’ll be asked for personal banking information.
• Cash flippers: Scammer claims to be able to “flip” your funds. Cash flipping scammers will usually ask for a small sum, something to the tune of $5 or $10, which they will claim they can flip into multiple times the amount. Of course, they never do.
• Bad romance: Scammer reaches out with romantic promises of expensive dates and lavish gifts, but there’s a catch. You have to send money first. Maybe for plane fare to meet in person. In any event, it never happens.
• Phishing emails: A classic scam, phishing scammers will send a legitimate-looking email to trick you into verifying your login credentials or to click a malicious link that steals your information.
• Fake security alerts: Similar to phishing emails, some scammers may send a fraudulent email claiming that your account was compromised, and your personal information has been leaked. Scammers often include links to fake websites in emails that prompt you to change your login credentials. Never share your login credentials.

Unfortunately, P2P scams are on the rise and they’re hard to stop. And there’s a very good chance that many of your customers aren’t fully aware of the dangers; which is why we’ve created these Scam Alert campaigns. Use your social media platforms to get the message out to your customers that scams are very real, very dangerous and, if they become a victim of one, very expensive.

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 would love your thoughts on the subject.

Whether you’re a fast-food restaurant, an online retailer, a local financial institution, or any kind of business in between, this is something you should give serious thought: always under promise and over deliver. By that, I mean that if you’re out in the marketplace promising to deliver on a product or service, it’s really, really important that you make good on that promise. Do I sound, perhaps, a bit frustrated by an experience I may have had recently? If you guessed “yes,” you’d be correct. And it was with my local bank.

As you know, I’m a marketing guy, so for me, everything harkens back to marketing. So, when I had a rather disappointing experience with my community bank, the first thing that came to mind was marketing. Here’s what happened…

It began with the excitement I felt when I saw — through the bank’s marketing, mind you — that this particular institution was offering CDs at pretty good rates. (P.S.: Another “kicker” here is that the CD rates at other banks were even more attractive, but two things compelled me to choose my community bank. 1) I already have an account at this bank and 2) I am a firm believer in supporting local businesses, including my local bank.

So, for the above-stated reason number one, I figured that opening a CD account would be quick and easy… as advertised, by the way.  As you probably imagine, it wasn’t.

Now, in addition to being a marketing guy and business owner, I consider myself a patient man… for the most part. Well, if there were ever a test of patience, this was it. Since I’d like to keep this blog to less than 2,000 words, I won’t go into much detail on what these forms required, although I’m happy to provide here a short list of those I was required to fill out. Mind you, some of these forms are multiple forms:

• Privacy Notice
• E-statement
• All About Your Deposit Account
• New Account Application
• Corporate Resolution
• Beneficial Ownership
• Certificate of Deposit

To complicate things even more and frustrate me even further, some of these forms required a “wet signature, which I had no knowledge of until I googled it: “A wet signature requires some type of pen, usually filled with black ink, or a stamp with your initials, signature, or other approved seal. To create a wet ink signature simply sign a printed or photocopied document in cursive, initial, or stamp the document in the designated spaces.”

Okay, so now… not only was I not getting this accomplished via the ease of an online application (with, granted, way too many forms), but now I was expected to, I gather, go into a retail branch and sign these forms with “some type of pen, usually filled with black ink.” And I certainly don’t have any “stamp with my initials” laying around the house; after all, I’m not a member of the Royal Family.

Now, am I casting aside my local bank forever over this? No, I’m not just a patient man, but I’m a loyal one, too. Am I going to go elsewhere and open a CD?  No. The process might be much quicker and easier at another bank. I don’t know for sure and I’m not really interested in finding out. I do know this: if banks want to market and sell products, they really need to find a way to make it easy for individuals to purchase and use them. At the very least, in a digital age where we can order a car from the comfort of our couch, and have it delivered to our home in just a matter of days, we should be able to open a CD account without driving to a bank branch and “wet signing” a pile of documents. At the very least, make it easy for people like me who — and I can hardly believe I’m saying this, but — want to give you my money!

Back to the marketing piece of this. Until that day comes, when opening a CD account is quick and painless, for instance, I think that banks need to make sure that they can deliver on their marketing. I.e., under promise and over deliver. In my long career in marketing, I’ve seen this happen too many times. There are few things more damaging to a brand, from a marketing perspective, than promising a service that you can’t deliver. 

I would like to end this on a happy note. If you want a good laugh reading about companies that over promised and under delivered, check this out cheapism.com. I’m sure you’ll see some familiar names… not because of their success, obviously!

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. 

Earth Day is almost here, a good time to be thinking about what we can all do to help protect our planet. And if you’re a community bank, a good time to be thinking about how you can talk about Earth Day in your marketing messaging. After all, Earth Day and all that comes with it — in the way of environmental and social responsibility — has become a pretty big deal of late. Of course, you don’t have to take just my word for it…

According to fintechtimes.com, over two thirds (67 per cent) of consumers want their bank or financial institution to become more sustainable in the future. Nearly half (48 per cent) stated that access to green financial services has become more important to them in the last five years. Just two in five (42 per cent) think that their current bank or financial institution clearly communicates its sustainability commitments. And more than two thirds (67 per cent) believe that their current financial institution is guilty of greenwashing.

These are pretty disconcerting numbers. Granted, people have always been concerned about whether or not the companies they spend money with do business in a way that aligns with their values. We also know that the American consumer’s focus on environmental concerns has increased exponentially over just the last few years. The question now becomes, what are community banks willing (and able) to do about it?

I read this out on NerdWallet:

What impact does my bank have on the environment? You may be thinking, “I don’t invest in deforestation or fossil fuels, so my money aligns with my environmental values already.” But did you know that if you keep money in a bank account, your bank can lend it out to or invest in industries whose practices negatively impact the environment? Quite a few major banks put a lot of money toward these industries — some banks spent close to $100 billion each from 2016 to 2020 — and you might not know that your cash is part of the process.

-   NerdWallet, “How to go greener with sustainable banking,” April 22, 2022 

Visit bankrate.com, and you’ll find tips on how to bank in a way that protects our environment. Or, go to Bank.Green, where you’ll find this headline on their site’s homepage: “Is your money being used to fund climate chaos?” The site also gives banks a “funding the climate crisis” rating. I typed in the name of a West Coast bank just for fun and this is what the site told me: “Your money is being used to fund the climate crisis at an alarming rate. Your bank is one of the 60 biggest funders of fossil fuels in the world.”  Wow.

Needless to say, it has become increasingly important for companies to trumpet their environmental and social responsibility practices and accomplishments. But they must do so carefully. Those that do must be able to, well, “walk the walk and talk the talk.” With the increasing number of regulatory crackdowns on greenwashing, banks are finding themselves vulnerable to probes and penalties over exaggerated or misrepresented sustainability statements; and those penalties can be quite burdensome, financially. As recently as this past May, for instance, the SEC charged BNY Mellon Investment Adviser, Inc. for misstatements and omissions about Environmental, Social, and Governance (ESG) considerations. To settle the charges, the company agreed to pay a $1.5 million penalty.

So, are you ready for Earth Day? What are you currently doing in the way of sustainable practices? Are you supporting organizations and businesses that are environmentally friendly? Moving away from paper to digital? When you do use paper, or plastic, is it recycled? Do you employ green practices at your branch locations, i.e., using energy saving equipment and lighting? Using cleaning products and methods that are eco-friendly? There are hundreds of ways that local banks can adopt sustainable business practices, and now is the time to do it, if you haven’t already. Sustainability is not just a fad that will simply go away at some point. No, it’s here to stay. 

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, for example, that banks can use to promote the steps they’re taking to help protect Mother Earth.

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.

If you’re anything like me and try to stay abreast of the latest bank marketing “happenings,” innovations, trends, etcetera, you’re probably just as tired as I am of reading about “digital transformation” and all that comes with it. You know, I get it.

I get that we in the banking community need to worry about cyberattacks; that the compliance landscape is changing every day; that we need to improve our “omnichannel customer experience;” that we’ll surely go out of business if we don’t figure of out how to compete with our digitally-savvy, loosely regulated nonbank competitors. And that is just the tip of the “innovate now or die” iceberg of threats that face financial institutions, especially smaller, local community banks.

Sure, tech innovations are hard. They’re also costly, time consuming, and disruptive. But, they’re also necessary. Finding the right tech partner and a solution that will solve at least some of the challenges banks now face is not easy. It’s certainly challenging to address a more demanding online customer, the growing threat of ransomware cyberattacks, costly data breaches, and building a “digital CX” that can compete with not just nonbanks and neobanks, but retailers, as well.  And how do you get everyone to agree on what your tech stack needs, especially when technologies, the marketplace, the regulatory requirements, and the threats to personal customer data are not only growing every day, but evolving, as well?

My point is this: Given all of the hullabaloo about digital transformation and all of above, it’s easy to lose sight of what I think is the big picture. I’m sure you’re familiar with the saying, “you cannot see the forest for the trees.” It means that a person or organization cannot see the big picture because the focus is too much on the details. I’m starting to think that, perhaps, we’re losing sight of the forest because we’re too focused on the trees. What is “the forest” here? For community banks, it is their brand, their reputation, their USP (Unique Selling Proposition, in marketing terms). The “trees” are the tech-driven “enhancements” we are told banks need to invest in in order to survive. The result? Community banks are forgetting that, at the end of the day, they are about community.

When it comes to leveraging that USP, in my mind no bank does it better than Citizens Bank of Edmond. Is this surprising to many (or frankly, any) of you? Probably not. Citizens Bank of Edmond has been on stage for quite a while now, due in no small part, as you know, to the leadership of Jill Castilla. This from the bank’s website and it’s absolutely true: “Under Jill's leadership, the one-branch community bank in an Oklahoma City suburb became a major player on the national stage and now sits alongside banking industry heavyweights.”

Now, I have no intention of diving deeply into what makes Citizens the community bank to emulate. There are probably a number of reasons and I’m not going to go into them here. What I do want to focus on is the bank’s “community-ness.”  Go to their website (click here), but please come back after your visit!  What do you see, first thing?  “Citizens Bank of Edmond Celebrates 120 Years of Serving the Edmond Community.”  Scroll down the home page and you’ll learn about the events that the bank supports, the community organizations, as well as the local businesses it supports. Ironically, and quite sensibly in my opinion, you actually need to do a bit of surfing around to learn about their products and services.

Now, I’m not suggesting that banks ignore their need to “transform” digitally. It needs to happen. But, with tech decisions being hard to make, and often — subsequently — taking a fair amount of time, banks should not lose sight of the transformation (if needed) that they can make right now.  And that is to take full advantage of what makes them unique… and valuable; their community-ness. Of course, we’re always here to help, with campaigns like this one that will remind your customers, and potential customers, that banking locally is what it’s all about.

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.

Why is digital asset management important?  First, how does one define a digital asset?

Digital assets can be defined as any content that can be stored digitally. In today’s rapidly evolving digital climate — for banks, in particular, as they navigate the age of the enhanced digital experience — there’s no limit to what a digital asset can be.

Consider the types of files and assets that are routinely created and shared across your organization. The marketing team, for example, creates and collaborates on print ads, social media content, videos, infographics, white papers, and much, much more. And if they’re working with third-party vendors or providers, you want the content they’re creating to be easily accessible. But only to those who should have access.

So why a DAM solution? Canto.com says: “51% of marketers waste time and money recreating unused or missing assets. Effective digital asset management requires companies to organize and govern every digital file in their media ecosystem.  Everyone can relate to spending too much time looking for a single file. This is the case for most companies operating without a DAM solution.” A digital asset management solution gives your team the ability to create, manage, publish, and share content with anyone inside or outside your organization. 

1. Compliance, security, and consistency

Brandfolder.com reminds us that “customers are more likely to purchase from a brand they recognize and because of this, Fortune 500 companies make a proactive effort to maintain brand consistency in their marketing and advertising campaigns.” Maintaining and communicating a brand identity is easier when you have a DAM platform. You can restrict access to legacy files — ensuring that only the most up-to-date assets are accessible — with the result that only those assets that meet brand and compliance standards can be accessed and shared. For example, once your creative team has finished creating an asset that meets brand and compliance standards, they can streamline production (while safeguarding compliance) by saving the layout as a template in the DAM system. As time goes on, approved users can make changes, share the changes for review, and add comments to the file, to name just a few

In order to streamline a bank’s marketing messaging around mortgage loans, for instance, the DAM platform facilitates the sharing of mortgage lending materials with only those members of the lending team who are designated to collaborate. When the lending officer logs in, the platform can be configured to present only mortgage marketing materials and will enter the individual’s personal information automatically. Brand and industry regulation compliance are never issues. Speaking of compliance, when it comes to regulators, a DAM solution is exactly what you need when they decide to pay you a visit.

2. Time and dollars wasted

Without a DAM solution, digital assets are rarely managed properly. In many cases, the wrong people are using the wrong assets at the wrong time. A DAM system establishes workflows, manages access, and streamlines the approval process so the right files get into the right hands.

If your team is spending precious time searching for mislabeled or disappearing assets, that’s time lost focusing on growing and scaling your business. In addition, your team may also be missing out on the opportunities presented by the repurposing of content. As important as freshness of content is to Google algorithms when it comes to ranking your content on SERPS (Search Engine Results Pages), you can still (and absolutely should) be repurposing your content instead of “starting from scratch” with every new marketing asset.

Plus, the importance of quick and easy access to approved assets cannot be overemphasized.  Today’s highly competitive and evolving marketplace demands a marketing department’s ability to “shoot at the ducks while they’re there,” that is, to respond quickly and turn on a dime when necessary.

3. Free your team for other critical functions

Lastly and probably most importantly, a digital asset management system frees the members of your marketing team to perform other critical functions.  A DAM solution does much more than enable sharing, uphold brand and compliance standards, and enhance your ability to respond to marketplace shifts. It allows your team to focus less on managing your marketing messaging assets and more time taking a hard look at messaging performance and learning from it. Sure, developing and placing strategic, relevant content is important, but knowing how and why it’s working (or not) is even more important. A DAM solution gives your team time to monitor KPIs, better understand your current and potential customers, and apply that learning to future campaigns.

To sum up, we here at bankmarketingcenter.com know exactly how critical a DAM platform is to a bank’s marketing department. That’s why we created one!

As always, I would love to hear your thoughts on this subject. 

About Bank Marketing Center

Here at BankMarketingCenter.com, our goal is to help you with that vital, topical, and compelling communication with customers; messaging developed by banking industry marketing professionals, well trained in the development of effective marketing communication, that will help you build trust, relationships, and revenue. And with them, your brand. Like the below “Internal Awards” ads, for instance, recently added to our library of content. 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. 

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