We sat down for a chat with Linda Bodie (Chief Innovator & CEO at Element Federal Credit Union (EFCU) based in Charleston, West Virginia) who told us about the launch of Element Edge, the EFCU-branded version of Larky’s mobile discount program.
For marketers at financial institutions, the big buzzword over the past five years has been “ENGAGEMENT.” In fact, we’d bet our piggy bank that when your financial institution planned its marketing strategy for 2015, one of your top questions was, “How can we ENGAGE with our clients?” Then after you brainstormed ways to encourage engagement, your CFO’s next question was probably, “How much will all of that cost?!”
Until recently, methods for customer engagement were expensive and time-consuming. The big banks could afford to allot big bucks to ad agencies to create compelling content for social media and other channels, so customers would (hopefully) think of their FI as they shopped, ate, played, and worked. Meanwhile, community banks and credit unions spent precious time and money trying to connect with and engage new and current clients, so those people would choose their FI for each and every financial need.
From Our "Mobile Marketing Cheat Sheet" - Ten tips for credit unions and community banks to build real relationships with their virtual clients.
As mobile and online banking technologies advance, bank and credit union marketers have an increasingly daunting challenge – how to reach people that never visit your branch.
A statistic from Bankrate.com suggests that nearly one-third of your customers may never enter the front door of your financial institution or interact face-to-face with your staff, so how can you build meaningful relationships with those who prefer to use digital channels? And just because those clients don’t come into your branches, does that mean that they wouldn’t appreciate a personal relationship with their banker?
Contrary to popular belief, people who bank via digital channels still value personal touches from their credit union. Indeed, these folks are real people who might actually like to know the people who keep their money safe, sound, and earning interest.
As a financial institution marketer, it’s your job to connect with these folks and make them feel valued because many of them will turn into your most profitable customers as they hit their peak earning and borrowing years. So what can credit unions and community banks do to build real relationships with people they may never see?