“Banks that don't fundamentally reevaluate and retool their approach to marketing strategy, budgets, ROI and data analytics are doomed.”
As reported by The Financial Brand, management consulting firm Cornerstone Advisors, Inc. reveals in The Cornerstone Performance Report: Benchmarks and Best Practices for Mid-Size Banks that "mid-size banks have made negligible progress on revenue growth in the past two years, and have not changed their marketing strategy to adequately address the changing landscape. The research shows that the 20th century models in place today at the majority of mid-size banks are a direct threat to their competitive futures."
At present, typical FI marketing departments spend seven times more on donations and sponsorships than they do on marketing in digital channels.
Read the full article to understand the dire picture for FIs who are not investing in targeted, mobile marketing approaches that consider each customer’s location, context, and device.
For ten tips for credit unions and community banks to build real relationships with their virtual clients, get this Mobile Marketing Cheat Sheet.