A Lexington Law study1 revealed that 36% of Americans check their bank account daily and another 30% check it weekly. Imagine if each time your consumers logged into your mobile app or online banking portal to check their accounts, they were met with information about products and services that spoke directly to their individual needs.
Whether people are logging into their online/mobile accounts on a daily, weekly, or monthly basis, they give financial institutions ample opportunity to market personalized offers to their consumers right inside their own channels. People are already engaged with your online and mobile platforms, so they expect to see information related to their finances.
In this article, we’ll share how financial institutions can leverage the traffic and data within their own online banking and mobile apps to market offerings to their existing consumers, as well as some of the challenges your marketers may face.
Benefits of Using Your Own Channels
There are many benefits to using your internal channels for advertising. To start with, the majority of your business derives from a small percentage of existing members/customers. Although it’s important to attract new consumers, it’s also crucial to nurture relationships and pay attention to the consumers you already have, and a great way to communicate directly with these people is through your online/mobile banking channels.
When people choose to log into your online portal or app, they expect to see information related to your FI. People are more likely to be in a financial management mindset when they have their account information in front of them, so it’s a prime time to target them with beneficial tools and offerings that are personalized to them.
Banner advertisements are valuable for showcasing your products and services within your mobile/online platforms. Prisma lets you customize and automatically display banners to target consumers, and you can produce segmented campaigns that reach the right audience within your platforms.
It’s important for institutions to take advantage of every consumer interaction, from what they see on the log-in screen to the home page. This can increase your cross-sell ability and deepen relationships with your consumers. Many consumers fear they are misunderstood, so utilizing your own platforms to present customized advertisements shows existing customers/members that your FI can support them through their financial journey.
Obstacles to Efficient Advertising
Personalized and effective advertisements for each consumer require resources. These communications may take more time, money, and hands-on effort than your marketing department can currently handle. Many FIs also have antiquated data systems or data silos that make it difficult to gain actionable insights and extract valuable information to produce these campaigns. This is where a marketing automation platform like Prisma comes in.
With a solution like ours, you can take full advantage of the data collected through your online portal and mobile app by automating pathways between your data sources. Prisma automates daily data imports and daily exports of campaign results so you can check your progress and make improvements along the way.
Take control of your advertising efforts and see what Prisma’s marketing automation software can do for your financial institution. Visit Prisma’s blog posts for more useful marketing tips and strategies.
(1) How well do Americans keep track of their finances?
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