Bank Marketing: 6 Tips to Reach Consumers Who Will Switch Institutions This Year

The nearly 20% of customers who plan to leave their bank in the next year present a major opportunity for bank marketing in 2022. And customers aren’t necessarily switching because they’re dissatisfied. In fact, nearly 75% of consumers who either switched banks in the past two years or plan to switch in the next year were satisfied with the institution they left, according to a 2021 survey by Morning Consult.

Now is the time to fine tune your bank marketing strategy to gain customers as they switch institutions and to retain existing customers by fostering relationships and trust to build customer loyalty.

Here are 6 tips to help you connect with your current and potential bank customers to win in 2022.

  1. Millennials and Gen Z consumers are most likely to switch providers. Millennials are also the fastest growing market for banks. Connect with these younger consumers through messaging that emphasizes transparency, digital tools, and education.
  2. 43% of millennials don’t think their bank communicates with them through preferred channels, such as mobile apps and text messages. Communicate your digital offerings, including online banking, mobile apps, and text messaging, across a variety of advertising channels.
  3. Encourage referrals, especially among younger customers. A study found that half of respondents under age 35 valued recommendations from friends and family and would open a primary bank account based on a trusted referral.
  4. COVID-19 has had a major impact on banks. Promote enhanced safety protocols to encourage customers to return to branch locations while also promoting digital and virtual offerings for those who prefer to stay home.
  5. Look for cross-selling opportunities with your existing customers with creative and compelling offers for mortgages, auto loans and credit cards.
  6. Be a knowledgeable resource for customers to earn their loyalty. A survey found that 83% of consumers are looking for advice or guidance from their primary retail banks due to increased financial stress during the pandemic.

A significant percentage of U.S. adults interact with their financial institutions digitally: 43% via mobile/smartphone app and 37% via desktop or laptop computer. A marketing strategy that targets your best customers and potential customers across channels they trust and interact with most is key to driving results.

In the past 12 months, potential bank switchers responded to ads across multiple channels:

  • 68% to ads/coupons in the mailbox
  • 70% responded to a streaming TV ad
  • 66% responded to an internet banner ad
  • 67% responded to a pre-roll video ad

When paired strategically to reach your target audience effectively, print and digital advertising have demonstrated to lift response rates by up to 118% and conversion rates as much as 28%.

Drive more traffic to your website through complementary print and digital campaigns that reinforce messaging and direct recipients to more messaging online.

  • 70% of consumers look at ads they receive in the mail and keep them an average of 14.5 days.
  • 46% of consumers were encouraged to go online and seek out more information about a brand due to a mail ad, according to a 2020 study.
  • Consumers responding to the same study said that when they see an ad both in print and digital media, they are more likely to remember the message (52%) and notice the ad (52%).

Want to learn more about how we can help you reach your advertising goals through strategic targeting and integrated campaigns? Find out more here. Reach out today to plan your strategy!

Sources: Morning Consult study, ZAGInteractive.com November 2021, SalesFuel, 2021, Bankingjournal.ABA.com December 2020, LuminDigital.com December 2020, Mobiquity.com November 2021, AdMall AudienceSCAN 2021, Prosper Insights & Analytics Monthly Consumer Survey January 2022, Millward Brown Print Campaign Analysis, Simplifi, Vericast (formerly Valassis) 2020 Awareness to Action Study, Vericast.com