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2013 State of Bank & Credit Union Marketing

Thursday, February 14, 2013   (0 Comments)
Posted by: Susan Dyer
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Every year, the Financial Brand publishes its retail banking survey results. This is the third year for the study, and the research was conducted in partnership with Aite Senior Analyst Ron Shevlin.

Read the full article: 2013 State of Bank & Credit Union Marketing.

The 2013 survey was taken by approximately 300 banks and credit union, the majority from the United States, but also from Europe/UK, Canada, the ASPAC region.  Of the respondents the about half were from credit unions, and half were from banks and community banks.

Challenges
No surprises here. Financial marketers (more than 70%) struggle with budgets and ROI. Rounding out the top five challenges: limited data analytics tools/capabilities, regulation and compliance issues, inflexible/limiting IT structure.

Marketing Priorities
Over the next 12-24 months, marketers said loan growth, deepening existing relationships and customer/member acquisition were top priorities. The bottom of the list? Deposit/check growth, customer/member retention and growth in new markets.

Products & Services to Promote in 2013
Respondents said mobile banking solutions, auto loans and home loans are top products to push this year. Other products/services:
  • Online banking/bill pay: #7
  • Free checking accounts: #10
  • Financial education: #13
  • Youth/kids accounts: #16
  • Certificates/term deposits: #20
Online vs. Traditional Media Channels
Online is becoming more popular than traditional media channels. Seven in in 10 financial marketers put online advertising and social media at the top of their list, while print ads, TV and outdoor are slowly becoming less important.
 
Three out of every five financial institutions place heightened importance on their onboarding program in 2013 — an 8.3% increase over last year, and the single biggest gain.
 
Measuring Marketing ROI & Performance
How do bank and credit union marketers measure their institution’s marketing success? Most use deposit loan volume (93%), customer/member growth (89%) and customer feedback (84%).

Utilization of Online Marketing Tools

Currently, 75% of retail financial institutions use at least one social media platform — more than any other digital channel, an increase of 7.5% over last year. Another 11% say they have plans to start using at least one social media platform by the end of the year. If that happens, 87% of all financial institutions will be using social channels in 2013.

Other tools in use, or plan to use in 2013:
  • Banner ads: 82%
  • Email marketing: 76% (this is a decrease from 2012)
  • eStatement advertising: 75%

Adoption of Social Media Channels
Facebook is still king with 75% of respondents saying they use it, while Google+ saw the biggest increase in usage. About half say they use Twitter. Usage on LinkedIn and Foursquare have declined.

Monitoring Social Media

Nearly half of all financial institutions say they aren’t presently monitoring the social web for mentions of their brand, and 1 in 5 say they "never or rarely” see anyone talking about them on social networks.
 
This doesn’t mean you shouldn’t monitor…credit unions should still have active Google Alerts and Twitter searches. You wouldn't want to be caught off guard when something does arise.