5 Things Consumers Are Looking for in Banking Services
Want people to bank with you? Appeal to your audience by teaming up with a financial services marketing agency that understands the banking world.
Finance is not boring. Complex maybe, but useful and all-encompassing. To get through to your consumers in this saturated market there’s a lot that banks can do to stand out. Some are merging and others offer incentives, but how much does a one-time deal or big banking matter to customers?
As a financial services marketing agency, we’ve narrowed down the 5 things today’s consumers look for in a bank, so let’s dive in.
So, this one’s pretty obvious. Everyone wants their money to be safe. But as technology evolves, so does the definition of secure. It’s no longer enough to have a big impressive vault—you need big impressive coding, too.
In a recent study by the Global Web Index, it was found that 34% of millennials and 36% of gen X believe that biometrics make transactions more secure. Coincidentally, you should be marketing to millennials for financial services as they are the generation that is most likely to switch banks within the next year.
These details matter, and when it comes to the marketing of financial services, adding something simple like a fingerprint scanner can make all the difference.
It should come as no big shock to you that consumers today put a high premium on transparency. But that’s not all that today’s adults want. Your customers aren’t looking for you to just be open—they want you to be clear, understandable. Cut the jargon out of your communications while providing the educational tools for your customers to learn those terms anyway.
Explain to them what they should do, then give them the tools to come to that same conclusion themselves. The more your financial marketing company can add value to your services with things like financial advice, online financial glossaries, and even courses and webinars, the more your consumers will value your services. Providing substantive tools and insightful advice in clear, easily digestible segments will set your bank apart.
Teaching your consumers how to figure it out themselves next time does even more. Learning tools build trust, keeping your customers happy while enticing some new ones to come on in and see what all the fuss is about.
You may think we’re just telling you that your consumers like new, shiny things, but there’s a lot more to it than that. Today’s consumers expect instant gratification and thrive on the power to make every change at their fingertips. Give your consumers intuitive apps, online tools, and easy-to-understand interfaces that deliver what they want—convenience. It may seem counterintuitive, but the less your consumers have to see you, the more they’ll like you.
Your financial services marketing agency should know that everything in today’s world is instant, digital, and busy. Your customers don’t want to have to walk in or find an ATM to get to their funds—they want it available whenever and wherever they are. Your customers already work hard to earn their money, don’t make them work harder to use it.
4. Future planning
Here’s where things get a bit deeper. A lot of millennials and gen X have never taken courses in budgeting or balancing a checkbook. Making your services easy to use only gets them halfway there. They want to budget for their future, to save up for personal goals and your app should help them get there.
There are a handful of apps available that help consumers plan and take charge of their budget, but there is a unique opportunity in offering this service as their bank. You already have their trust and the expertise they are looking for. Building on that, by providing budgeting tools you add value to your services, building brand loyalty and increasing customer satisfaction.
Here’s where it all comes together. Now that you’ve got all those tools, biometric locks, financial learning, cutting edge technology, and budgeting capabilities, your consumers will want to be able to use it all together. Paying for the things they want through your secure servers with their biometric approval right from the app. Receiving notifications on budget categories that are nearing their spending caps. Gaining virtual gold stars or actual awards for reaching goals set through earning and planning features within the app.
By adding all these assets to your services, and letting them meld and cross-reference seamlessly you show your consumers what you can do for them. Combining your expertise with their daily lifestyle, you build relationships and loyalty that will pay for itself 10-fold.
When you boil it down, today’s consumers don’t care how big your bank is or how many ATMs you’ve got globally. As a financial services marketing agency, you should let your consumers know what you can do for them conveniently, quickly, and reliably. By offering the most secure, cutting edge services along with easily understandable communications, learning tools, and seamless integration, you can make yourself the most useful bank without needing to be the biggest.
Recently, SunTrust and BB&T announced their merger. While that strengthens their standing and allows them more resources to devote to service, it will also be hard to manage all that comes with being the sixth-largest US bank. Only time will tell how this move will play out. In the meantime, the changes suggested above will strengthen your brand standing and help your bank stand out.
As a financial services marketing agency, BIGEYE believes your services are what should shine, no matter your size. If you want to learn more about how our services will help build your consumer base without breaking the bank, please don’t hesitate to contact us today.