W Six Ways to Effectively Market Your Financial Institution By Adam Lee, President, Techint Labs When it comes to life’s most significant purchases, like buying a home or car, consumers don’t go into the process without research, word-of-mouth recommendations, or support from an expert. The same applies when consumers search for a financial institution to keep their money safe, invest, or borrow from. According to Think with Google, 53% of consumers constantly research before buying to ensure they make the best choice possible. NerdWallet even suggests consumers research what types of financial institutions they should work with based on their needs, determining the experience they want and what the “must have” features are to them (e.g., branches available worldwide, excellent customer service, or no checking fees). During the consumer research process, financial institutions need to market themselves effectively. Developing an effective marketing strategy can influence decision-making and ultimately impact their choice. Why Marketing Is an Essential Function for Financial Institutions According to the Federal Deposit Insurance Corporation (FDIC), the reason for consumers to be categorized as “unbanked” is due to a lack of trust (13%) and a lack of privacy (8%). Marketing your financial institution goes beyond attracting new customers and retaining your current customer base — it helps build trust and establish a strong brand reputation. Marketing can help you effectively show your consumer how www.coloradobankers.org 12
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