The days of most companies solely turning to print media and television ads to market their products and services are long gone. But some community banks have been slow to get the message and are missing out on instituting strong digital and social media strategies to draw and retain new customers.
“In general, banks have a case of marketing myopia. They are fixed into the rhythm and routine of what they’ve done in the years past,” said Jacques Hart, CEO of Miami-based Roar Media. “However, the media and social media landscape has been turned upside down and a ‘years-past mentality’ doesn’t cut it.”
Because of regulations in place to protect customer and bank information, a financial institution has to be very cautious with its marketing, and that can slow a bank’s social media strategy. That’s particularly true of smaller banks that often lack the resources needed for a full-blown digital marketing team.
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“Compliance is a thorn in traditional marketers’ sides, and it’s a big thorny bush for digital marketers,” Hart said. But today’s banking customers expect digital and social marketing, and by employing a smart digital strategy, banks can be both safe and maintain an active presence online, he added.
Banks are limited in how transparent they can be when it comes to social media, but a lackluster corporate Twitter account doesn’t mean that banks are behind the times when it comes to technology. In fact, on the backend security and support and customer-facing sides, banks are extremely innovative.
“They are geared, in general, on how a customer can bank now. At the ATM, online, mobile,” Hart said. “The flip side is that while banks have really innovated with their service availability, they haven’t with their digital and social marketing to drive customer engagement.”
The moment of truth
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How digital marketing can help local banks attract – and keep – customers
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