Bank Marketing: Do Facebook Ads Work in 2022?

It’s no secret that Facebook is one of the most popular social media platforms in the world. In fact, according to Hootsuite, there are over 2.9 billion Facebook users around the globe! This makes it a great platform for businesses to market their products and services. But does Facebook advertising still work in 2022? Keep reading to find out!

What are Facebook Ads and how do they work?

Facebook Ads are a type of online advertising that allows businesses to target a specific audience with their message. Facebook Ads work by displaying ads to users who fit the target audience that the business has specified. The ads are displayed in the newsfeed and side column of the Facebook website and can be targeted by demographics and more.

When a user clicks on an ad, they are taken to the advertiser’s website, landing page or Facebook business page. Facebook Ads can be an effective way to reach a large number of potential customers, and they can be customized to target a specific group of people.

Why banks should advertise on Facebook

Facebook boasts over two billion monthly active users, making it one of the most popular websites in the world. What’s more, Facebook users are highly engaged, spending an average of 33 minutes per day on the site. For banks, this presents a unique opportunity to reach a large and engaged audience.

Research shows that people trust recommendations from friends and family more than they trust traditional advertising. By advertising on Facebook, banks can tap into this trend and build trust with potential customers. Additionally, Facebook allows banks to target ads to specific demographics, ensuring that their message reaches the right people. For example, a bank could target ads to people who live in a certain city or who have expressed interest in financial products.

Overall, advertising on Facebook is an effective way for banks to reach potential customers and build trust with them.

The benefits of using Facebook Ads

First, make sure you have a clear goal for your Facebook Ad campaigns. What do you want to achieve with your ads? Are you looking to increase brand awareness, drive website traffic, or promote a new product or service? Once you know what you want to accomplish, you can create ads that are specifically designed to meet that goal in the Facebook Ads manager.

Next, take advantage of Facebook’s targeting options to ensure that your ads are being seen by the right people. You can target by location, demographics, etc. The more specific you can be with your targeting, the more likely your ads are to resonate with your audience and lead to conversions.

Types of Facebook Ads

There are different ad types on Facebook.

  • Video Ads
  • Carousel Ads
  • Image Ads

Video Ads

Chances are, you’ve seen more than a few while scrolling through your newsfeed. Whether they’re promoting a new product or just trying to get you to laugh, these short videos can be a part of a good Facebook advertising strategy.

They’re effective, not only do they grab your attention, but they also allow businesses to tell their story in a creative and engaging way. Plus, with Facebook’s advanced targeting options, businesses can make sure that their video ad is seen by the people who are most likely to be interested in what they have to say. So if you’re looking for a way to get your message across on Facebook, a video ad might be just the thing you need.

Carousel Ads

Facebook carousel ads are a type of ad that allows you to showcase multiple images or videos in a single ad unit. You can use carousel ads to tell a story, showcase different products, or highlight features of your business. Carousel ads are highly versatile and can be used in a variety of ways to promote your business. For example, you could use a carousel ad to show off different banking products, or highlight the features of your app. You could even use a carousel ad to tell a story about your brand or share customer testimonials.

Image Ads

Image ads are one of the most popular types of Facebook ads. As the name suggests, image ads feature just an image or an image and a bit of text. The image is usually the focal point of the ad, so it’s important to choose an eye-catching image that will grab attention. Image ads can be used to promote products, services, or even brand awareness. When used effectively, image ads can be a powerful marketing tool.

How to write effective ads

Advertising is a necessary part of any business, but creating Facebook Ads that are effective can be difficult. There are a few key things to keep in mind when writing ads. First, it’s important to have a clear and concise message. You want your potential customers to understand what you’re offering and why they should care, without getting distracted by too many bells and whistles. Second, make sure your ad is visually appealing. Use strong images and helpful graphics to draw attention and convey your message quickly.

Finally, the ad should create a sense of urgency. People are more likely to respond to an ad if they feel like they need to act fast. By following these tips, businesses can create ads that are more likely to get results.

What demographics to target

Facebook considers banks and credit unions to be the ‘Credit’ industry. So when creating your Facebook/Instagram ads you must choose this Special Ad Category which comes with additional targeting restrictions to the campaign in order to prevent discrimination. Your ads may be rejected if you do not take this step. More information about targeting restrictions for credit, housing and employment ads can be found on the Facebook website.

Landing pages and conversion optimization tips

If you’re looking to increase your website’s conversion rate, then you need to make sure you’re taking advantage of landing pages. A landing page is a specific page on your site that’s designed to convert visitors into leads or customers. When done right, a landing page can be incredibly effective in boosting your conversion rates.

There are a few key things to keep in mind when optimizing your landing pages for conversions. First, make sure your page is focused on a single conversion goal. Don’t try to accomplish too many things with one page. Second, keep your page design simple and uncluttered.

You want visitors to be able to easily find the information they’re looking for without being distracted by unnecessary elements. Finally, include a strong call-to-action that motivates visitors to take the desired action.

By following these tips, you can ensure that your landing pages are effective in converting visitors into leads and customers.

How to track the success of your Facebook Ad campaign and make the necessary changes

If you’re running a Facebook Ad campaign, it’s important to track your progress and make changes as needed in order to optimize your results. Fortunately, Facebook provides a number of tools that makes this task easy.

The first step is to set up a Facebook Pixel. This is a bit of code that you can add to your website to track conversions, or the actions that people take after seeing your ad. Once you’ve installed the pixel, you can view detailed data about your ad campaign in the Facebook Ad insights tool. This includes information on reach, impressions, click-through rate, and more.

Armed with this data, you can then make changes to your ad campaign in order to improve your results. For example, if you notice that your ad isn’t getting much reach, you may need to increase your budget or target a different audience. Or if you see that people are clicking on your ad but not taking the desired action, you may need to tweak your ad copy or offer.

By tracking your Facebook Ad campaign and making necessary changes, you can ensure that you’re getting the best possible results.

What factors influence whether or not Facebook Ads are successful

There are a number of factors that can influence the success of Facebook Ads.

First, it’s important to target your ads to the right audience. If you’re selling a product that appeals to a specific demographic, make sure your ads are targeting people in that demographic.

Second, the timing of your ads is also important. You’ll want to make sure your ads are running when people are most likely to be on Facebook and scrolling through their newsfeeds.

Third, the content of your ad should be attention-grabbing and relevant to your target audience.

A well-designed ad with compelling copy is more likely to generate clicks than a generic or poorly executed ad. Finally, you’ll need to monitor your results and adjust your approach as necessary. Regularly reviewing your click-through rates and other metrics will help you identify which ads are performing well and which need to be tweaked.

By taking these factors into account, you can increase the chances of success for your Facebook Ads campaign.

The benefits of using a professional marketing agency to help with your banks advertising campaigns

Many banks rely on professional marketing agencies to help plan and execute their advertising campaigns. This can be a wise investment, as agencies have the resources and expertise to reach a wide range of potential customers.

They can also help to target specific demographics, such as young adults or small business owners. In addition, agencies often have access to exclusive data and research that can be used to inform your marketing strategy.

Perhaps most importantly, though, a good agency will work tirelessly to ensure that your campaigns are successful. While there is no guarantee of success in any advertising venture, working with a reputable agency gives you the best chance of reaching your goals.


Overall, Facebook advertising can be a successful way for banks to reach potential customers.

If you’re thinking about running a Facebook Ads campaign for your bank, consider working with a professional marketing agency. The experts at an agency can help you to reach your target audience, choose the right timing for your ads, and track your results.

A good agency will also be able to offer valuable insights and advice based on their experience and expertise.


Credit Union Marketing: How to Run A Top-Performing Google Ad Campaign

Running a Google Ad campaign can be a great way to increase awareness of your credit union and bring in more members. But if you’re not doing it correctly, you could be wasting your time and money. In this blog post, we will discuss how to run a top-performing Google Ad campaign for your credit union. We’ll cover everything from setting up your account to creating effective ads and tracking results. So if you’re just starting out with Google Ads or you’re looking to improve your credit union’s performance, read on!

Why credit unions should advertise on Google

For one thing, Google is an extremely efficient way to reach potential members. You can target your ads to people who live in your area and who are interested in financial services at all stages of the sales funnel. In addition, advertising on Google can help you build name recognition for your credit union. And finally, it’s a great way to generate leads. When people see your ad and click on it, they’ll be taken to your website where they can learn more about what you have to offer. Advertising on Google is an effective and efficient way to reach potential members, build name recognition, and generate leads. So if you’re looking for a way to grow your credit union, Google is a great place to start.

How to run a successful Google Ad campaign for your credit union

As a credit union, you likely have a unique mission and set of values that you want to communicate to your members and potential members. You also probably have a pretty good idea of who your target audience is. So how do you make sure that your ad campaigns are successful in reaching your target audience and getting them to take the desired action?

Here are a few tips:

First, decide whether you want to use Google Display ads (also known as banner ads), Google Search Ads which are text-based ads, or video ads on YouTube. Each has its own advantages and disadvantages, so it’s important to choose the format that will work best for your credit union.

Second, make sure that your ad text is clear and concise. Your audience should be able to quickly understand what your credit union is all about and what they can expect if they click on your ad.

Next, use relevant keywords in your ad text. This will help ensure that your ad is shown to people who are actually interested in what you have to offer.

Finally, don’t forget to include a call to action in your ad. Tell people what you want them to do, whether it’s joining your credit union or taking advantage of a special offer. By following these tips, you can run a successful Google Ad campaign for your credit union that reaches your target audience and gets them to take the desired action.

The three different kinds of Google Ads campaigns

  • Google Display Ads
  • Google Search Ads
  • Video Ads for Youtube

Google Display Ads

Google Display Ads are a type of ad that appears on websites across the internet. They come in all sorts of shapes and sizes and can be used to promote your credit union to a wide range of potential members.

Display Ads are a great way to increase awareness of your credit union and get people interested in what you have to offer. Plus, they’re relatively inexpensive and can be targeted to specific demographics, interests, and even locations.

Google Search Ads

The second way to reach potential credit union members is through Google Search Ads.

Google Search Ads are text-based ads that appear when people search for keywords that you’ve selected. Search Ads are the sponsored results that appear at the top of the search engine results page (SERP) when someone types in a relevant keyword or phrase.

These ads are targeted to users who are actively searching for information about credit unions, which makes them more likely to be interested in what your credit union has to offer.

They can be a great way to reach potential members because you can target your ads to people potential credit union members.

Video Ads for Youtube

The last way to reach potential credit union members with Google Ads is through Video Ads on Youtube.

Youtube is the second largest search engine, so it’s a great place to reach potential members. You can create video ads that will play before, during, or after other videos on Youtube.

Video ads are a great way to grab attention and show potential members what your credit union has to offer.

They’re a great way to show off your brand personality and build trust with potential members.

If you’re looking to reach potential credit union members, Google Ads is a great place to start. By using Display Ads, Search Ads, and Video Ads on Youtube, you can reach a wide range of potential members and get them interested in your credit union.

What keywords to target

How do you know which keywords to target? Let’s find out.

Google Display Ads

You can target your Google Display Ads to people who have visited your website in the past, people who are similar to your current members, or people who live in a certain area.

Google Search Ads

When setting up your first Google Ads campaign, you’ll need to choose the keywords that you want to target in your ad groups. An ad group is a collection of related keywords. They are the words or phrases that people will use when they’re searching for products or services like yours. Also, be sure to select negative keywords or keywords you don’t want to target in your ad group. You’ll want to choose keywords that are relevant to your credit union and that have a high search volume. That way, you can be sure that your ad will be seen by people who are actually doing search queries on what you have to offer. You can use Google’s Keyword Planner tool to help you find the right keywords for your campaign.

A tip: when choosing keywords for your Google Ads campaigns think like your target member. What terms would they use when searching for a credit union? Make sure to include those keywords in your ad so that you come up in the search results.

Video Ads for Youtube

When creating video ads for Youtube, you’ll want to keep a few things in mind. First, make sure that your video is high quality and informative. You want potential members to see your ad and think “this credit union looks like a great place to join!” Secondly, you’ll want to make sure that your video is properly tagged with keywords so that it comes up in relevant searches. You can also use annotations in your videos to link to your website or other landing pages.

How to write effective ads

Many businesses rely on ads to generate awareness and interest in their products or services. However, not all ads are created equal.

Effective Search and Display Ads will:

  • Use relevant keywords in the headline and throughout the ad copy
  • Have a clear and concise call to action
  • Target a specific audience
  • Be tested and optimized regularly

They also must be well-crafted and carefully targeted to their audience in order to be successful. To write an effective ad, start by identifying your target audience and understanding what they are looking for. Once you know who you are trying to reach, you can craft a message that resonates with them. It is also important to keep your ad concise and to the point. The more focused your ad is, the more likely it is to grab attention and make an impact. 

Landing pages and conversion optimization tips

If you’re looking to increase your website’s conversion rate, then you need to pay close attention to your landing pages. A landing page is the first page that a visitor sees when they arrive at your site, so it’s crucial that you make a good impression. Here are a few tips to help you optimize your landing pages for conversions:

1. Keep it simple – Make sure that your landing page is clean and clutter-free. You want visitors to be able to focus on your call-to-action (CTA).

2. Include a strong CTA – Your CTA should be clear and concise. It should also be prominently featured on the page.

3. Use persuasive copy – The text on your landing page should be designed to persuade visitors to take the desired action. Use active language and powerful words to make your case.

4. Employ social proof – If you have testimonials or other forms of social proof, be sure to include them on your landing page. This will help build trust with visitors and increase the likelihood of conversion.

5. Use visuals – Humans are visual creatures, so use images and videos on your landing page. They can help convey your message more

Tips for tracking the success of your campaign and making necessary adjustments

Any successful marketing campaign requires careful planning and ongoing evaluation in order to track progress and make necessary adjustments. Here are a few tips to help you keep tabs on your campaign’s performance:

First, identify your key performance indicators (KPIs). These are the metrics that will tell you whether your campaign is on track. Common KPIs for marketing campaigns include reach, engagement, leads generated, and conversions. You can find these in Google Analytics on your website.

Next, establish benchmarks for each KPI. This will give you a goal to strive for and will help you measure progress over time.

Finally, monitor your KPIs regularly and make adjustments to your campaign as needed. If you see that something isn’t working, don’t be afraid to experiment with new ideas until you find what works best for your business. By tracking your campaign’s progress and making changes as needed, you can ensure that it is as successful as possible.

Using a call tracking software like CallRail will allow you to align the phone calls with ad clicks and gather relevant data to optimize later.

The benefits of using a professional marketing agency to help with your credit union’s advertising campaigns

If you’re like most credit unions, you’re always looking for ways to serve your members better and attract new ones. One way to do this is to make sure your marketing is on point. But with so many options – from traditional advertising to digital marketing and everything in between – it can be tough to know where to start. That’s where a professional marketing agency can help. A good agency will have a team of experts who can help you create an advertising campaign that gets results. They’ll also be up-to-date on the latest trends and changes in the marketing landscape, so you can be confident that your campaigns are always evolving. In other words, working with a marketing agency is a great way to ensure that your credit union’s advertising is always top-notch.


Running a successful Google Ads campaign (which used to be called Google Adwords) for your credit union is all about careful planning and execution. By following the tips in this blog post, you can set up your Google Ads account, create effective ads, track your results, and make necessary adjustments to ensure that your campaigns are as successful as possible. And if you want to take things to the next level, consider working with a professional marketing agency to help you create and execute your credit union’s advertising campaigns.


Growing Your Bank’s Customers After COVID-19

It’s become increasingly difficult for financial institutions to create and retain their customers. 

For example, due to the higher customer acquisition costs in the banking industry, it can take two or more years for the average bank or credit union to profit from a new customer/member. 

Adding to this complexity, once a new customer is acquired, it has become even harder to retain them over a two-year period. Here are some key banking retention statistics to consider:

  • Customer churn rates hover around 11%, yet the annual churn rate for new customers hovers around 20–25% during the first year.
  • Banks spend approximately $200 to acquire a new customer, yet their average customer generates $150 in revenue annually.

A bank’s profitability is linked directly to its customer’s lifetime value: the longer the customer relationship, the higher the chance the customer will become profitable. 

However, with nearly one-quarter of new customers closing their accounts and more than 1 in 10 current customers defecting to another financial institution, a significant attrition problem exists in the banking industry today. 

So, how can you drive new business while retaining customers?

The Importance Of Customer Loyalty

Customer satisfaction is a measure of how products and services provided by a company meet or exceed customers’ expectations. Customer satisfaction signifies how much customers “like” your financial institution and how happy they are with your products and services. 

On the other hand, customer loyalty is the degree of a customer’s intention to recommend your bank to others and continue investing in your products and services.

Customer loyalty is more difficult to earn than customer satisfaction, as it requires regularly exceeding your customers’ expectations. Consequently, not all banks can successfully earn customer loyalty. 

Ultimately, failing to prioritize long-term loyalty can lead to customer churn and lost profits. 

To keep customer retention rates high, banks must search for opportunities to foster customer loyalty.

Issues With Tracking Customer Retention

A standard defection is when a customer closes all of their accounts at your bank or credit union and leaves for another financial institution. A hidden defection is when customers simply leave their existing accounts open but open a new account at a different bank or credit union. 

Monitoring hidden defections can help banks distinguish loyal customers from satisfied customers. 

Many financial institutions are unaware of the extent of their customer retention issues because of blind spots in their retention efforts. Banks track standard defections, which are the most visible form of attrition because they’re easy to monitor. Yet this approach doesn’t account for hidden defections that comprise the majority of customer attrition.

Hidden defections might not match the traditional definition of customer attrition, but the impact on your bottom line is still the same. Whether new users stop using their account, open a new account at a different credit union, or purchase financial services from another institution, the net result is the same. 

Give Your Members Reasons To Stay

Hidden defections make customer attrition challenging to manage and highlight the importance of customer retention optimization — but what’s the best tactic to figure out if your customers are considering defecting?

To start, you need to figure out when customers have left and which customers are at the highest risk of defecting. Then, you can work on giving those customers reasons to stay. 

1. Find Out When Customers Leave

Use customer data to track the customer journey from acquisition to departure to find out at what point customers leave during the onboarding process. Analyzing when loyal customers depart can help you craft a customer retention strategy to target their pain points during the onboarding process and once they become a customer.

2. Predict Which Customers Might Leave

Apply predictive analytics to determine which customers are at the highest risk of defecting. Next, focus your customer retention strategy on loyal customers who have a high customer lifetime value but are at risk of defecting. 

Can you move high-risk customers into new features or services like online bill pay, debit cards, freebies, or a customer loyalty program?

The best way to craft an effective customer retention strategy is to consider the following attributes of your existing customers: 

  • Length of relationship with your bank or credit union
  • Log of credit union visits, customer service phone calls, or live chat interactions
  • Types of financial products and cards owned, i.e., home mortgages, debit cards
  • Customer behavior, average order value, and transaction histories across multiple channels
  • Automatic payment, online bill pay, and web-based channel usage

Once you fully understand your customer’s behavior, you can start to craft a targeted retention plan. 

Customer Retention Strategies For Banks

Members used to think that switching primary banks was a time-consuming, inconvenient task. Yet, according to Accenture, this perception has changed. 

Today, millennials believe switching banks isn’t as challenging as it used to be. 

So here are five ways to gain and retain more members during and after the COVID-19 pandemic.

1. Start A Newsletter Email Campaign

Encouraging customer interactions beyond branch visits can have a significant impact on the success of your customer retention program. Email marketing can help your bank foster long-term customer relationships and loyalty. 

Newsletters also show long-time customers that you appreciate their business, and can build the goodwill you need to earn their referrals.

In your email newsletter, consider discussing industry trends, best practices for banking safety, or new features that you offer. Additionally, link to your social media profiles and send out quarterly customer satisfaction surveys.

You can segment your email recipient list based on the specific services your members are receiving. This approach allows you to create much more targeted content, resulting in higher conversion rates.

Many banks utilize a CRM to manage customer interactions. These CRMs also allow financial institutions to seamlessly design the e-blasts, segment their recipient list, and monitor the campaign’s effectiveness.

2. Send Out Customer Satisfaction Surveys

Customer surveys can significantly influence your bottom line by collecting valuable insights about customer behavior. By requesting customer feedback through satisfaction surveys, banks can:

  • Analyze customer behavior and user experience
  • Achieve an accurate understanding of their overall customer experience
  • Identify and resolve urgent issues and weaknesses in the customer journey
  • Evaluate loyalty and customer satisfaction
  • Identify customers with a high customer lifetime value (i.e., promoters who are likely to provide referrals)
  • Obtain valuable insights to improve new products and services

Customer surveys capture unbiased customer reviews to help you assess your institution’s best practices, understand customer expectations, and determine how market and competitor developments are changing customer behavior. 

With customer satisfaction surveys, customer success teams can pinpoint the most pressing retention threats to address and provide a better customer experience.

High customer satisfaction not only increases customer retention but also promotes customer engagement and increases your average customer’s lifetime value. When customer satisfaction is high, customers are more likely to make repeat purchases, post online reviews, and refer your institution to others.

3. Go The Extra Mile To Provide Value 

In an Accenture customer survey, almost half (45%) of all respondents reported they would remain loyal to their bank if their institution offered them discounted financial services or products. 

Customer retention improves when customers are given a wide range of discounts and incentives on travel, auto loans, and home goods, so your customer retention strategy should offer discounts and freebies to expand your membership and reduce your churn rate.  

However, banking institutions often find it challenging to get customers to sign up or use loyalty programs. 

Approximately two-thirds (67%) of existing bank customers do not participate in rewards programs or loyalty programs offered by their primary bank. Why? It could be because five out of six consumers surveyed didn’t know that their bank provided customer loyalty programs in the first place. 

To address this lack of awareness of your services, you should be intentional about promoting the discounts that you provide. You can:

  • Put signage up in your bank
  • Train your front-line staff to make personalized recommendations to customers who visit in person
  • Post about your loyalty programs on your social media
  • Make sure that you promote your programs in your email newsletters

Customers can’t take advantage of deals they don’t know about.

4. Offer Robust Mobile Services

According to a recent Bain & Company case study, banking customers who are frequent mobile users are 40% less likely to switch banks than the average customer. Mobile banking can have a significant impact on customer experience and loyalty, making mobile banking an excellent way for banks to reduce churn and encourage brand loyalty.

Mobile apps create strong relationships between banks and customers. Banks should aim at making their mobile app a valuable tool to help customers meet their financial goals. 

For example, banks can add a personal touch by providing customer support with routine banking needs, eliminating the need for a branch visit. When banks introduce mobile apps with new features that assist with reaching personal savings goals and monitor purchase frequency, customers feel satisfied and respected. 

Combined with a friendly user experience, banking automation is a powerful tool in bank customer retention.

While most banking mobile apps group purchases into specific categories (bills, groceries, etc.), banks should help customers track purchase frequency, track vital metrics, and provide valuable insights into spending habits. 

To retain loyal customers, banks should help them track their long-term financial goals with their mobile apps. Otherwise, banks risk increased customer churn, as customers may opt for a bank that provides superior financial services.

Apps also offer an opportunity to introduce loyalty programs that may be applicable to specific customers based on their purchase habits. If you offer discounts for restaurant purchases or travel, include marketing pop-ups in your app for frequent restaurant visitors or travelers. 

5. Focus On Your Customer Experience

It’s essential to prioritize user experience to ensure long-term customer relationships. 

Make customer support and excellent customer service your bank’s principal focus. Adjust your sales, customer service, and marketing strategies based on customer feedback. 

Craft a retention strategy that focuses on offering customers a better understanding of how your bank’s products and services can meet their financial goals. Then, make sure that you offer adequate training to your branch staff to be sure they’re ready to recommend the perfect product or service to each customer.

6. Elevate Your Marketing Without Breaking The Bank

Your strategies to attract and retain customers don’t have to have an exorbitant price tag attached. You can offer an outstanding experience that competes with national banks without breaking your own marketing budget. 

If you’re ready to take your customer acquisition and retention strategies to the next level, then check out this article with 5 tips you can use to out-market the big banks on a shoestring budget

Great Banking Experience = More Profit

The banking industry has a unique set of challenges in the area of customer defection, but that doesn’t mean you have to settle for high customer turnover and low lifetime value. 

Developing retention strategies based on data about your user’s behavior will help you provide meaningful and effortless banking experiences for new and long-time customers. In turn, industry data is showing that this kind of improved experience will drastically improve retention rates and lead to increased profitability. 

If you know that you need to work on your retention and loyalty but aren’t quite sure where to start, get in touch with our agency. We’d be happy to help you design a retention strategy that fits your institution and customers. 


Using a CRM in the Banking Industry

When you sit down to brainstorm marketing strategies for your bank, chances are you cycle through some of the same tactics that left your institution feeling stale in the first place. You can’t blame yourself. For years, the customer banking experience reflected what banks represented: generic sign-up incentives, stuffy gray offices, and financial stress.

Now, banking customers are savvier and favor banks that let them personalize their banking experience. The digital age has pushed the industry forward, giving marketing teams every opportunity to keep the evolution feeling fierce and fresh. 

One way to further push this personalized experience is to invest in a CRM strategy to finesse your relationship with your customers and their ever-changing needs. A CRM can pull and manage data that will inform you what your people want and when.

A great way to see to your customer’s needs is to develop an effective CRM strategy that can respond to shifting dynamics in a way that feels immediate, relevant, and personal. Keep reading to learn more about the power of a CRM and how banks like yours can take advantage. 

What Is A CRM?

CRM stands for customer relationship management, so a CRM software is a program that helps you manage your relationship with your customers. 

It’s one central place to store:

  • Contact info for your customer
  • Records of your interactions with them (i.e. phone call recordings, emails, notes about in-person visits, etc.)
  • Data about which products or services they use from you
  • Billing information
  • Sales data
  • Agent productivity data, and much more

The goal of a CRM is to help improve your relationship with current customers and help make your outreach efforts toward new customers more effectively. It helps you seamlessly segment your customers into relevant groups so your outreach efforts are specific and tailored, making their experience with your company feel very personalized. 

Many CRMs also include helpful marketing automation functions, like triggering enrollment in an educational email sequence if someone fills out a landing page form on your website. 

They also make it really simple for every member of your team to access individual customer data and get a quick understanding of the past interactions with, and future potential for, that customer.

Businesses in every sector use and benefit from CRMs to help grow their business, and banks are no exception!

Using A CRM For Your Bank

The benefits of a CRM are clear, but sometimes changing dynamics within your customer base make identifying a clear strategy to capitalize on those benefits challenging. 

In the banking industry especially, the client’s needs are always changing. A customer’s employment status, where he or she lives, or whether or not he or she is inclined to bank in-person or on mobile may cause banking needs to fluctuate. Loyalty to a specific bank is rare, and many times, customers use different banks for different services.

Your CRM strategy should help you respond to these shifting dynamics. It can identify where there are holes in communication between your bank and your customer base, and help you fill needs you may be missing. 

For example, if your bank offers excellent rates and lending terms but doesn’t do its job communicating these terms to the right prospects in your audience, the point is lost. 

Staying on the same page as your customers will keep you informed about what their needs are. When you step in to fill those needs, the customers will feel cared for. This feeling leads to higher customer retention which leads to loyalty. 

Before you get the warm fuzzies, challenge your team to a step back and look at where your cash is going. If it’s going into advertising, stop. The key to an improved customer relationship in this digital era isn’t in advertisements but in personalized communication, reliable customer service, and engaging your leads. 

The heart of a CRM is the response customers give your business. Like any successful relationship, the flow of communication goes both ways. If you give better service, you will receive loyalty. If you offer incentives, you will gain clients. And most importantly, if you smile, they will smile back. 

Curious about how a CRM system could bring your financial institution to the next level? Here are a few of our favorite benefits:

1. Customer Satisfaction and Retention

We can’t stress enough how important it is to maintain a strong relationship with your existing members when a large chunk of your customer base is local.

Pro tip: Invest in a strong referral strategy to attract more local customers!

For local customers, you can focus on outreach through email marketing and a few well-thought-out Facebook or Instagram advertising campaigns. 

A CRM system makes it easier to keep tabs on your customers’ interactions with your credit union or community bank so you can segment your email lists and make sure each person gets information about programs that are relevant to their financial goals. 

For example, people who took out a mortgage with your bank may be great candidates for refinancing in a few years’ time. In their CRM profile, you can annotate when they took out their mortgage and create an email sequence about the benefits of refinancing. Then, you can create an automation in your CRM that sends the sequence to their inbox automatically at an ideal time after their initial mortgage.

They’ll feel like they’re getting a customized experience and it’ll be a great way to stay in front of them.

2. An Efficient Inbound Marketing Strategy

Have you ever heard someone say: “It’s like the blind are leading the blind?” Without a way to gather data, this is the best way to describe an inbound marketing strategy that doesn’t rely on a CRM. 

A CRM helps you understand where your leads are coming from (social media ads, Google ads, email marketing, your website, etc.) so you can see which of your strategies are working best, and which need to be adjusted. 

They also allow credit unions and community bank owners to sort customers based on specific factors such as age, interests, income level, financial goals, etc. 

Using this information, you can create customized marketing materials for each customer who walks through your door, whether that means coming up with a witty social media post, crafting a blog, sending out a newsletter, or adding a variety of keywords to the backend of your website.

Using data to make sure you’re showing up wherever your potential customers spend their time online ensures that you’re the first bank that comes to mind for customers when they have a financial need.

3. Increased Team Productivity

Financial institutions that use a CRM system also see higher staff productivity and increased sales. (How’s that bottom line looking now?)

Having easy access to customer data up-front helps tellers work quickly and efficiently, while also providing better customer service. 

It also helps sales team members find the best leads in your system for products you offer, like home equity lines of credit or cash-back credit cards. They can see a customer’s full profile at a glance and tailor their communication with that person around the product that would be the best fit for him or her.

3 Banking CRM Vendors Banks Should Consider

Now that you understand the benefits of a CRM, it’s time to start shopping around. We went ahead and did some of the legwork for you to find some great options with features that community banks and credit unions will find most beneficial. Our top three recommendations are: 

1. Microsoft Dynamics 365

Dynamics 365 CRM for banks features an elaborate customer view profile that includes account and interaction history, profitability, banking preferences, and other individualized tracking. The goal is to create a clear customer picture by pulling from as much specific data as possible. 

The system also helps project a sales forecast by identifying patterns in repeat sales. The forecast can help identify an ideal time for a promotion or product launch. 

2. Pega CRM

Pega is ranked as one of the best CRMs for banks because of its elegant analytics system. It processes customer data and generates forward-thinking next steps to take with each customer. 

The platform is also customizable with basic coding, so marketing teams can tackle some support on their own. Pega automatically generates the code that will make your CRM customizable to how you want it. 

Pega also offers Better Business software that can make the client onboarding more in-depth and efficient.

3. SugarCRM 

SugarCRM is most lauded for its customization capabilities and has both on-premise and cloud accessibilities. The secure system is especially beneficial to banks, as they know your client (KYC) master data management (MDM), and advanced analytics systems help drive choices by context. It is also friendly to myriad devices for client-facing employees to utilize.

In this age, it’s critical to take advantage of where customers are doing their finances: online. Utilizing digital marketing from chatbots to digital financial services to features that are friendly to mobile devices will warrant a faster and more approachable customer-service strategy. Your younger audience will thank you for the easy-to-access mobile offerings.

Throw It Back To Traditional Banking

When you hear the term “traditional bank,” maybe you’re taken back to your childhood. You may remember running down the street to brick-and-mortar locations with your parents, seeing a friendly teller with a hot pot of coffee and a bowl full of lollipops. 

The truth is, in the digital age of the financial industry, the model isn’t that different.

Digital experiences can be just as personal if you know how to work them. 

Clever blog posts, personal copywriting, and strategic Vimeo videos can make your audience feel heard and understood, which increases their loyalty to your institution. 

Let’s face it: Big data shows that many people are suspicious of big banking, mega insurance companies, and federal credit unions. Ease their concerns with a content marketing strategy that makes your folks feel at home.

Leverage Your Marketing With Attention to Detail 

Designing an effective marketing strategy takes time. Instead of getting overwhelmed by focusing on the big picture, set smaller, actionable goals one task at a time. 

Your customer’s experience drastically improves when they feel listened to, and a CRM can make it significantly easier for you to achieve that level of service. 

A great place to start your marketing is by selecting and implementing a CRM. It’ll help you reach your customer service goals by streamlining your marketing, which makes the entire process easier and more organized. 

Finding digital growth is about harnessing what makes your business uniquely resonate with people. With a few personalized strategies, leveraged by an effective CRM, your marketing efforts won’t be in vain.
If your marketing team is feeling overwhelmed by the prospect of taking on a new CRM software, let our team help. We’ve guided many community banks and credit unions to their growth goals by creating and implementing effective CRM strategies. Get in touch with our team to learn more.


Attribution: The Missing Key to Credit Union Marketing

As a financial institution, it can be very difficult to attribute a return on investment (ROI) on your marketing campaigns. Sure, you can use the Google Tag Manager to track all of your digital marketing efforts on Facebook and Google, but what happens once your potential member applies for a loan? For the majority of community banks and credit unions, they push their traffic to an online banking portal to run their credit. This is where the digital trail of many marketing campaigns goes dark, because Google won’t connect the dots between the clicks from your ads to new loan applicants because this data spans across two separate datasets.


How To Locally Out-Market The National Banks On A Shoestring Budget

Admit it, the odds are stacked against you: as a credit union or community bank, you’re competing with national banks on a local level. That means your limited resources and budget are going head-to-head with their million-dollar national marketing campaign, legions of locations and employees, and their well-established brand name. So how can you win?