Comments on: State of Bank & Credit Union Marketing In 2012

By: Bank Marketing Moves Online

Bank Marketing Moves Online — Wed, 25 Jan 2012 03:35:39 +0000

[...] There may be gaps in execution, but banks and credit unions are fast shifting their marketing to the Internet, according to a survey by the Financial Brand. [...]

By: Editor

Editor — Mon, 23 Jan 2012 16:02:13 +0000

@Tony – In all fairness, the question in the survey was about what tracking tools financial marketers used, not how they presented the data they collected to internal stakeholders. Among the top answers for measuring the effectiveness of marketing efforts, banks and credit unions cited customer/member growth and loan/deposit growth. Both these could easily be considered the “R” in “ROI.” But to your point, most marketers don’t speak the language of CFOs nor present the data they track in the context of ROI.

By: David

David — Mon, 23 Jan 2012 15:34:34 +0000

It appears an area many credit unions have an issue is proving ROI. I have yet to find a Credit Union that is able to track campaigns from start to finish without some sort of assumptions or requiring an employee to enter something. Has anyone come across a way around this?

By: Tony Rizzo

Tony Rizzo — Mon, 23 Jan 2012 14:42:48 +0000

Primary Tools Used to Measure Branding and Marketing … no mention of ROI? Seems to me that if you want marketing credibility in the boardroom, one needs to report returns like a CFO.

By: Editor

Editor — Fri, 20 Jan 2012 16:48:38 +0000

@Steve – Similarly, when asked to rank their biggest challenges in 2012, financial marketers put “inferior product/fees” at the bottom of their list, with only 8% citing it as a concern. Ask consumers that same question, and I’d bet nearly 70% would say inferior products/fees were a major issue.

By: Steve Bieber

Steve Bieber — Fri, 20 Jan 2012 15:11:23 +0000

Offering profitable products checks in way down at #8 on the priorities list. That might make a few Presidents and CEOs cringe!

Great study. Thanks for sharing.

By: Editor

Editor — Wed, 18 Jan 2012 18:54:53 +0000

@Shirley – The problems stemming from core systems is a huge issue. I can’t count the number of times I’ve proposed solutions to banks and credit unions only to be told, “Nope, our system can’t handle that.” No one likes system conversions, but with the pace of change in the industry today, financial institutions almost need a full conversion every 4-5 years.

By: Shirley Baunach

Shirley Baunach — Wed, 18 Jan 2012 17:56:52 +0000

@JimMarous This is a very good article. I believe one of the biggest challenges banks have is customer perception that it doesn’t cost any money to run a bank. To the contrary it costs a lot of money to provide the services banks provide and customers love. I believe the top priority should be to build customer trust and to create awareness among the population that banks are a critical part of our lives and they provide a great service by protecting our money and making it available 24×7. With all the regulatory changes, Banks have to find a way to make up the revenue they were use to for so long. Banks will have to start charging for each service they provide and customers are not going to be happy. Therefore marketing efforts should be focused on the value of our bank and credit union.

The other challenge as stated in the article is that most of the major banks are working on 20+ year technology that requires millions of dollars for the smallest change. This wastes stockholder dollars. Investments need to be made in more modern – core banking platforms that will create a more agile, flexible environment.

Regards,

Shirley

By: Mike Lawson

Mike Lawson — Wed, 18 Jan 2012 17:30:52 +0000

Fantastic study, Jeffry. Enjoyed the “utilization of marketing vendors and suppliers” and “primary tools used to measure branding and marketing” slides the best. All very telling and useful data.
Well done!