Staying competitive in the world of community banking means keeping up with the latest technologies, strategies, and trends.
However, with so many emerging trends and predictions in the banking industry, staying informed can be daunting.
That’s why we’ve put together this blog post to help your institution thrive in this rapidly changing landscape.
Here are the main trends community banks are following right now that you can implement into your own community bank marketing strategy.
Investing in financial education
Many community banks and credit unions are revamping their physical branches to offer more than just transactions.
Once upon a time, banks used to be a place for withdrawing money, depositing checks, or opening savings accounts.
But now, with a growing interest in financial education, people want more than that. They want to access free financial resources and learn how to manage their money. This is especially true for younger people eager to improve their financial literacy.
By providing financial literacy programs to their customers, community banks have found an effective way to differentiate themselves from larger financial institutions.
Embracing digital banking trends (and fintech partnerships)
The emergence of online only banks and fintech startups has raised customers’ expectations for convenient and user-friendly digital banking.
As a result, customers have come to expect the same ease and convenience that online, mobile, and automated banking offers from their community banks.
Community banks adapt to this digital transformation trend by altering local bank marketing to provide online banking services that meet customers’ needs and expectations.
Connecting customer data for personalized experiences
Community banks are now using technology to connect customer data from various sources.
By collecting data on your existing customers, including transaction history, deposit history, loan history, and other details, your bank can provide a better customer experience.
With this information, your financial institution can personalize its services according to its customer’s needs. This offers customers a more seamless experience across different banking channels.
At the same time, community banks can analyze this data to understand profitability drivers and plan for the future.
Embracing social media
Local banks are recognizing the importance of social media as a marketing tool.
By maintaining an active presence on social media platforms, banks can connect with their customers, provide valuable information and updates, and build brand awareness.
Social media can also target specific demographics and promote new products or services.
Maintaining genuine relationships with customers
Maintaining genuine relationships with customers continues to be a cornerstone of community banking.
Community banks prioritize personal connections over automated processes, unlike larger financial institutions.
Local banks can provide personalized solutions and advice by taking the time to understand their local customers’ financial goals, needs, and challenges. This helps foster a sense of trust and loyalty.
Stay ahead of the curve with Agora Eversole!
Are you a community bank looking to keep up with the ever-changing banking industry?
Agora Eversole can help you stay ahead of the curve by providing tailored community bank marketing ideas and strategies.
Our services include traditional marketing, local SEO, social media marketing, digital ads, and more to ensure your community bank has the latest tools and strategies to thrive in today’s market.
Contact us today to learn more.