In our work with clients and prospects at some of the industry’s largest and most well-known brands, three topics dominated conversations in 2022: fintech, credit card acquisition and digital. Financial institutions are hungry for strategies that help them compete with fintech brands, maximize acquisition efforts and tap digital as a channel for both boosting card usage and improving customer engagement.
As such, it’s no surprise that financial services marketing blogs on these themes are among our most popular this year. Below, we’ve featured a few that are full of resources (lessons, tactics, strategies and examples!) that can help you prepare successful marketing campaigns in 2023.
Fintech marketing practices for banks and credit unions to borrow
In Spilling the Tea: Fintech and Bank Marketing Envy, the Media Logic FS team details key fintech strategies that can help FIs harness their full potential. Afterall, banks and fintechs compete for the same users, while working with different strengths.
So what are the capabilities and qualities fintechs have that traditional FIs can emulate? Here are some ideas, which the earlier blog post details in full:
- Give branding and positioning messages a bit of an edge, making competitive claims and taking inspiration from disruptor language when possible.
- Allow customer excitement about specific features to show you what will resonate not only in product marketing but also branding.
- Push the “conventions” of conventional channels by amping up creativity in tactics like direct mail.
- Invest in content marketing focused on delivering value to customers and prospects.
Credit card acquisition trends
Despite a challenging economy, we’re seeing record-breaking numbers of credit card launches. In The State of Credit Card Acquisition: Top Rewards, Offers and Sources, Plus BNPL Competition, our team highlights several trends we’re monitoring as we help our clients succeed in a highly competitive market. Here are a few examples:
- Rewards drive credit card applications.
- Balance transfer offers are on the rise, along with consumer interest in competitive APRs.
- Buy Now Pay Later (BNPL) continues to emerge as an acquisition tool.
For details, and the full list of trends, visit the original post at our financial services marketing blog.
Digital insights and opportunities for financial institutions
With 4X higher spend on default cards and dramatic growth in digital wallets, there’s a clear opportunity for FIs to incentivize customers to designate their cards as the default in mobile wallets. In one of our most popular posts of 2022, we outlined digital wallet marketing best practices for messaging and communications that encourage this action.
In addition, our team has been gathering intel on why digital engagement matters to banks and credit unions. (Spoiler alert: It’s another opportunity to increase revenue, loyalty and trust.) Considering the expectations of consumers and the business impact of digital engagement, banks and credit unions don’t have an option to sit this one out. Strong digital channels are necessities for FIs.