Now is the time for bank and credit union marketers to actively invest in educating their contactless cardholders, benefit from the new contactless card infrastructure and compete with the big banks and other progressive competitors.
The news that commuters using New York City Metropolitan Transportation Authority (MTA) subways and buses will soon be able to “tap a contactless bank card or their mobile wallet at turnstiles” inspired CNBC to declare that "a world without cash is coming soon."
When done well, digital, self-serve financial education materials can improve customers' financial wellness, build consumer affinity for the brand and set the brand apart from its competitors. Here are some recent examples from top FIs!
Recent offers -- including partner discounts and rewards points bonuses that are easy for customers to earn -- make it clear that Chase wants its cardholders to not only *get* Chase Pay but actually *use* it.
Contactless payments have been something of a white whale for close to 20 years now: always out there, just about to catch-on, if only… But now, the majority of all in-person transactions in the U.S. take place on contactless-enabled terminals, customers are ready for a faster checkout *and* the nation’s largest issuer of credit cards recently announced plans to roll out 100 million contactless cards in 2019.
Banks spent many years supporting development of Zelle but only recently began a major push to integrate and promote it.
Financial education efforts not only benefit consumers, but they also make strategic marketing sense. See what top brands are doing on a scale from low-key (conversation) to rally towel (“concert” tour)!
Financial institutions are becoming more willing to creatively explore popular topics & platforms in their marketing strategies.
Millennials understand that branded content is still marketing, but if anything can bridge that trust gap, this readers-first, consumers-second approach from Chase and theSkimm stands a really good chance.