While many financial institutions attempt to market life stage banking products/services and implement effective migration strategies we haven’t seen any do so as clearly and effectively – or in such a “productified” way – as Bank of America.
When it comes to current messaging, most FIs promote Alexa skills and proprietary chatbots as convenient ways to access basic account information and conduct simple transactions, but in the future we’re likely to see greater emphasis on customer relationships and consumer engagement.
With deep market saturation, continual launch of new programs and reinvention of existing programs, there is a high degree of churn and upward pressure on brands' credit card reward programs. However, these marketing communications create opportunities to build customer loyalty.
Banks need to create better onboarding experiences, warns ABA Bank Marketing. In a recent article citing retail banking data, Sean McDade writes, “Your newest customers are the most unhappy and the most at risk.”
Women have long been considered the CFOs of most households. Often, they are the financial decision makers and managers for their families. As such, experts have weighed in on the female mindset as it relates financial marketing...
Is it too early to talk about building retention, generating loyalty and encouraging advocacy? Absolutely not. And the credit card industry provides a great analog for customer communications in this new health exchange era.
Bank of America recently launched the Better Balance Rewards card. The new product replaces traditional points or cash back rewards by giving customers $25 every quarter ($100 per year) if they pay more than their minimum balance on time, every month. We find this interesting for a number of reasons.
Recognizing the potential value of loyalty programs to long-term customer relationships, new credit card offers are emerging that lure consumers away from competitors and tap the consumer bases of major retailers.
Can social media marketing drive B2B inbound leads? I think so. Can you be convinced?
Do not wait for your customers to stumble to you based on the results of an algorithm. Tap directly into the power of the conversations that technology is emboldening your customers to have with, or about, your product or service.