The growing number of consumers using digital financial services makes digital marketing a crucial function, says Peter Platt, president of Accountable Digital.
Consider that 60% of U.S. adults use digital banking including 56% of baby boomers, 66% of consumers choose digital as their primary access mechanism, and 22% of consumers use a branch less than once a year, says Platt, who addressed the 2018 CUNA Marketing & Business Development Council Conference Monday in San Francisco.
“Half of all financial transactions are coming on mobile now,” he says. “If consumers are doing a search, they’re not using your app but your website.”
Platt advises credit unions to use these digital strategies to reach current and potential members:
Engage prospects throughout the sales cycle using display ads, social media, and search ads. These mechanisms both build awareness and generate responses.
Drive new accounts using geotargeted display advertising to grow interest and awareness of new checking options.
Remarket to current members by focusing on those who log in to online banking.
Attract new prospect with local search. “Use bank-related terms to attract prospects seeing banking services,” Platt says.
Use social media to build your brand.
“Understand your audience’s digital use and desire, and amplify the credit union experience in your message,” he says. “Build a solid tracking platform looking at both online and offline efforts, and review the results. Digital isn’t a ‘set it and forget it’ activity.”
Credit Union Magazine’s Summer 2023 issue highlights the lending outlook for the rest of the year, how credit unions leverage fintech companies to boost digital lending, the power of lending partnerships, common Bank Secrecy Act violations, and the shift board members must make when becoming chair.
