One area of marketing where banks and credit unions of all sizes can do a lot better is in their use of data.
“Reaching the most responsive audiences is the overlying goal,” which is best done through supplementing a financial institution’s own data with other data, says Achim Griesel, the president at Haberfeld, a marketing agency in Lincoln, Neb.
But much of the marketing he sees suggest that many banks and credit unions are skipping ahead instead of starting with the data. “Often, the channels and content seem to be selected prior to the targeting,” Griesel says.
Even the megabanks have room for improvement on this front, according to Martha Bartlett-Piland, the president of Banktastic. “They are not using data to better deliver offers with relevant messaging and imagery that resonate with customers,” she says, citing an offer one of her colleagues had just received to open a new checking account for the Topeka, Kan.-based marketing agency.
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