The Financial Brand’s Post

In the crowded financial services arena, how do you make your brand stand out? First Horizon Bank's Paula Beale has a fresh perspective: "Brand strategy is really about finding a unique position that you can take in your marketplace to earn opportunities with prospects and clients alike." Beale draws inspiration from an unexpected source: the Savannah Bananas baseball team. Known for their on-field antics and bright yellow uniforms, they've become a ticket-selling phenomenon. First Horizon is embracing this philosophy, creating unique content like "The Money Edit" newsletter and the "Bucket Listening" podcast. These initiatives have garnered millions of impressions, proving that when it comes to financial brands, thinking outside the box pays off. As she says, she's trying to find creative ways to get consumers to engage with the First Horizon brand, even if it's less than half an hour. As Beale notes, "Getting someone to spend 20 minutes with your brand uninterrupted is a real gift for a marketer and brander."

Contrary to popular belief, consumers are actually quite happy with their primary banking providers, and it can all be traced back to stellar customer service. But, happiness doesn't always translate to long-term retention: a third of consumers are considering switching institutions in the next year, making the delivery of personalized, human-centric experiences across channels critical to fostering loyalty. https://lnkd.in/eNzSp_7K

Is your banking website taking cues from your mobile app, and vice versa? They should. According to the latest report, major banks are on a mission to make their digital platforms more alike than awkward twins at a family reunion. Susan Foulds, Keynova's managing director, says this trend towards uniformity is like giving customers a comfy pair of digital slippers — familiar and satisfying across all channels. But here's the plot twist: while mobile banking is stealing the spotlight, desktop banking isn't ready for its curtain call just yet. Turns out, some consumers still prefer the wide-screen experience, especially when it comes to wealth management or complex transactions. The big banks are pulling out all the stops to keep their digital dashboards shiny. From real-time transaction lists to free credit scores, they're packing more features into these dashboards. And let's not forget customer service: banks are playing a high-stakes game, as they work to balance AI chatbots with the comforting presence of human helpers. Because sometimes, even in our digital age, you just need to hear a human voice tell you that yes, you really did spend that much at Starbucks last month.

Data analytics: The secret sauce for banking success 🏦📊 In today's digital age, some bankers still rely solely on personal relationships. But what if we could combine high-touch service with high-tech insights? At Associated Bank, Chief Analytics Officer Chun Schiros is revolutionizing customer relationships through data: "Relationship managers have hundreds of customers. They can't know them all well. But data analytics can enable deeper and better relationships." Schiros emphasizes data and AI are tools, not the end goal. Her approach? Work backwards from desired outcomes to determine the right analytics strategy. Key focus areas: - Expanding lending and deposit capabilities - Enhancing digital experiences - Developing scalable products and services "Data is not something you can turn into gold overnight," Schiros notes. But with patience and a clear vision, it can become a bank's true differentiator. How is your financial institution leveraging data to enhance customer relationships? Share your thoughts below! https://lnkd.in/e5P9bPJs

The fire hose of technology is on full blast, and how all of these disruptive changes will reshape the banking industry is yet to be determined. It is forcing chief marketing officers at banks and credit unions across the country to rethink how their teams can be most effective. Consider the impact of neobanks, which Stride Bank, N.A.'s Lindsey Ogan calls "a massive challenge" for marketers at traditional financial institutions. Hear from Lindsey and Pam Piligian from Navy Federal Credit Union on how they are revamping their roles as chief marketing officers and what challenges they are encountering.

Why is your bank in business? It's not a trick question. Why does your bank exist today? When GenAI exploded on the scene, a good part of the industry took its eye off the answer to that question, says Indranil Bandyopadhyay. Bandyopadhyay, a banking tech veteran turned analyst, has seen his fair share of FOMO-driven tech adoptions. A board member's grandkid shows them ChatGPT, and suddenly it's "Why aren't we doing this yesterday?" But, GenAI isn't a magic wand, it's more like a really smart, occasionally hallucinating, Swiss Army knife.

Happening today at 2pm EST: Solving the Deposit Puzzle: Strategies for Growth in Rate Uncertainty Community financial institutions are facing the daunting task of growing deposits in a challenging rate environment. Join Kasasa’s insightful webinar to explore effective strategies for navigating these complexities. Discover how to adapt to shifting customer behaviors and market dynamics to achieve sustainable deposit growth and bolster your bank’s market position.

The role of the CMO used to focus primarily around marketing campaigns and the costs around those campaigns. Those days are as outdated as a flip phone in Silicon Valley. Just ask Francesco Lagutaine from M&T Bank. Lagutaine's journey from global ad agencies to navigating a bank through the 2008 financial crisis has led him to a groundbreaking revelation: today's CMO must evolve from a brand cheerleader to a bona fide customer champion. But here's the kicker: it's not just about drowning in data or chasing the latest shiny marketing toy. Lagutaine argues that the real magic happens when you strip away the complexity and truly listen to your customers. It's about having the empathy to understand their needs and the courage to simplify their experiences. Want to know why Asia is leaving the West in the dust when it comes to marketing innovation? Or how a simple online appointment booking system became a game-changer during a global pandemic? Lagutaine's insights might just flip your marketing playbook on its head. https://lnkd.in/d_CTVE7B