Twenty years ago, I began my marketing career, and to say the industry has rapidly evolved during that time is an epic understatement. The digital revolution has changed everything from how and when we make phone calls to how we create various marketing strategies in all industries – including banking. My first experience with the evolution of banking came six years ago when approached by Canadian banks interested in digital marketing with quantifiable results. Back then, we had tracking technology that was quite flexible and able to integrate into legacy systems. We were able to help, and that’s how my business was born.
Banks are challenged to grow their business cost-effectively, and after 20 years in affiliate marketing, I knew I had the tools to help them do it. Over the past year, the Fintel Connect team has worked hard to help banks market customers online in a way that is cost-effective, and results driven. We’re attacking the issue of maximizing digital marketing dollars, and we’re doing it from the ground up.
Fintel Connect helps community banks save time and money while optimizing their digital uptake of new customers through performance marketing. Performance marketing does three things that are so important for banks today. First, it provides free online visibility. Then, performance marketing gives valuable third-party endorsements from trusted voices ranging from your local financial advisor to online financial education websites, which builds trust and confidence in the bank. Finally, banks only pay for real customers and product sign-ups, so there are no wasted digital marketing dollars.
The standard digital marketing ad buy provides impressions and clicks, which increases campaign visibility, but can be extremely expensive. Banks may have avoided getting into the digital ‘rat race’ because it can be overwhelming. Digital marketing is intricate, with lots of levers and pulleys. Without the proper tools, the cost will most always outweigh the benefits.
At the ICBA ThinkTECH Accelerator, we are working with community bankers on cost-effective digital marketing, where they only pay for actual results. Any bank that has a form on their website has the tools to start generating the customers they want.
Fintel Connect is a powerful solution that helps show what marketing efforts move the needle, and any community bank can use it. We track everything so that the banks can accurately quantify (and even qualify) their customer acquisition costs.
For any bank considering digital for communications and marketing, my advice is to get out there and do it. Get online, develop a marketing presence online, and do it gently and purposefully. Start with a goal, and it can be a simple goal, like having a certain number of customers complete an online form. Start measuring efforts, and then determine what strategies to use. The time to do it is now. Just look at the last five years. What’s going to happen in the next ten? We don’t know yet, but it’s going to be BIG.