A strong grasp of digital marketing strategy at the hyper-local level has become a key differentiator for mid-tier financial institutions, according to a new white paper from digital marketing agency DAC Group.
The white paper, The Apple Effect, examines the importance of local and user experience for the mid-tier banking and financial services industry.
The report combines original research and interviews with financial services marketers including Tom McEntee, chief marketing officer at NBT; Kelly McNeill-Sproxton, director of member development at Vancity; Nick Necsulescue, senior manager digital marketing and analytics at President’s Choice Financial; and Lauren Ruff, marketing director at Ixonia Bank.
Also included in the report are the challenges and opportunities for financial institutions as they connect with new and existing customers through hyper-localised campaigns. Key findings include that:
- There is a strong correlation between the rise of mobile banking and overall customer satisfaction scores;
- 40% of US digital shoppers purchase financial services online;
- Millennials are far more likely to choose local banks and credit unions.
Sari Stein, strategic insights director at DAC Group, said: “Medium-sized financial institutions have an opportunity to connect with customers on the local level and differentiate themselves from the giants. This is the time to capture the attention of those less engaged with traditional banks.”
The full report is available to download for free. DAC Group is one of the largest independent digital marketing agencies in North America, with a growing international footprint in the US, Canada and Europe.