For retail banks, customer acquisition costs are high, and often don’t generate a positive business return. In fact, more than 40% of new customers will churn before costs are recovered, resulting in a negative value for the bank. This puts a lot of pressure on banks to make sure their customers are hooked from the get-go. The customer experience starts with onboarding, and the first 90 days can make or break your customer relationships.
There’s a lot that goes into making your onboarding program as effective as possible. Keep these seven steps in mind to ensure your customers stick around for the long run.
A lot has changed in social media marketing over the last five years, but Facebook - the original social media king - still remains one of the most effective ways to reach financial customers. In fact, according to The Financial Brand, nine out of 10 financial institutions currently use Facebook as part of their marketing strategy.
Below are three tips to keep in mind as you look to maximize your bank’s Facebook presence:
Topics: Sales & Marketing
When the Federal Reserve recently raised the federal funds rate, and set off a rise in short-term interest rates, it signaled that more increases were on the way. While the impact may be felt differently by an individual bank or credit union, there’s no doubt that financial institutions must prepare for the “new normal” of rising interest rates — especially when it comes to marketing.
A Challenge for Some, an Opportunity for Others
Seeking to temper signs of inflation in the economy, the Fed recently raised the federal funds rate from 1.5 to 1.75 percent. That immediately triggered an increase in the prime rate, which, according to Investopedia, “represents the credit rate that banks extend to their most credit worthy customers.” Borrowing costs for all other consumer credit is pegged against this number.
Credit unions face an array of challenges when it comes to keeping up with the latest technology trends. From growing member relationships with the latest online and mobile solutions, to keeping those same members protected from cyber attacks, credit unions have a lot of technology balls in the air.
Here’s the top five technology trends that have an almost-daily impact on credit unions.