3 Strategies for Building Your Bank's Brand

Bank Marketing in Uncertain Times

The banking industry faced difficult times in 2023. Economic uncertainty, layoffs, record bank failures, security breaches and more have eroded customer trust. Add to that the challenges of increasing competition and the need for continued investment in digital infrastructure, and you can see why marketing has been a tough haul all year.

Consumers haven’t fared much better. Inflation, rising interest rates, and general confusion on where the economy is headed have led many consumers to a paralyzed state regarding financial decisions.

This environment hasn’t been conducive to developing relationships with prospects and customers, but smart marketers know that trying times can solidify the bank in the customer’s eyes.

Reinforce the relationship — Product selling works when rates are attractive, and households are less restrictive with their spending. When budgets are tight, banks need to communicate their role as a solutions provider that will help build value and security for their customers and provide a highly personalized financial experience.

Narrow the target — Now is the time to leverage all the data you’ve been collecting to segment your prospective customers. You have been collecting, right? That data will enable you to target specific consumer segments with relevant marketing campaigns that generate a better customer response, while growing your revenue.

Provide the rationale — While trust has partially eroded, banks—especially customers’ primary banks, are still considered sources of expert information. Consumers are less likely to make impulse decisions when they are well-informed, so taking the time to explain why certain investments make sense can produce a big payoff. This education can also serve as a conduit to discussions about overall financial and portfolio health.

Any challenge is an opportunity. Don’t rinse and repeat overused marketing tactics when the market is changing. Evolve your marketing strategies to keep your investments sound.

Bryan LeFauve is a 25-year marketing vet, focused on strategy, omnichannel integration, and agency operations—with specific expertise in the banking, insurance, and fintech industries.

Alex Schintzius is a seasoned media expert with a decade of experience in strategic campaign planning and execution, with extensive experience in the financial services, packaged goods, and automotive sectors.