The number one challenge facing financial marketers in the next 12-18 months? Inadequate budgets.
According to The Financial Brand’s 2012 Bank & Credit Union Marketing Survey, bank and credit union executives say their organization’s lack of marketing investment is what holds them back, this despite the fact that nearly half saw their budgets increase in 2012. They also feel that their I.T. systems are limiting, that it’s difficult to get employee support for marketing initiatives, and (of course) there’s always a boatload of compliance headaches.
If financial marketers seem cranky, maybe they have good reason to be. The turbulence of 2011 strained both banks and credit unions alike, and it doesn’t look like 2012 is shaping up to be much easier.
Indeed, marketing executives at banks and credit unions have their work cut out for them this year. They say their number one priority is to increase their financial institution’s lending portfolio. How? By cross-selling mortgages, auto loans and credit cards to existing customers. But the lending market — everything about the entire economy — isn’t cooperating. There aren’t many consumers brave enough to apply for credit in this rotten economy, and only a handful meet lenders’ new, stricter requirements.
With marketing budgets less than ideal, FIs need to find ways to leverage existing tools and capabilities to get their messages out. One way would be to extend the power of their banking channels. By extending their marketing messages through the channels – branches, ATMs, online banking, mobile banking, and in some cases call centers – FIs can use leverage the information known about customers to establish stronger relationships, and new sales opportunities, with them.
Read full article: http://thefinancialbrand.com/21384/2…ncial+Brand%29