Marketing strategies to increase account acquisitions

Banks and credit unions are competing for more primary account holders in order to meet regulatory requirements. Financial institutions are finding the current market is becoming increasingly difficult as deposits are decreasing in the face of inflation and rising costs.

Consumers are becoming less loyal to providers across all sectors, with a 4-point decline in Net Promoter Score from 2021 to 2022 and 78% of zip codes demonstrating lower loyalty to banks. This indicates customers have less attachment to their bank and are consequently more likely to switch to a new one.

The integration of market intelligence and media mix expertise will bring new checking account volumes, allowing financial institutions to tailor marketing initiatives, leading to more effective resource distribution, cutting cost per account and boosting ROI.

Key takeaways:

• Develop marketing strategies that will generate new checking account volume
• Understand how to get to the appropriate "media mix" to reach your target customers
• Learn how to leverage data (both your institution's data and outside data) to make sense for your financial institution and it's goals

THOUGHT LEADERS:

Stephenie Wiliams
Vice President, Financial Institution Marketing Product & Strategy
Vericast

Stephenie specializes in consumer acquisition marketing optimization for the financial services industry. Her experience spans more than twenty-five years in the financial services, retail and automotive industries. She has worked with companies to inform marketing with data ultimately helping clients achieve their key KPIs through the creation of business cases that facilitate the deployment of data-driven audience selection, creative messaging and measurement to fuel an ongoing agile channel optimized marketing program.

Tina Young
Senior Client Strategist
Vericast

Tina currently serves as a Senior Client Strategist for Vericast Marketing Services. She has been with Vericast for 14 years. She works with major financial institutions in developing and overseeing the implementation of custom developed solutions. Prior to Vericast, Tina had 24 years of banking experience ranging from product management to strategic oversight.

Rick Waxman
Marketing Director, Strategic Programs
BAI

Rick is Marketing Director, Strategic Programs at BAI, and leads the portfolio of executive roundtables, the BAI Global Innovation Awards and membership. With a background in financial services and marketing, Rick was most recently at TD Bank, where he led product marketing and strategic planning for a number of different business lines including small business, commercial banking, wealth, lending and credit cards. Prior to TD, Rick held strategic, partnership and co-brand marketing leadership positions at MasterCard and JPMorgan Chase.