Kathleen Craig | Financial Brand Insights | Making The Financial Education Connection

by | Jun 8, 2023 | Articles, Business, Education, Frontpage, News, Uncategorized

Check out the full article by Kathleen Craig, Founder and CEO of Plinqit, in The Financial Brand Insights Magazine, Summer 2023.

The cost of acquiring a single new bank customer relationship is typically north of $600. And competing on interest rates is no guarantee that financial institutions will hold onto customers long-term. But by leading with financial education, banks can give customers the tools to save, earn, borrow, invest and safeguard their money — and build enduring relationships in the process.

Research shows that the cost for a bank to acquire one new customer can often exceed $600, meaning that between email marketing, social media, digital ads, SEO campaigns and more, banks are spending significant time and resources on customer acquisition and deposit marketing.

While national banks enjoy widespread brand awareness thanks to enormous marketing budgets, community banks and credit unions often face an uphill battle when vying for deposits. Competing with that level of brand awareness can be challenging for community financial institutions, as most consumers searching for a new checking or savings account already have one bank brand, or a small handful of them, in mind and generally end up choosing that brand, according to Oliver Wyman.

Check out Kathleen’s full article published in The Financial Brand Insights Magazine

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