We’re thrilled to announce that DAC has launched a new white paper, The Apple Effect, which examines the importance of local and user experience for the mid-tier banking and financial services industry. As large banks have become larger and digital and mobile banking products have become ubiquitous with nearly all demographics, a strong grasp of digital marketing strategy at the hyper-local level has become a key differentiator for mid-tier financial institutions.
The report combines original research and expert interviews with financial services marketers including Tom McEntee, Chief Marketing Officer at NBT; Kelly McNeill-Sproxton, Director of Member Development at Vancity; Nick Necsulescue, Senior Manager Digital Marketing and Analytics at President’s Choice Financial; and Lauren Ruff, Marketing Director at Ixonia Bank.
The report covers the challenges and opportunities for financial institutions as they connect with new and existing customers through hyper-localised campaigns. It uncovers that:
- There is a strong correlation between the rise of mobile banking and overall customer satisfaction scores
- 40% of US digital shoppers purchase financial services online
- Millennials are far more likely to choose local banks and credit unions
“Medium-sized financial institutions have an opportunity to connect with customers on the local level and differentiate themselves from the giants,” says Sari Stein, Strategic Insights Director at DAC. “This is the time to capture the attention of those less engaged with traditional banks.”