Brand Awareness in the Banking Sector
Banks in the U.S. have more competition than ever before. In addition to the bigger banks, local credit unions with a nationwide reach thanks to online banking, small traditional banks, and nearly 70 neobanks serve U.S. customers.
Industry-leading financial institutions have no problem thriving based on brand recognition alone. But smaller brick-and-mortar banks, as well as start-up neobanks, struggle in a crowded marketplace. You can offer the highest interest rates, have the best banking app, and provide tons of benefits to members. But if they don’t know your bank exists, they can’t create an account with you.
Building a strong brand is critical to helping consumers find you online, feel secure enough to create an account, and, finally, develop loyalty toward your brand. Ultimately, the right online marketing campaigns and outreach efforts, along with great financial products and stellar customer service, can turn customers into brand advocates.
Why You Need Brand Advocates
Consumers may be leery of online banking, neobanks, and even smaller traditional banks following the collapse of Silicon Valley Bank and Signature Bank in March 2023. Yet, if people see their friends banking with a specific financial institution, they are more likely to trust it. One Nielsen study discovered that 88% of consumers said they trust recommendations from people they know above all other forms of marketing.
From the largest banks to the newest neobanks, many financial institutions have generous referral programs. Affiliate programs and referrer codes can help your business grow. But to leverage them, you must first build trust, loyalty, and brand awareness.
What’s the best way to build brand awareness? Outreach campaigns that deliver value to your key target audience. Many banks have a broad target audience interested in:
- High-yield savings products
- Saving for retirement
- Rewards credit cards
- Fee-free banking
Once you identify your target audience, you can use GlobalMeet to create content that will capture their attention and build trust.
How to Create Value with Webcasts
You can create webcasts to build trust with your current members, sharing information on how to leverage your products to build their retirement accounts or ramp up their emergency savings.
You can also create events for those who may not be familiar with your bank. You don’t have to sell your products during these webcasts. Instead, seek to educate consumers on the importance of things like paying off debt, purchasing life insurance, or starting a retirement account.
Why Big Banks (and Small) Rely on GlobalMeet
GlobalMeet allows you to stream your events, conferences, and messages live to a global audience in real time or on-demand. As a cloud-based SaaS web solution, GlobalMeet is secure, scalable, and easy to use. That’s especially important when it comes to sharing information about financial services. Half of the largest banks in the U.S. trust GlobalMeet, so you can imagine what it might do for your brand.
Consumers have more choices in banking than ever before. But they need guidance to find the financial products and a bank they can trust. Use GlobalMeet to build brand awareness and trust.
Connect with us and create virtual and hybrid events that resonate with your audience.