As competition heats up in financial services, consumer loyalty matters more than ever. But what does true loyalty look like for a bank or credit union? It’s about more than just satisfaction. Taking steps to increase brand awareness, simplify the digital experience, and connect emotionally can all help turn users into lovers of your brand.
5 Ways to Transform the Average Consumer into a Raving Fan
How do you cultivate such a passionate following? Here are five strategies to consider:
1. Be more than just one thing.
Big brands like Apple are constantly reinventing themselves. In the same way, becoming invaluable to consumers means moving beyond the traditional role of a bank or credit union. A community partnership like in-store banking in a grocery store is a tangible example.
Other opportunities to become “more” include offering:
- Educational resources
- Financial planning services
- Insurance products
- Investment options
- Rewards programs
A young professional just starting out might need a checking account, a savings account, and renters’ insurance, whereas a family with teenagers could benefit from joint checking/savings accounts, budgeting tools, and bundled car insurance. According to the recent PYMNTS research report*, nearly half of consumers want to buy insurance through their financial institution.
2. Make it so easy they feel like a genius.
Financial tasks can be intimidating, especially for those without a strong financial background. Banks and credit unions can differentiate themselves by prioritizing user-friendly digital experiences across all touchpoints. This includes an accessible website, a well-designed mobile app, and intuitive online forms. By making tasks effortless, you empower consumers to feel in control of their finances.
Talk about simple:
Trust Franklin Madison to deliver streamlined insurance marketing that speaks to your consumers.
3. Make an emotional connection.
Money is deeply personal, tied to dreams, goals, and milestones. By moving past transactions, financial institutions have a unique opportunity to increase brand awareness by forging a deeper connection. Standard products and services can be reframed as tools for achieving dreams and improving financial wellness.
Instead of just listing rates or features, a bank or credit union can showcase how a service uplifts consumers. Imagine marketing materials depicting a couple using investment services to plan their retirement or a local entrepreneur taking out a loan to open a thriving business. Consumers, unsurprisingly, respond well to the basics of connection—like being welcomed in, called by name, and thanked for their business.
4. Be consistent.
At a time when consumers are being bombarded with seemingly endless options, a consistent brand identity can cut through the noise, building recognition.
Here’s why consistency matters:
- It breeds trust. Walking into a branch and seeing the same logo, color scheme, and messaging reflected on a mobile app creates a sense of familiarity. Consumers know exactly who they’re dealing with; when it’s a positive interaction, they’re likely to return.
- It supports a seamless experience. Beyond visuals, consistency extends to marketing messaging, customer service, and even a website’s user interface. When these elements align, a consumer’s experience is seamless—and memorable.
- It builds brand recognition. Consistent branding across all touchpoints—physical branches, ATMs, online advertising, and social media platforms—helps increase brand awareness. Every time a consumer encounters your logo, colors, or messaging, their memory is reinforced.
It can literally pay to increase brand awareness. Our research report also revealed that 76 percent of consumers who purchased insurance from their financial institution are interested in buying again.* The familiarity that results from consistent branding and greater awareness can work as an automatic loyalty booster, helping to retain valuable consumers.
5. Personalize your engagement.
Time and again, consumers have declared that they appreciate personalization. But this goes further than just addressing them by name. By leveraging data and analytics, financial institutions can tailor their communication, product offerings, and overall experience to each consumer’s distinct needs and financial goals. Personalized communication resonates more deeply, leading to higher engagement.
We found that younger and higher-income consumers are the groups most likely to seek out a financial institution with a wide selection of insurance products.* Having a robust insurance suite makes it possible to personalize product offerings to each consumer.
This scenario plays out as a win-win for both the financial institution and the consumer. A consumer gets exactly what they want, and a financial institution may see a major hike in revenue. You can find an example of this in one of our recent case studies.
When FIs Want to Build Loyalty, They Come to Us
Franklin Madison has helped nearly 3,500 financial institutions achieve better outcomes. We create data models to inform highly targeted insurance marketing campaigns that reach the right consumers—and keep them coming back. Get in touch to learn what we can do for your institution.