Banking on Your Brand: Modernizing Your Bank Marketing Strategy for Success

Nov 2

In the age of digital advancements and rising customer expectations, the US banking sector has undergone a significant transformation in recent years.

Not only do today’s bank customers seek efficiency in banking services, they also crave personalization and exceptional customer experiences that balance technology and the human touch.

But how can your community bank showcase this balance through its marketing strategy and brand image?

As younger banking customers turn their attention to fintechs, there’s no better time to ensure your community bank leverages its position as an established leader. Today’s the day to showcase that your services are modern, efficient, and definitely not stuck in the past.

Let's explore 5 key steps that will ensure your bank's brand image remains current and appealing to modern bank users.

1. Keep Your Customer Personas Fresh

The success of most marketing campaigns relies heavily on understanding your target audience. But, with the banking sector moving at the pace it is, and facing new challenges each year, consistently updating your understanding of the customers you serve is essential.

Banking services will always be an important part of the lives of people in communities across America and abroad. That said, customer expectations are changing fast.

To keep your customer personas up-to-date:

Be data-savvy: Gather data on customer demographics, behaviors, and preferences. Regularly dive into this data to inform your marketing strategy and establish a more customer-centric approach.
Listen actively: Carry out social listening exercises or even create channels for customer feedback. Then, use the valuable insights you gather to inform your community bank marketing strategy and highlight that you're in sync with current customer needs.
Segment strategically: Divide your customer base into more targeted segments based on age, income, or stage of life. Customize your marketing for each segment to meet their specific needs and preferences.
Monitor trends: Keep a keen eye on emerging patterns, innovations, and shifts in customer expectations. Adjust your strategies accordingly to maintain a strong connection with your audience.

2. Monitor What Fintech Companies are Doing

As mentioned, Fintech companies have emerged as tough competitors for traditional banks. As a community bank, it’s not always possible to replicate their strategies, but it’s essential to match their level of service and innovation.

To do this, stay informed about fintech trends and adapt to your customers' evolving expectations by:

Conducting ongoing research: Be sure to keep up with the latest fintech technologies to identify areas where fintech excels and your services fall short. This way, you can adapt your messaging to promote similar or even greater advantages (even if you can’t offer the same technology!).
Engaging in regular benchmarking: By actively benchmarking other banks, fintech companies, and financial institutions, you can gain insights into best practices and identify opportunities for improvement in your services and marketing approach.
Setting up strategic collaborations: Think about which banking sector professionals you can partner with to help bring your services up to speed and give your marketing team something to boast about. Whether it’s collaborating with app developers or partnering with marketing specialists, the right level of collaboration can provide your customers with innovative solutions and enhance your overall brand image.

Tip: When it comes to ‘local bank’ marketing, you often have the unique ability to connect directly with customers in your area and find out what they’d like to see from you. Some of the best community bank marketing ideas come from customers — so don’t miss out on a great opportunity to get valuable feedback.

3. Leverage Your Brand Heritage with a Modern Twist

Not all local community banks have a rich history and strong brand heritage, so if your bank does — it’s important to leverage it! Especially when competing with fintech startups, brand heritage can be a powerful asset in instilling trust in your customers.

That said, it’s important to remember that ‘long-established’ businesses are also at risk of appearing outdated. This is why it’s important to emphasize that your bank combines the reliability of its heritage with modern, efficient services.

Here’s how to do it:

Shine a light on success: Showcase recent customer testimonials that highlight their positive experiences with your bank. Real-life success stories can really resonate with local customers and those further afield.
Provide stats: Develop and share case studies that demonstrate how your bank has successfully addressed modern banking challenges — you have the data, use it!
Offer free financial resources: Offer valuable educational materials – like blogs, whitepapers, or webinars focused on personal finance and banking – that establish your bank as a knowledgeable industry leader.
Highlight digital transformation activities: Communicate your bank's investment in digital transformation, ensuring customers know you're keeping pace with technological advancements.

Tip: It can also be a good idea to partner with your local community to highlight your commitment to the area. This can include sponsoring local events or engaging in local initiatives to boost your profile amongst existing and potential customers.

4. Ensure Your Branding is Refreshed and Consistent

Trust is vital in banking, and a strong brand image can play a significant role in building it. After all, customers are always reassured when they see a well-thought-out, consistent brand identity — so be sure not to give them any reason to doubt you!

Here's how to keep your branding fresh, cohesive, and worthy of trust:

Brand consistency: If you decide to redesign your bank's logo, update your brand’s tone of voice, or make changes to any other branding elements, ensure they’re consistent. Most multi-branch banks have separate people creating marketing materials - consider creating brand guidelines and playbooks to ensure no one adds their own colors or fonts to the mix.
Rebranding communication: If undertaking a drastic brand change, be sure to clearly communicate the reasons behind your rebranding efforts to your customers. Let them know that you’re committed to enhancing their banking experience and not just changing things up for the sake of it.
Staff training: In addition to financial literacy programs, financial education for your staff can also include enhancing your team’s knowledge of upcoming marketing trends and ensuring traditional marketing strategies aren’t all they know. On the flip side, training marketing staff on new financial products often leads to more innovative campaign messaging.

5. Work with Professional Marketers

When modernizing your brand image, it's essential to have a comprehensive strategy from the outset. Professional marketers are your best option for keeping the process as efficient as possible, and avoiding potential confusion for your customers.

Our advice?

Consider collaborating with a marketing agency like 2Novas to streamline your branding efforts and deliver a consistent, impactful message.

Partnering with experts like us can help you:

Align branding elements: We help you align every aspect of your brand, from visuals to messaging — reflecting the modern image you want to project.
Maintain consistency: Our team of professional marketers can oversee the implementation of your brand changes across all touchpoints, ensuring uniformity and a more seamless transition.
Stabilize your operations: Experts like us keep both your short-term and long-term goals in mind, developing strategies that focus on areas like customer loyalty, recurring revenue, and future agility.

Ready to take your bank's marketing strategy to the next level? Partner with 2Novas and lead your community bank towards a more modern and appealing brand image that resonates with your audience.

Dan Novalis