The 2020 global pandemic has flipped the world upside down and may have done so for the long run. From planning out daily errands to reconsidering how we celebrate major events, the COVID-19 outbreak has the world’s population looking for safer ways of living and interacting with others.
As a designated “essential” industry, financial institutions have been — and still are — on the front lines of the crisis. Most banks and credit unions have remained open, albeit with limited face-to-face interactions, to provide much-needed services to their communities. Mobile banking, especially, has been incredibly important to customers. In fact, new mobile banking registrations jumped 200% in April, while mobile banking traffic increased by 85%.
For many people, mobile devices have proven to be a lifeline during the pandemic, and experts predict usage will continue to grow. As people spend more time on their phones, your mobile advertising opportunities increase exponentially. So how can your bank or credit union leverage the power of mobile advertising during this crucial time?
Build Brand Awareness
During this pandemic, a lot of banks and credit unions have taken the opportunity to reflect on their mission and promote their core values. Reaching out to existing customers to offer your support can positively impact your overall brand. It is important that you show unity and spread an optimistic message throughout all your marketing efforts. A simple, appropriately hash-tagged ad targeting your community can help you stand out as a leader among your peer institutions.
Support Your Community
Many small businesses have been affected due to COVID-19. It is essential to show your support and guide small business owners on how to get back on their feet. Whether you are promoting SBA loans or teaching wealth management, it is important that you connect with those who need it the most. Keep in mind it is not a time to focus only on profits, but to ensure we all rise together. Ads that lead to loan qualification FAQs or great stories about how you’ve helped particular small businesses owners will build credibility and trust.
Promote Products that Matter
Invest time and resources to promote products and services that your customers need right now. The US unemployment rate has jumped to 14.7% — the worst since the Depression era. During these times, your clients could benefit from personal loans and credit card offers to support their daily needs until this crisis stabilizes. Some might also experience relief when their current auto loans can be refinanced, while others could benefit from checking account perks like health and online order discounts. Use targeting to promote the right products at the right time to the right people in your service area.
Inform About New Measures
The past months have been quite uncertain, and your customers might have questions and concerns about visiting your branches. Communicate all efforts your bank or credit union is implementing to guarantee their safety. Mobile advertising can help you promote your drive-thru options when available, activate more call and text lines, and keep your customers informed about branch re-openings, as well as the new protocols to follow.
If your bank or credit union isn’t advertising on mobile yet, there’s definitely no better time to get started than right now. But before you jump in, you’ll need a plan to target the right customers and potential customers when and where they need to be reached. You’ll also need the expertise to get that done. When it comes to mobile advertising for financial institutions, there’s no better partner than RAIN.
With RAIN, you can work with a team of experts who will create and manage your mobile marketing campaigns and help you attract, engage and turn prospects into happy clients, even in such challenging times. We’ve produced jaw-dropping results for banks and credit unions just like yours, and we’d like to do the same for you.
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