While 70% of the banking assets in America are controlled by only six major banks, there is tremendous opportunity for regional banks and credit unions to accelerate growth. Smaller banks are typically perceived as friendlier and having outstanding customer service compared to the “Big 6”. While this resonates with consumers it’s not enough to tip the scales. Local banks and credit unions are currently challenged to heavily invest in brick and mortar locations, mobile platform technology, safety standards, offer lower fees and have convenient ATM access. These issues may not be equally valued by your two targeted audiences but both customer subsets should be acknowledged.
Local banks and credit unions must concentrate on these key issues: branches, mobile banking, rates, safety and convenience. It’s critical for each institution to understand all these issues are essential for growth. These issues are not necessarily prioritized the same by different targeted audiences, therefore they should not be melted together in your advertising efforts. Everyone appreciates convenience however; older customers still visit branches more than millennials and mils bank twice as much by phone as the average customer. Offering higher savings rates and lower loan rates is critical to both groups but rarely promoted effectively and neither customer wants to risk their money, so safety is critical to an industry lacking trust.