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Illustration by The Laundry Room/Stocksy Customer data fuels efficient and effective marketing these days. Communitybanks own an enviable amount of data, but not all are leveraging it to its fullest extent. By Mindy Charski People share important data about themselves with their communitybank in myriad ways.
We asked several banking leaders how they’ve employed fintech to ramp up their marketing campaigns, hone their analytic strategies and gain new patrons in the process. The digital world has opened vastly broader avenues for communitybanks to attract new customers—especially if they partner with fintechs in their endeavors.
With megabanks spending billions on digital investments each year, regional and communitybank executives understand they cannot compete on resources. Instead, these players are focusing on specific niches, brand strategies and community connections to differentiate themselves.
The credit union also used marketingautomation to collect data and develop journeys that deliver educational marketing materials both digitally and via direct mail campaigns. A longtime poster child for Salesforce, $108 billion Huntington Bank isn’t exactly a mid-size communitybank.
Market intelligence is the tool for this kind of “know your customer,” but for many small and medium-sized banks the challenge of turning raw customer data into actionable market intelligence has been both pricey and technically prohibitive. Solution is currently in Phase 1 with partner, Orrstown Bank.
THE BANKING AWARDS. Rainbolt has quietly built a communitybank in the past 20 years that is closing in on $2 billion of market cap. GonzoBanker of the Year – Large Banks. Expect a lot more cross-breeding of deals between banks and credit unions in the years ahead. Over 90% of ours use the app.”.
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