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When it comes to innovative content marketing and customer service, let’s just say the financial services industry hasn’t taken a leading position. Yet as customer relationships evolve from in-person transactions to omnichannel engagement, consumer-facing banks and insurance companies have realized it’s time to step up their game.

Why the lag?

“One of the primary drivers as to why banks are late to the party is the legacy systems they are dealing with,” says Steve Facini, chief marketing officer for ondemandCMO, a New Jersey-based marketing firm. He works with financial clients and worked for Citibank. “Today’s banks grew to the sizes they are through acquisitions, so it’s difficult for them to integrate all of that information into one system. It’s also a heavily regulated industry,” he says.

As a result, being a few beats behind has opened the door for fintech – financial services companies focused on technology and innovation – to swoop in and offer a better user experience than traditional banks can manage, hence the success of brands like Lending Tree, SoFi, and Rocket Mortgage from Quicken Loans. “They are focusing on specific niches of banking and can do it better and quicker. However, even though fintechs might have a better widget, they have a problem gaining trust, and therefore, it’s tough for them to scale,” says Facini.

In other words, winning the loyalty of today’s customers requires a combination of cutting-edge, customized digital, and mobile engagement, as well as the credibility gained from offering industry-leading expertise during the in-person branch experience.

Why do banks need to master both? Consider this: More customers than ever are using mobile banking (49% of millennials, 31% of Gen X, and 16% of baby boomers), according to J.D. Power’s 2017 Retail Banking Study. Yet 71% of banking customers visited a branch an average of 14 times over the past year.

How banks are picking up the pace

Take a look at what some banks and financial companies are doing to gain a marketing edge.

1. They are re-imagining their physical presence to be more experience-based

“Physical presence is still the No. 1 driver of customer acquisition … period,” says Gina Bleedorn, chief experience officer at Adrenaline, an experience design agency based in Atlanta. That’s why banks are heavily investing in branches even if they are limiting the number of branch openings. To maximize remaining retail space, banks are gradually redefining their purpose.

Technology is enabling routine transactions to occur outside of the branches, whereas traditionally tellers facilitated them. Now, banks are looking to have a dialogue and give advice and consultation to the customer. The new branch purpose is not in depositing checks – it’s in providing value,” Bleedorn says.

It’s also about creating community connections and building relationships.

Case study: Northwest Resource Federal Credit Union

When Northwest Resource Federal Credit Union wasn’t generating enough new business, it decided it needed a brand makeover. The company hired Weber Marketing Group, a branding agency focused on financial clientele. Today, the credit union operates under a new name, Trailhead Credit Union, and it has transformed its look and messaging to connect with the urbanite spirit of Portland, Oregon, residents. It’s essentially a bank that feels more like a neighborhood hangout, even offering free temporary tattoos to kids (way cooler than lollipops!).

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Everything from its signage to its website celebrates individuality and a grittiness that you won’t find from more corporate banks. In fact, the About Us page of its website proclaims: “This is not the cookie-cutter, same-as-a-million-others place to bank.”

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Since the rebranding, Trailhead has set growth records for new accounts, loans, and branch and web traffic every month, according to Weber’s case study – all thanks to its commitment to celebrating the culture of its customers.

2. They are getting on board with educational content

Finances are complicated, and banks able to teach customers something or curate the massive amounts of data can win customer loyalty, says Bleedorn. That’s why firms like Charles Schwab host educational workshops.

In fact, educational content can be one of the key differentiating factors among competing institutions. “If I can teach you and advise you, or help you select a product, that is huge,” says Bleedorn.

Check these out:

  • Liberty Mutual recently launched a partnership with HowStuffWorks and Amazon’s Alexa to provide educational content through the voice-activated home gadget. Users can ask Alexa to “open Liberty Mutual” to…