Reports show that consumers are eager to switch to a new financial institution, yet only 8-10% actually do. In fact, surveys revealed that 51% of consumers cited the difficulty of switching as the primary reason they decided to stay with their current bank.
In today’s digital age of online/mobile banking, bill pay, direct deposits and automatic withdrawals, the barriers to switching are high. As great as these technologies are, getting them all set up is a lot of work and closing down the old accounts is even more difficult. Today, consumers expect to be able to do everything with just a few clicks and switching accounts should be just as simple.
So what if a potential customer saw a marketing campaign advertising a “quick and easy switch” campaign? We know they would jump all over it but how can a financial institution actually deliver on such a promise? Offering such a program is possible today with the help of automated switching platforms such as SwitchAgent.
Once you have this platform in place, you need to provide the messages and materials to sell it. Marketing messages pointed at prospective switchers must reassure them that it can be both painless and straightforward. Here’s a few things to consider when marketing your program:
- Make demos for online banking
- Offer a dedicated bank representative who specializes in switching accounts on or offline
- Create a catchy title for the representative such as “Switch Navigator”
- Consider creating a “Easy Switch Guarantee” to back up the claims that switching can be painless
- Include testimonials and comments from happy customers who have already made the switch
Technology has now provided you with these automated switching platforms that finally make it possible to offer such a program but you need to market it properly. Multiple touchpoints from multiple channels are in order. A big idea will need to be communicated and communicated consistently. There is no peak bank switching season so your creative will need to be persuasive and targeted.
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