Bank Administration Institute: New Marketing & Data Strategy Report
Published on July 9, 2024
In a dynamic financial landscape with uncertain interest rates and evolving customer preferences, financial marketers must focus on smart, longer-term strategies to grow deposits and build lasting customer relationships, especially with younger generations.
In 2024, the power of a data-driven approach has clear benefits for financial comms. A new report from Bank Administration Institute (BAI) deals with five key hurdles facing financial institutions today:
- The struggle to attract new customers, manage dwindling balances and face stiff competition from direct banks and unconventional financial outlets.
- Messaging strategy during the upcoming presidential election and the Summer Olympics are set to impact media availability, pushing costs higher.
- Ensuring your institution's marketing communications remain aligned with regulatory standards.
- With tighter budgets across the industry, there is considerable pressure to deliver higher ROI with less.
- Decreases in residential moves, a well-known catalyst for consumers switching financial institutions, pose other challenges.
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