From Sept. 23 to 25, Baltimore’s Inner Harbor bustled with far more than trolley tours and sightseers. During the jam-packed three days, the American Bankers Association held its annual Bank Marketing Conference, an event Gremlin Social was privileged to sponsor.
As a first-time participant, I was blown away by the sheer engagement of the attendees. At many professional gatherings, people keep their cards close to the vest when it comes to sharing the good, the better, and the awesome. But attendees were more than willing to spill ideas and best practices for the betterment of the industry.
We used this chance to announce our recent acquisition of Insight CRM and VidVerify and take the temperature of the banking sector. A few themes emerged throughout the experience as banks discussed their major hurdles. Perhaps the most prominent was how to leap from traditional to digital-first marketing channels without losing balance.
Meeting Expectations in a 24/7 World
Banks are aware (and have been for a while) that digital marketing is a huge opportunity to make fresh, personalized inroads with prospects and customers. Edelman’s 2018 “Trust Barometer Global Report“ showed a serious decline in consumer trust in brands; thus, if financial institutions can break through this barrier, they’ll be poised to win loyalty.
And this was a central theme at the conference — from keynote speaker Jay Baer’s humorous “Youtility” presentation to Tom Goodwin’s “Rethinking Banking for the Post-Digital Age” keynote. Transformation was on everyone’s minds.
Even so, digital transformation is still too focused on systems and workflows. Instead, banks need to concentrate on satisfying fast-changing customer requirements. And the best way to fulfill consumers’ expectations of speed and customization is to fully embrace the power of social media.
Social Media Marketing for Banks
Making digital marketing more “one to one” provides an instant conduit for banks to enjoy heightened individual and community brand engagement. Even though people crave the instant gratification of speedy digital transactions, they still want human conversations. Social media breaks down the walls by turning banks from faceless entities into compassionate, knowledgeable personas. And when it’s done correctly, it’s also highly cost-effective.
As it turns out, many of our Gremlin Social customers have already taken the steps to start their journey toward digitization. In fact, the feedback we received suggested that plenty of users log in to our compliant, transparent, and ABA-approved social media platform every day. Now that we’ve rolled out content services, I hope they’ll take their social strategies to the next level, driving much-needed human engagement among customers and prospects.
I’m happy to report we had a great experience at the 2018 ABA Bank Marketing Conference. I saw that banks are taking customers’ needs seriously and that digital marketing isn’t merely a buzzword. And I’m beyond pleased that Gremlin Social gets to play a part in the next generation of digital marketing for financial institutions.