Consumers have more options than ever when it comes to retail banking these days. While some people still appreciate the personal touch found at the local branch, others are happy to maintain a strictly online banking relationship. Either way, a regular review of your bank’s marketing strategy is in order as competition increases. Check out the recent findings on retail banking from J.D. Powers and Associates.
Consumers make their bank selection based on the following criteria:
- Brand image 36%
- Branch proximity 21%
- Products and services 14%
Study analysts note that receiving product information is one element associated with positive brand image. Regular direct mailings or other marketing campaigns that remind consumers of the positive aspects of your institution will prompt consumers to think of you when they are shopping for a new bank.[Source: J.D. Power and Associates release, 7.14.09]