If there was ever a market that could take better advantage of email, it is banking. Lets look at the attributes:
- They have my money…so I’ve got to pay attention and would opt in
- They are very undifferentiated. Do any of you know the difference between one vs. the other?
- For that reason, they need to develop personal one to one relationships with their clients
- None of us take full advantage of all that our banks have to offer….poor education. (does anyone pick up those brochures at the counter?)
For that matter, does anyone go to the counter? My guess is that the high value clients of most banks have direct deposit and visit the ATM.
My suggestion: Integrate your database to a dynamic-content email system. Target your clients based on actual behavior….and most important….make the emails come from my branch manager and include both a picture and the ability to reply back to that relationship owner.
Washington Mutual made a big deal about being dressed casual in the branch with the expectation that that would make them “appear” closer to the customer. Funny thing, use your database properly and you actually “will” be closer to the customer.