Many advantages come from the modern marketing landscape due to the technologies and data that marketers possess. Unfortunately, truly fair lenders can potentially put themselves at serious risk by unintentionally excluding certain populations from their marketing offers as a result of targeting what they view as desirable audiences. In this installment of Compound Interest, we will examine how financial institutions can steer clear of redlining risks from purely a marketing perspective.

Silent attrition, also referred to as silent switching or silent churn, is when customers of a bank fragment their banking activities by using secondary institutions for financial services offered by their primary institution. This growing phenomenon is tough to detect because the customer doesn’t close their account at their main institution, so unlike when a customer moves their account from one primary bank to another, the losses incurred from silent switching are more gradual and frequently fly under the radar. In this Compound Interest, we’ll examine silent attrition and what to do when customers stop doing business without closing the relationship.

Ah, summer. The weather is warmer, schools are out, barbecues are firing up, vacations are occurring, and pools and camps are opening. All these good vibrations have a ripple effect, though, as they create behavioral, economic, and psychological shifts in society that financial institutions must be mindful of for a few months on an annual basis. But what better opportunity for strategic banks and credit unions to craft meaningful marketing strategies than a known period where society changes in a predictable manner for a finite time? In this issue of Compound Interest, we will some bank promotional ideas for summer that banks and credit unions can take advantage of.

If you’re reading this article, you know that running a law practice is about as competitive an industry as there is. How competitive, exactly? Try 1.3 million lawyers in the United States today, according to the American Bar Association. Couple that with the Princeton University study that placed lawyers among the least trusted professionals in the U. S. and you can see why it can be a real challenge to convince potential clients that your firm is different. Enter media relations and the importance of building relationships with the journalists that can make a substantial difference in separating your legal practice from the overcrowded and under-loved field of opponents. In this edition of Plain Talk, we’ll explore law firm media relations. Learn how your practice group can grow public trust and relevance through productive relationships with the press.

In March 2023, Silicon Valley Bank and Signature Bank got clobbered, giving Wall Street the jitters and sending the press into a frenzy. Given this frenzy, we were curious if U.S. banks were cracking under the pressure of the 24-hour news cycle, so we sent out a simple one-question survey to bank CEOs across the country. “Will your 2023 bank marketing be less, about the same, or more than in 2022?” To our surprise, not a single bank that responded said that their budgets would be lower than those in 2022. Not one. In this edition of Compound Interest, we’ll touch on some quick tips for bank marketing budgets. We’ll also discuss why banks are not flinching and how smart marketing might be just the ticket for banks looking to grow in 2023 and beyond.

Every bank and credit union communicates with customers/members around holidays, whether through holiday promotions, bank holiday hours, or fun social posts that tie into the spirit of the season. In this edition of Compound Interest, we will discuss bank marketing tactics that financial institutions can implement to make the most of holiday communications.

If there is a big news story in banking so far this year, it’s the failure of the 16th largest bank in the United States. Silicon Valley Bank out of Santa Clara, California, failed on March 10, 2023. The SVB collapse, which took place over the course of roughly 48 hours, reverberated through the banking world. It has caused a number of ripple effects over the last week. Despite the good news for depositors from the government, the days and weeks ahead of us are sure to produce a litany of analyses focused on the financial fundamentals of the institution, the impact on the startup community, and the human cost of lost jobs. We believe there is some value in spending a few moments talking about this near tragedy from a communications perspective. In this edition of Compound Interest, we examine the communication collapse that contributed to the Silicon Valley Bank crisis. More importantly, we share 10 crisis PR tips for banks to follow. Don’t let what happened to SVB doesn’t happen to you.

Inflation is everywhere. Mortgage rates have increased by more than 2.5 percentage points this year. There’s a shortage of housing inventory. The housing market is cooling off quickly. We’ve all seen the headlines, and they do paint quite a picture. But isn’t time to liquidate your mortgage marketing and lead-gen strategies just yet. It is time to rethink them, though. In this edition of Compound Interest, we will investigate where the market looks to be headed. Then, we’ll share how you can best re-task your mortgage marketing efforts to maximize revenues.

Over the past year, the hype around the metaverse has accelerated at a dizzying pace. With all the talk, speculation ran wild about what this means for various industries. In this article, we will look at what it means for the financial services industry. In today’s edition of Compound Interest, we will review what’s happening in the metaverse now and what’s to come for the industry. We’ll also look at some of the more practical applications in metaverse banking that banks and credit unions can build a strategy around sooner rather than later.

Discussions around digital marketing have left financial services marketers with a lot to keep up with as of late. While the robust landscape of tools that digital marketers have at their disposal is at an all-time high, the restrictions and policies affecting third-party data around online privacy have been evolving at an equally rapid rate. All this complexity and change may cause some financial institutions to ask if a highly targeted digital strategy is still necessary. The real question here might be whether niche digital targeting is simply a way to stretch your marketing budget or if it’s an impactful driver of customer growth. Our answer? It’s both! In this issue of Compound Interest, we’ll take a deeper look at what banks and credit unions might be missing out on if they don’t prioritize a targeted digital marketing strategy for financial services.