Blog - compound interest

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.

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.

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.