6 Effective Strategies to Help Attract Customers to a Local Bank

As digital technology has changed the way that consumers interact with businesses, it’s becoming more important than ever before to have an effective marketing strategy. As a local bank, there are numerous methods you can utilize to help attract new consumers into your bank to ensure that your bank sticks around for the long term.

1- Offer Giveaways and Scholarships

A widely used method to pick up more banking customers is to offer giveaways and scholarships. People love winning free things like tickets, money, or even scholarships. Think of investing in these items as a way to bring more clients into your bank. Just make it a requirement that any member wanting to participate in the giveaway or scholarship must have an active account at your bank.

2- Develop a Banking App

One of the best ways to get consumers into your local bank is to simply offer them convenience. Many consumers love the ability to handle items like depositing checks and transferring money from their smartphones. Developing an app where your consumers can do these basic items without having to physically stop by your banking location is a necessity. This will not only attract consumers but also help to alleviate the number of physical consumers that your staff will need to handle throughout the day.

3- Utilize New Technology

In this day and age, those with the latest technology tend to grab the most consumers. Everyone is busy and they’re looking for convenience and easy opportunities. Do your business a favor and offer new technologies that will attract the eyes of new consumers. Something as simple as being able to open an account online with a few identity verification documents can mean the difference between getting a new client and them skipping over your bank to another one that offers online signups.

4- Offer Discounted Products

As a bank, you can leverage your position of having a wide mass of consumers when it comes to obtaining cheaper pricing for many useful products. Things like homeowner’s insurance or even car insurance are something that almost all of your consumers likely need. If you collaborate with local insurance vendors in your area, you can likely get them to provide your members with a lower price since you’ll be bringing them in a bulk number of new clients. In turn, you can market this discounted rate to prospective members to get them to join.

5- Host Community Events

Another great way to get your brand name out there to attract new clients to your bank is to host community events. Whether you use your location for a 5K fundraiser starting or ending location, you can introduce many individuals to your banking location. Offering financial education courses and other helpful events can bring more consumers into your banking location and encourage them to open accounts with you.

6- Give Away Promotional Products

Promotional products are considered anything that has your bank’s brand name on them. They could be t-shirts, pens, coffee cups, and anything else. The idea is to give a large number away to existing customers. This helps to not only boost loyalty but will get your existing customers to advertise for your bank. There’s no better advertisement than word-of-mouth from satisfied customers.

Brett Sartorial

Brett is a business journalist with a focus on corporate strategy and leadership. With over 15 years of experience covering the corporate world, Brett has a reputation for being a knowledgeable, analytical and insightful journalist. He has a deep understanding of the business strategies and leadership principles that drive the world's most successful companies, and is able to explain them in a clear and compelling way. Throughout his career, Brett has interviewed some of the most influential business leaders and has covered major business events such as the World Economic Forum and the Davos. He is also a regular contributor to leading business publications and has won several awards for his work.