When People Start To Get Wealthy Today, What Do They Want From Banks?
by Ben Heiser, 04 Mar 2019
Marketing a bank today is a challenging endeavor. There’s a ton of disruption coming from the different audiences that banks speak to and Fintech challengers.
Most banks have bought into the need to invest in innovation. 77% of financial institutions will increase internal efforts to innovate according to PWC. They’re on the right track and moving in the right direction.
Banks are starting to view themselves as tech companies. Capital One CIO Rob Alexander said it four years ago at AWS re:Invent: "We are a software shop. We build software." Goldman Sachs and J.P. Morgan are saying it with the talent they’re hiring.
While the idea of shifting internal perspective and focus to a tech/challenger mindset puts most banks on the right path, the bigger question in my mind is what do all of those potential customers see?
What The Newly Wealthy Want From Banks
When you think about it from the point of view of the customer, there’s a lot of choices. There’s a lot to be overwhelmed by, especially when you get on the paid media radar as a valuable prospect.
So where do they turn?
For starters, they turn to their friends and family. People who’ve been there before. People that they trust.
They could already be masters at personal finance, and take the next rung in the socioeconomic ladder in stride—a possibility that’s increasingly unlikely. When tested on financial concepts, only 24% demonstrated basic financial knowledge, according to a PWC survey.
So, when they do earn that first bonus check, or start to out-earn their peers, what do they need?
They need a better experience and banks that understand their journey.
A journey that starts with frantic Googling (on their phones) being done early and often. And they’re a blank canvas. Over half of online investors don’t even have a brand in mind when they start looking, according to The Boston Consulting Group.
The Journey Starts With A Search For Knowledge
What They Don’t Want
The last thing the newly wealthy want is the same experience their parents had. They don’t want the same paper-first, canned pitch a financial advisor has given three other times that morning.
They want something where they control the pace and that’s personalized to their needs. Growth in tools and personalized advice has exploded in usage.
Betterment is just one disruptor that’s trying to be the wealth advisor for a whole generation of people. Betterment does an analysis of people’s finances up front, and then sends out a constant drip of advice and guidance that their customers act on.
How Smarter Marketing Helps
To start, better search campaigns. The more specific, tailored and personalized you can make your PPC campaigns to the journey of unique target audiences, the better the return on your media investment.
At DRUM, we combine intelligent audience targeting and cutting-edge technology integrations to map and pinpoint your target throughout their journey. We match PPC bids to the audience, intent and action—a process we call targeting in 4D.
Our extensive expertise in marketing banking and financial services products is what allows us to capture the attention and convert your most valuable target audiences.
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