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Disruption: Making It Work for You

Do you need to shake things up – in a good way? We all know the financial services industry is facing an unprecedented challenge from outside disruptors. From digital technology to the emergence of fintechs to changes in consumer preferences and expectations, today’s banks and credit unions are being confronted by fast-moving forces that threaten to siphon off significant market share.

Shrinking Brick-and-Mortar Footprint
Financial institutions that do business primarily through branches may be feeling the most heat. The brick-and-mortar branch risks irrelevance in a world where the internet’s role as distribution channel continues to expand, and account holders continue their migration to digital purveyors of financial services products and services.

We know consumers still value proximity and convenience when it comes to choosing a primary financial institution. Branches continue to be the cornerstone of account holder loyalty. But this loyalty is slipping as more agile and innovative entrants are using data and technology to reshape and respond quickly to consumers’ financial service needs.

Digital Takeover
Need an auto loan? A mortgage? How about a personal loan? Or maybe just a more competitive offer on a checking account. They’re all right there – online. The right product can lure away even a longtime account holder to a digital disrupter. If you’re losing these account holders, odds are your competitor is too. And that creates an opportunity when facing disruptors.

Why not bring on board your own disruptive marketing innovations when looking for ways to confront branch vulnerabilities?

Re-establishing and strengthening consumer loyalty starts with deposit accounts, setting the foundation for your bank or credit union to be the account holder’s primary financial institution, opening the door to the branch and giving staff future opportunities to cross-sell and grow share of wallet.

Technology-based and data-driven acquisition tools may be the right turnkey solution for financial institution marketers wanting more efficient and effective ways to maintain branch performance and relevance in today’s dynamic environment.

Target, Engage, Attract the Right Prospects
Emphasizing collaboration and fast turnaround, acquisition tools give you the ability to quickly target, engage and attract the highest-value prospects for checking accounts in and around your branch’s trade area. Marketers can match the right prospect to the right offer at the right time by combining their own account holder data with other data, such as:

  • Geographic
  • Demographic
  • Behavioral
  • Purchase potential

Instead of just improving the status quo, financial services marketers can uproot it and change the way they attract new, profitable account holders. In other words: embracing disruption.

> Learn more in the Household Acquisition area of our website

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Harland Clarke Corp. is a leading provider of best-in-class integrated payment solutions and marketing services, serving multiple industries including financial services, retail, healthcare, insurance, and telecommunications.

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