BOSTON, Mass. /eNewsChannels/ — Truebridge Financial Marketing, which provides banks and credit unions with a financial education marketing system, today announced the addition of 28 new clients in just six months. More and more banks and credit unions are discovering that financial education, properly delivered, is a cost effective way to generate sales for all business lines, from deposits and loans to investments, insurance and trust.
“People are looking for help, and will do business with the one that is there to provide it,” says Stewart Rose, President of Truebridge (www.truebridge.com).
“By leveraging our many retail delivery channels including our branches, website, email, and social media, we are able to start dialogues with customers and set up more sales appointments without adding a lot of extra cost,” says Ann-Cabell Williams, SVP/Retail Executive at EVB Bank in Virginia that recently signed on (http://learn.bankevb.com/).
Financial institutions know that regulators look favorably on this approach. The FDIC, FINRA and the new Consumer Financial Protection Bureau all offer financial education and encourage the banks to do the same. You can click here to read one such example so you can better understand.
This industry shift from a product focus to a relationship focus is built on solid ground. A Forrester Research survey of 26,000 online households reported that people are 43 percent more likely to buy a financial product around a life event. “Any financial institution can sell product, but being there for someone when they need your advice during a life event makes you a trusted advisor, instead of a salesman,” says Joyce M. Dye, SVP, Strategic Planning, Redstone Federal Credit Union, Huntsville, Alabama.