Welcome to our first Financial Content Wrap-up where we highlight the most important banking industry and content marketing news of the week! Credit unions nationwide have reached over 100 million members, resource centers are a must for serious content marketers and digital cross-selling can increase your share of wallet. Check it out!
1 In 3 Americans Use a Credit Union
Big news this week as CUNA announced that credit unions have collectively passed 100 million members. Membership growth has been comfortably over 2% for the past few years, this year reaching about 2.9% to put credit unions over the 100 million mark.
CUNA Chief Economist Mike Schenk credits grass roots and social media movements.
He noted that a growing number of consumers continue to express dissatisfaction with big Wall Street banks due to economic downturn and consumer movements such as Bank Transfer Day in 2011, when consumers were urged through a grassroots movement–and primarily on social media–to leave big banks and move their money to a credit union or small bank because the organizations tend to offer better rates and incur fewer fees.
This should be an indication to financial institutions about the growing relevance of social media in financial services. Word of mouth can travel far and banks/CUs need to be able to communicate what they can offer. Cultivating an image and identity can be as important as a good rate.
For now we’re happy to congratulate credit unions nationwide on staying ahead of the digital curve and reaching their goal of 100 million members.
Using a Resource Center to House Content and Develop a Strategy
A post from Britt Klontz over at the Content Marketing Institute outlines the importance of having a resource center.
Categorization and organization are vital to a content marketing strategy for two reasons.
1) Your customers need to be able to engage with your content easily.
2) You need to know what content you have to know how to use it.
“Essentially, a resource center is a site within a site, where all of your content is organized. The necessity of having one has only arisen relatively recently with the evolution of content marketing from a single effort here and there to a constant supply of blog posts, videos, podcasts, eBooks, SlideShares, and more. Without a resource center, all of this wonderful content can become buried on a blog’s archives or get dispersed across several sections of a company’s site. This makes it very difficult for consumers to find, and it essentially means that a piece of content’s usefulness will continually decline as it ages, as it simply won’t be findable over the long term.”
Content needs to be organized in a coherent, sensible way. There’s a reason you don’t find seven shelves of broccoli next to soups and fishes in a grocery store; the food is organized.
You won’t only help your customers out with a resource center, you’ll help yourself. Need a blog post with retirement tips? Find your previous content on retirement to see if you’re retreading old ground, or repurpose what you’ve already got.
Check out how companies like Red Bull and Bridgestone make their content easy to find.
Cross-Selling through Digital Channels
95% of bank/customer interactions are projected to have a digital component in the coming years. With the face of retail delivery changing, financial institutions need to rethink their strategies to engage customers.
We’ve outlined the basics of using digital channels (website, mobile, social media, email) to capture your customers’ attention. Hint: You’ve got to have something more to say than advertising a new low rate.
Cross-selling is most effective through your website. You have the best capability to cross-sell because it’s a controlled environment on your turf. You can collect user info and connect users with reps in a place that’s safe and official. (I.e. compared to a public sphere like Twitter where people may not want tell the world about their finances.)
That wraps up this week in Financial Content! Drop by our upcoming workshop where we’re always happy to chat about what content can do for banks and CUs.